Product Code: 51026
The global wind turbine gearbox repair and refurbishment market is expected to grow at a CAGR of approximately 3.53% during the forecast period of 2020 - 2025. With rising number of aging wind turbines, the demand for the gearbox repair and refurbishment services is expected to drive the market. However, the improving design of gearbox and increasing use of the direct drive turbines are expected to restrain the gearbox repair and refurbishment market during the forecast period.
- With the increasing installation of wind turbines across harsher conditions, the demand for gearbox repair, which ranks amongst the highest in terms of average repair time and average costs required amongst all component type, is expected to witness increased demand, to maintain operational efficiency
- China's power industry is facing problems related to over-production caused by rapid addition of power generation capacity, which is putting an extra load on the national grid. As a result, most of the wind farms in China are forced to produce less than the capacity and some of the wind farms are even forced to remain idle. Owing to remaining idle, wind turbines haven't been inspected regularly and hence, are expected to require significant maintenance services, including gearbox maintenance, to restart the production, which in turn, is expected to drive the market.
- Asia-Pacific dominated the market across the globe in 2018, with majority of the demand coming from China and India.
Key Market Trends
Repair Segment to Witness Highest Growth Rate
- Gearbox is one of the more critical components in wind turbines that are prone to cause complications. The costs for gearbox repair, and the costs incurred by production losses owing to non-functioning gearboxes, constitute a large share of the expenses of operating a wind power plants.
- Even though the reliability of gearboxes has significantly increased in recent years owing to technological advancements, there is a growing demand for gearbox repairs by the wind farm operators owing to the wind-turbine fleet is getting larger, particularly in the offshore wind farms.
- On an average, one per 145 turbines in operation are estimated to report gearbox failure each year. With operation and maintenance (O&M) costs representing about a quarter of total-life costs for wind power plants in operation, keeping gearboxes maintained and working through constant repair activities, remains crucial to the successful and profitable running of any wind power project.
- Therefore, increasing annual wind-turbine installations, and growing demand for gearbox repairs by the wind farm operators are expected to drive the market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the promising markets for wind turbine tower in the coming years, on account of the favorable government policies and new installations in the countries.
- As of March 2018, China accounted for the largest wind power generation capacity in the world. Wind energy accounted for around 5% of the total power generated in the country during 2018.
- The country's wind infrastructure has increased by about 182.48 GW in the past 10 years. As the country's wind infrastructure was developed majorly in the past few years, the demand for wind turbine gearbox repair & refurbishment market is expected to grow rapidly in the coming years.
- As of 2018, India holds the fourth largest wind power installed capacity in the world. These projects are majorly spread in the Northern, Southern and Western parts of the country.
- As of 2018, the country total wind installation capacity has reached around 35,129 MW, after the addition of 2,191 MW of new wind installed capacity in 2018.
- Owing to the rapidly growing installed base in Asia-Pacific and shifting service strategies of Chinese and Indian asset owners, which are expected to provide a significant growth opportunities for the wind turbine gearbox repair and refurbishment market over the next decade.
The wind turbine gearbox repair and refurbishment market is fragmented. The major companies include Dana Brevini SpA, Siemens Gamesa Renewable Energy SA, ME Production A/S, Stork Gears & Services BV, and Winergy Group.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD million, till 2025
- 4.3 Installed Wind Power Capacity and Forecast in GW, till 2025
- 4.4 Recent Trends and Developments
- 4.5 Government Policies and Regulations
- 4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Supply Chain Analysis
- 4.8 Porter's Five Forces Analysis
- 4.8.1 Bargaining Power of Suppliers
- 4.8.2 Bargaining Power of Consumers
- 4.8.3 Threat of New Entrants
- 4.8.4 Threat of Substitutes Products and Services
- 4.8.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Repair
- 5.1.2 Refurbishment
- 5.2 Gearbox Failure Type
- 5.2.1 Bearings
- 5.2.2 Others
- 5.3 Deployment
- 5.3.1 Onshore
- 5.3.2 Offshore
- 5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.2 North America
- 5.4.3 Europe
- 5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Dana Brevini SpA
- 6.3.2 Siemens Gamesa Renewable Energy SA
- 6.3.3 ME Production A/S
- 6.3.4 Stork Gears & Services BV
- 6.3.5 Winergy Group
- 6.3.6 ZF Friedrichshafen AG
- 6.3.7 Turbine Repair Solutions
- 6.3.8 Grenaa Motorfabrik A/S
- 6.3.9 ENERCON GmbH
- 6.3.10 Connected Wind Services Refurbishment A/S
7 MARKET OPPORTUNITIES AND FUTURE TRENDS