Wind Turbine Bearings

Wind Turbine Bearings


Global Wind Turbine Bearings Market to Reach US$28.4 Billion by 2030

The global market for Wind Turbine Bearings estimated at US$16.0 Billion in the year 2023, is expected to reach US$28.4 Billion by 2030, growing at a CAGR of 8.5% over the analysis period 2023-2030. On-Shore Application, one of the segments analyzed in the report, is expected to record a 8.3% CAGR and reach US$21.8 Billion by the end of the analysis period. Growth in the Off-Shore Application segment is estimated at 9.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.8 Billion While China is Forecast to Grow at 10.0% CAGR

The Wind Turbine Bearings market in the U.S. is estimated at US$1.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.2 Billion by the year 2030 trailing a CAGR of 10.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.6% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR.

Global Wind Turbine Bearings Market - Key Trends & Drivers Summarized

Wind turbine bearings are crucial components in the operation of wind turbines, ensuring the smooth and efficient conversion of wind energy into electrical power. Wind turbines are tall erect devices with a fan that is powered by the wind. The principal of wind turbine mechanics are fairly simple, the force of winds passing over the blades are converted into mechanical power, which is fed through a vertical shaft that drives an electrical generator. The generator operates through varying wind speeds, and the electricity generated is either transmitted directly to a sub-station grid, or stored for future use. Wind turbine bearings support various parts of the turbine, including the rotor shaft and gearbox, and must withstand extreme loads and environmental conditions. Given the demanding nature of wind turbine operations, bearings are designed to endure high levels of stress, temperature variations, and exposure to contaminants.

Advancements in engineering designs have paved the way for the development of a next generation of wind turbines that are incorporated with intelligent sensors and blades, and are designed to automatically rotate and change direction, to capture the maximum wind. Innovations in bearing technology include the use of advanced materials like high-grade steels and ceramics, which offer superior wear resistance and longevity. Additionally, improved lubrication systems and seal technologies have been developed to reduce friction and prevent the ingress of contaminants, further extending the operational life of the bearings. The integration of condition monitoring systems has also become a key trend, enabling real-time tracking of bearing performance and early detection of potential failures. This proactive approach to maintenance helps in minimizing downtime and repair costs, ensuring that wind turbines can operate at optimal efficiency.

The growth in the wind turbine bearings market is driven by several factors. Advances in bearing technology, such as enhanced materials and better lubrication systems, are making bearings more robust and reliable, essential for the increasing size and power of modern wind turbines. The global push towards renewable energy sources is propelling the demand for wind energy, consequently driving the need for more and larger wind turbines equipped with high-performance bearings. Government policies and incentives promoting green energy are also encouraging the expansion of wind energy projects. Furthermore, the rising investments in offshore wind farms, which require bearings that can withstand harsh marine environments, are boosting market growth. The ongoing development of smart bearings with integrated sensors for real-time condition monitoring is also a significant growth driver, as it allows for predictive maintenance and enhances the overall reliability of wind turbine operations. Finally, the expansion of wind energy infrastructure in emerging economies is contributing to the increased demand for wind turbine bearings, supporting the global transition to sustainable energy sources.

