Global Wind Turbine Gearbox Bearings Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Wind Turbine Gearbox Bearings Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Wind Turbine Gearbox Bearings market finds that the global Wind Turbine Gearbox Bearings market reached a value of USD 1446.53 million in 2022. It’s expected that the market will achieve USD 2613.36 million by 2028, exhibiting a CAGR of 10.36% during the forecast period.

Wind Turbine Gearbox Bearings Growth Drivers

As energy demand continues to increase, there has been an unprecedented increase in renewable energy production in the energy sector, with wind energy leading the way. Wind energy is being looked upon as the most feasible investment which results in a high amount of power being generated at a low per unit. For example, On September 15, 2021, nine international and U.S-based banks announced that they were seeking $2.3 billion of senior debt to finance the construction of the first large-scale offshore wind farm in the U.S. Increasing investment in wind power projects will bring strong impetus to the market of wind turbine bearings.

Cost reductions for both onshore and offshore wind power have accelerated in recent years, thanks to larger, more efficient turbines, lower capital and operating costs, and other advancements. The pace of cost reductions has accelerated, faster than most forecasters predicted and faster than historically. The reduction in cost will further promote the expansion of the wind power market, thereby driving the wind power gearbox bearing market.

The growing world energy requirement, wind turbines is a widely accepted technology around the globe. Bearings used in wind turbines are one of the most important part of the turbine this is why requires highly effective designs while keeping in mind the large structures of wind turbines. Due to rapidly developing technology even the wind turbine bearing designs are advancing and made in every possible way to meet the quality requirement while taking care of the economic efficiency.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

SKF is one of the major players operating in the Wind Turbine Gearbox Bearings market, holding a share of 27.05% in 2022. SKF expertise is built on the development, design and manufacture of bearings, seals and lubrication systems. And SKF also provide machine health assessment, engineering and remanufacturing services. SKF products enable rotation. Machinery, cars, airplane engines, even household products - anywhere there are parts that rotate.

Schaeffler

The technology company manufactures high-precision components and systems for powertrain and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications.

Segmentation Overview:

Among different product types, Deep Groove Ball Bearings segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the On-shore segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Wind Turbine Gearbox Bearings market covered in Chapter 3:

Schaeffler
ZWZ Group
NTN
LYC
TMB
ThyssenKrupp
ZYS
Timken
NSK
SKF
JTEKT

In Chapter 4 and Chapter 14.2, on the basis of types, the Wind Turbine Gearbox Bearings market from 2018 to 2029 is primarily split into:

Deep Groove Ball Bearings
Cylindrical Roller Bearings
Spherical Roller Bearings
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Wind Turbine Gearbox Bearings market from 2018 to 2029 covers:

On-shore
Off-shore

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)