Market Research Future published a research report on “Wind Turbine Gearbox Market Report-Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2025.
A gearbox is used in a wind turbine in order to increase rotational speed from a low-speed rotor to a higher speed electrical generator. Market Research Future (MRFR) has published a research report about the global wind turbine gearbox market that estimates hike for this market at 6.42% CAGR (Compound Annual Growth Rate) during the forecast period between 2019 and 2025. By value, the market has been figured to be worth the US $ 8630 mn by the end of the forecast period.
The key factor elevating the global Wind Turbine Gearbox Market is the increasing energy consumption demands around the world. The second factor pushing the market growth is investments in wind turbines for capturing energy due to its cost-effectiveness and energy-efficiency. Other factors contributing to the market growth are government support for renewable energy projects government support for renewable energy projects, low wind power generation costs, and attractive returns ensured by onshore wind projects.
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MRFR recognized some prominent wind turbine gearbox market players. They are; Eickhoff Antriebstechnik GmbH (Germany), RENK AG (Germany), Siemens Gamesa Renewable Energy S.A. (Spain), ISHIBASHI Manufacturing Co. Ltd. (Japan), Winergy AG (Germany), China High Speed Transmission Equipment Group Co. Ltd. (China), Chongqing Gearbox Co., Ltd. (China), and ZF Friedrichshafen (Germany).
The segment study of the wind turbine gearbox global market is based on installation type, type, application, and capacity.
The type based segments are yaw gearbox, main gearbox, and others. The main gearbox segment can rise at 6.44% CAGR across the forecast period. The yaw gearbox segment can rise at 6.57% CAGR in the review period.
The application based segments of theWind Turbine Gearbox Market are onshore and offshore wind power. The onshore segment can secure 92% market share and rise at 6.42% CAGR to value at USD 7,897.4 million by 2025. The offshore segment can value at USD 732.6 Mn by 2025.
The installation type based segments are new and replacement. The new segment value can touch above USD 4,476.1 million at 6.4% CAGR in the assessment period. The replacement segment can value at above USD 1,746.4 Mn by 2025.
By capacity, the segments are Up to 1.5 MW, 1.5 MW-3 MW, and Over 3 MW. The 1.5 MW-3 MW segment can rise high.
Europe is another significant regional Wind Turbine Gearbox Market primarily due to the presence of topmost wind turbine manufacturers in France, Germany, Italy, and the UK. Other factors contributing to the market growth in this region are government regulations to reduce carbon emissions, the presence of many key market players, and the technological advancement that is second only to North America. During the forecast period, the market has been estimated to accumulate a demand for 85,434 units at 6.58% CAGR.
South America is a smaller Wind Turbine Gearbox Market because the availability of advanced technology is limited in this region. The key country, specific markets in this region are Brazil, Chile, and Uruguay, followed by the remaining countries of South America. In the MEA region, the market is meager due to poor countries, lack of awareness, lack of education, lack of skilled labor, and lack of technological advancement. The main country-specific market in this region is in South Africa, followed by the remaining countries of the MEA region.
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