Select Competitors (Total 53 Featured) -
  • AB SKF
  • Dalian Metallurgical Bearing Co. Ltd.
  • Defontaine SAS - Rollix
  • IMO Antriebseinheit GmbH & Co. KG
  • Kaydon Corporation
  • Liebherr-International AG
  • NSK Ltd.
  • NTN Corporation
  • Schaeffler Technologies AG & Co. KG
  • The Timken Company
  • thyssenkrupp rothe erde Germany GmbH
  • Zhejiang Tianma Bearing Group Co., Ltd
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Wind Energy Remains at the Heart of Sustainable Energy Transition
Global Wind Power Generation (in TWh) for 2015-2024
Wind Turbine Bearings: A Pivotal Component in Ensuring Longevity and Efficiency of Wind Turbines
Regional Analysis
Global Economic Update
Global Oil Prices Remain Nervous Amid Acute Geopolitical Uncertainty & Tensions that Heighten Threat of Market Shocks: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2025
While Still Not in the Comfort Zone, the Expected Steeper Fall in Inflation in 2024 Can Cushion Economic Growth by Easing Financial Conditions: Global Headline Inflation Rates (In %) for the Years 2019 through 2025
Flat Growth for 2024 & A Possible Soft Landing, as the Global Economy Attempts to Balance Recovery While Navigating Through Wars, Political Conflicts & Inflation: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2022 Through 2025
Competitive Scenario
Collaboration as Key to Unlock Reliability & Performance Gains for Wind Turbines
Wind Turbine Bearings - Global Key Competitors Percentage Market Share in 2024 (E)
Wind Turbine Bearings Competitor Market Share Scenario Worldwide (in %): 2023E
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
A Peek into the Importance of Wind Turbines in Harnessing Wind Energy
Wind Turbine Design
Wind Energy and Wind Turbines: Notable Facts
Wind Turbine Bearings: Essential Component of Wind Turbines
Recent Market Activity
Influencer/Product/Technology Insights
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Substantial Investments in Wind Energy and Ensuing Need for Wind Turbine Installations Propel Strong Demand for Bearings
Global Cumulative Wind Energy Installations Needed to Meet Net Zero Goals by 2050 (In GW) for Years 2024, 2026, 2028 and 2030
Annual Average Wind and Solar Capacity Additions Needed to Meet 2030 Target for Select Regions/Countries
Global Clean Energy Investments (In US$ Billion) for Years 2017, 2019, 2021, 2023 & 2025
Global Energy Generation Mix (in %) for 2018 and 2050
Targets for Electricity Production from Renewable Energy Sources in Select Countries
Electricity Demand Patterns to Drive Growth for Wind Energy: Application-Specific Bearings Gain Momentum
Projected Global Demand for Electricity (MWh): 2015, 2025, & 2035
Change in Gross Electricity Demand in TWh for 2017-50
Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
Smart Cities & Smart Grids Elevate the Prospects for Wind Energy and Turbines
Global Smart Grid Market (In US$ Billion) for Years 2021, 2023, 2025 and 2027
Global Market for Smart Grids (in US$ Billion) for the Years 2020
Evolving Wind Turbine Technology Brings Innovations in Bearings and Gearboxes at the Forefront
Manufacturers focus on Bearing Innovations to Address Increasing Installation of Advanced Wind Turbines
Gearbox Bearings Innovations Offering Perfect Solutions for Wind Giants
Black Oxide Bearings is the New Black for Reliable Wind Energy Operations
Advanced Wind Turbine Bearings to Reduce Failure Rate & Augment Efficiency
Hydrodynamic Plain Bearings to Handle High Torque Density
Need to Bring Down Levelized Cost of Wind Power Sets Ideal Stage for Advanced Rolling Bearings
Bearing Failure Continues Remaining a Baffling Problem for Wind Energy Industry
Predictive Maintenance: A Game Changer
4. GLOBAL MARKET PERSPECTIVE
TABLE 1: World Wind Turbine Bearings Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
TABLE 2: World Recent Past, Current & Future Analysis for Wind Turbine Bearings by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 3: World Historic Review for Wind Turbine Bearings by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 4: World 16-Year Perspective for Wind Turbine Bearings by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets for Years 2014, 2024 & 2030
TABLE 5: World Recent Past, Current & Future Analysis for On-Shore by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 6: World Historic Review for On-Shore by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 7: World 16-Year Perspective for On-Shore by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
TABLE 8: World Recent Past, Current & Future Analysis for Off-Shore by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 9: World Historic Review for Off-Shore by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 10: World 16-Year Perspective for Off-Shore by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
III. MARKET ANALYSIS
UNITED STATES
Market Facts & Figures
US Wind Turbine Bearings Market Share (in %) by Company: 2023 & 2030
Wind Turbine Bearings Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
Market Analytics
TABLE 11: USA Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 12: USA Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 13: USA 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
CANADA
TABLE 14: Canada Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 15: Canada Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 16: Canada 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
JAPAN
Wind Turbine Bearings Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
TABLE 17: Japan Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 18: Japan Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 19: Japan 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
CHINA
Wind Turbine Bearings Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
TABLE 20: China Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 21: China Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 22: China 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
EUROPE
Market Facts & Figures
European Wind Turbine Bearings Market: Competitor Market Share Scenario (in %) for 2023 & 2030
Wind Turbine Bearings Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
Market Analytics
TABLE 23: Europe Recent Past, Current & Future Analysis for Wind Turbine Bearings by Geographic Region - France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 24: Europe Historic Review for Wind Turbine Bearings by Geographic Region - France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 25: Europe 16-Year Perspective for Wind Turbine Bearings by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets for Years 2014, 2024 & 2030
TABLE 26: Europe Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 27: Europe Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 28: Europe 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
FRANCE
TABLE 29: France Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 30: France Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 31: France 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
GERMANY
TABLE 32: Germany Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 33: Germany Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 34: Germany 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
ITALY
TABLE 35: Italy Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 36: Italy Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 37: Italy 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
UNITED KINGDOM
TABLE 38: UK Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 39: UK Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 40: UK 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
SPAIN
TABLE 41: Spain Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 42: Spain Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 43: Spain 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
RUSSIA
TABLE 44: Russia Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 45: Russia Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 46: Russia 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
REST OF EUROPE
TABLE 47: Rest of Europe Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 48: Rest of Europe Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 49: Rest of Europe 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
ASIA-PACIFIC
Wind Turbine Bearings Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
TABLE 50: Asia-Pacific Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 51: Asia-Pacific Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 52: Asia-Pacific 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
LATIN AMERICA
Wind Turbine Bearings Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)
TABLE 53: Latin America Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 54: Latin America Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 55: Latin America 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
REST OF WORLD
TABLE 56: Rest of World Recent Past, Current & Future Analysis for Wind Turbine Bearings by Application - On-Shore and Off-Shore - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 57: Rest of World Historic Review for Wind Turbine Bearings by Application - On-Shore and Off-Shore Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 58: Rest of World 16-Year Perspective for Wind Turbine Bearings by Application - Percentage Breakdown of Value Sales for On-Shore and Off-Shore for the Years 2014, 2024 & 2030
IV. COMPETITION

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