Wind Turbine Gearbox Market by Capacity (1.5 MW-3MW, Over 3MW, Upto 1.5 MW), Type (Main Gear Box, Yaw Gear Box), Deployment - Global Forecast 2024-2030

Wind Turbine Gearbox Market by Capacity (1.5 MW-3MW, Over 3MW, Upto 1.5 MW), Type (Main Gear Box, Yaw Gear Box), Deployment - Global Forecast 2024-2030

The Wind Turbine Gearbox Market size was estimated at USD 18.09 billion in 2023 and expected to reach USD 19.16 billion in 2024, at a CAGR 6.11% to reach USD 27.41 billion by 2030.

A wind turbine gearbox is a crucial component of a wind turbine, responsible for converting the rotational energy from the blades into usable electricity. The market is experiencing growth due to increasing demand for renewable energy and government initiatives for wind power generation projects. However, concerns related to wind turbine gearbox failure and complex design have been a challenge for the industry, and ongoing innovations in gearbox bearings aim to address these issues. Manufacturers are also working to simplify the design of wind turbine gearboxes while maintaining high levels of performance and reliability. Wind energy project funding and investment are expected to increase in the coming years, boosting the growth of the wind turbine gearbox market.

Regional Insights

The Asia-Pacific region is expected to experience significant growth in the wind turbine gearbox market due to the increasing demand for renewable energy and government support for wind power generation. India, Australia, Japan, and South Korea have several ongoing wind energy projects, increasing the demand for wind turbine gearboxes in the region. North America is a mature market for wind turbine gearboxes, with the United States being the largest wind energy generator in the world. The U.S. government has been supporting wind power development through tax credits, which has contributed to expanding the wind turbine gearbox market in the region. Countries such as Germany, Spain, Denmark, the UK, Egypt, South Africa, and Morocco are investing in deploying wind turbines, which is expected to increase the demand for wind turbine gearboxes.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Wind Turbine Gearbox Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing energy consumption and demand for renewable energy
• Government support for the wind power generation

Market Restraints

• Concerns related to wind turbine gearbox failure

Market Opportunities

• Ongoing innovations in wind turbine gearbox bearings
• Government initiatives and investment activities in wind energy projects worldwide

Market Challenges

• Concern regarding complicated design of wind turbine gearbox

Market Segmentation Analysis

• Capacity: Growing usage of wind turbines with a capacity above 3 MW across large-scale industrial wind farms
• Type: Significant adoption of main gearboxes in the generators
• Deployment: Increasing preference for onshore deployment of wind power projects

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Wind Turbine Gearbox Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Wind Turbine Gearbox Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Universities Develop ways for Wind Turbines to Generate More Energy

The Universities of Sheffield, Durham, Hull, and two global energy companies, Siemens Gamesa Renewable Energy and Ørsted, partnered to help offshore wind turbines run for longer periods of time. The collaboration, which includes several projects at each university, developed ways to make wind turbines more reliable, efficient, lighter, and cheaper.

18 MW Offshore Wind Turbine Launches in China

Ming Yang Smart Energy Group launched a new 18MW turbine equipped with a gearbox that increases power output efficiency and offers improved reliability compared to previous designs. The use of modern gearbox technology, combined with advances in blade design and other components, is resulting in enhanced turbine performance.

Timken India to start making CRBs, SRBs locally at Bharuch

As part of Timken India's commitment to the local wind turbine gearbox market, they recently announced that they begin manufacturing Constant Velocity Joints (CRBS) and Sleeve Roller Bearings (SRBs) in their factory Bharuch. This strategic move positively impacts the manufacturing ecosystem in that region and provides local access to these essential components for wind turbine projects within India. Furthermore, this also allows local suppliers to become involved with a major global player such as Timken India, which could create new business opportunities for them. This investment by Timken India should be applauded for its foresight and commitment to improving the Indian wind energy sector.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Wind Turbine Gearbox Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Wind Turbine Gearbox Market, highlighting leading vendors and their innovative profiles. These include AB SKF, Amarillo Gear Company, AutoInvent Transip AB, Bonfiglioli Riduttori S.p.A., Chongqing Gearbox Co.,Ltd, CRRC Corporation Limited, Dalian Huarui Heavy Industry India Company Pvt. Ltd., Dana Incorporated, Dongturbo Electric Company Ltd., Eickhoff Group, Elecon Engineering Company Limited, Flender GmbH, General Electric Company, ISHIBASHI Manufacturing Co., Ltd., Kirloskar Pneumatic Company Limited, Linamar Corporation, ME Production A/S, Miba AG, NGC Group, NORDEX SE, NSK Ltd., RENK GmbH, Schaeffler Group, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, The Timken Company, VESTAS WIND SYSTEMS A/S, Voith Group, Wikov Industry a.s., Yantai Bonway Manufacturer Co.,Ltd., and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Wind Turbine Gearbox Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Capacity
• 1.5 MW-3MW
• Over 3MW
• Upto 1.5 MW
• Type
• Main Gear Box
• Yaw Gear Box
• Deployment
• Offshore
• Onshore
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year