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Wind Turbine Gearbox Market Report – Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027

Wind turbine operations and maintenance refer to the services of maintaining the smooth working of the wind turbines. Wind energy means a renewable form of energy, which is widely available on the surface of earth. Wind power is one of the fastest-growing renewable energy technologies and owing to the decrease in the cost of wind power technology had positively influence its usage of wind power worldwide. According International Renewable Energy Agency, global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018. In addition, In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets – who together installed nearly 75 per cent of the new installations in 2020 and account for over half of the world’s total wind power capacity. However, offshore wind power plants need to install at higher rate by 2050 in order to stay on a net zero pathway and avoid the worst impacts of climate change.

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Offshore wind turbines are similar to onshore wind turbines and use substantially the same technology. The only significant difference as far as energy capture is concerned is that they are often larger. As with onshore machines, those used offshore are horizontal axis wind turbines with three-bladed rotors. According to BNEF, the global offshore wind average LCOE has dropped 67.5% to US$84/MWh since 2012. Cost reduction of offshore wind is set to continue and expected to hit US$58/MWh by 2025 thanks to the scale provided by GW-level projects, the newly introduced supersized offshore wind turbines and the reduction in the cost of capital. The turbine represents the largest cost component, accounting for up to 45% of total installed costs for offshore wind. Improvement in wind turbine technology is helping to further drive down costs. The total installed costs in 2018 were 5% lower than those commissioned in 2010. Total installed costs in 2018 were 5% lower than for projects commissioned in 2010.

According to UnivDatos Market Insights (UMI)’ research report “Global Wind Turbine Gearbox Market, the market is expected to witness a CAGR growth in double digit during the forecast period 2021-2027F.  Factors that are driving the market share of offshore wind such as surging government investment in renewable energy across various regions coupled with benefitting from rapid technology improvements, supportive government policies and continuous cost reductions are expected to be the main drivers of offshore wind deployment.

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Based on Type, the market is bifurcated into offshore and onshore. Currently, offshore structure expected to captured considerable market growth during the forecast period. It is mainly owing to a rising scope for relishing the projects in deep water, where the high wind speed creates a much favorable environment for operation, thereby driving the installation of offshore wind turbines. The expected increase in the deployment of wind turbines in more complex and challenging environments, such as farther offshore, coupled with the growing capacity of the wind turbine capacity, has put additional pressure on the operating components of the wind turbine. Therefore, it requires regular maintenance for smooth operations of the turbines.

APAC to witness highest growth

For a better understanding of the market adoption of offshore wind , the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. APAC region is expected to witness fastest growth during the forecast period mainly due to the surging  offshore wind technology adoption and wind farm development in the region. Furthermore, with explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development during the forecast period.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Wind Turbines O&M market are include Nordex SE, Enercon GmbH, Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Suzlon Energy Ltd., ABB Ltd., Mistras Group, and Integrated Power Services LLC.

“Global Offshore Wind Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

  1. By Type (Offshore and Onshore)
  2. By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
  3. By Company (includes Nordex SE, Enercon GmbH, Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Suzlon Energy Ltd., ABB Ltd., Mistras Group, and Integrated Power Services LLC.).

Key questions answered in the study:

  1. What are the current and future trends of the global offshore wind industry?
  2. How the industry has been evolving in terms of type?
  3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the global offshore wind industry?
  5. What are the customer orientation, purchase behavior, and expectations from the global offshore wind suppliers across various region and countries?

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Table of Content-

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 WIND TURBINE GEARBOX MARKET COVID-19 IMPACT

6 WIND TURBINE GEARBOX MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY DEPLOYMENT

8 MARKET INSIGHTS BY REGION

9 WIND TURBINE GEARBOX MARKET DYNAMICS

10 WIND TURBINE GEARBOX MARKET OPPORTUNITIES

11 WIND TURBINE GEARBOX MARKET TRENDS

12 POLICY AND REGULATORY LANDSCAPE

13 VALUE CHAIN ANALYSIS

14 DEMAND AND SUPPLY SIDE ANALYSIS

15 COMPETITIVE SCENARIO

16 COMPANY PROFILED

17 DISCLAIMER

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