Wind Turbine Gearbox Market: Current Analysis and Forecast (2021-2027)

Wind Turbine Gearbox Market: Current Analysis and Forecast (2021-2027)

With surging demand of electricity from renewable power, sources led to an exponential growth in the global wind industry. Additionally, the 93 GW of new installations in FY 2020-21 brought global cumulative wind power capacity up to 743 GW. In addition, through technology innovations and economies of scale, the global wind power market has nearly quadrupled in size over the past decade and established itself as one of the most cost-competitive and resilient power sources across the world. In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets, accounting for over half of the world’s total wind power capacity.

As per the Global Wind Energy Council (GWEC) Market Intelligence expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years – that is nearly 94 GW of new installations annually until 2025, based on present policies and pipelines.

With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources, it has a low maintenance cost. Further, reaching net-zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition.

Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. With the explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development with its share of the global market increasing in 2020. Thus, the global wind turbine gearbox market is expected to witness a CAGR of ~27% during the forecast period.

Insights Presented in the Report

“Amongst Deployment, Offshore Category to Witness Higher CAGR During the Forecast Period”

Based on deployment, the market is bifurcated into onshore and offshore. Among these, the offshore category witness a higher CAGR during the forecast period. There has been a noticeable shift in the energy sector toward renewable and green energy due to factors such as the need to reduce carbon emissions, depletion of fossil fuels, climatic change, etc. Various government policies are in place to support the initiative toward greener energy. Many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, Equinor (Norway) aims to cut its carbon emissions by half by 2050. A part of the plan is to develop its renewable energy businesses, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years.

Moreover, Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint is some of the prominent factors impelling the market share.

“Asia-Pacific will Dominate the Market During the Forecast Period”

The Asia-Pacific wind turbine gearbox market is expected to witness exponential CAGR during the forecast period. Major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, the technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in Asia-Pacific.

China held a significant revenue share in the global wind energy market in 2020 owing to supporting government policies and easy availability of raw materials. China led the world’s biggest ever increase in wind power capacity. Moreover, the presence of major turbine manufacturers and the introduction of major offshore wind power projects. In 2021, Chinese wind turbine manufacturer MingYang Smart Energy launched a 5.5MW turbine, the first floating offshore wind tower, and turbine ever built in China.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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