Global Wind Turbine Gearbox Market Size to Reach USD 45.18 Billion in 2032 | Emergen Research
Increasing government support and investments for wind energy is a major factor driving market revenue growth
Vancouver, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The worldwide market size for wind turbine gearboxes stood at USD 21.32 billion in the year 2022. As per the most recent assessment by Emergen Research, it is projected that the market will sustain a consistent Compound Annual Growth Rate (CAGR) of 7.6% throughout the forecast period. This growth is primarily attributed to the rising acceptance of direct-drive wind turbine setups, which is playing a pivotal role in propelling the expansion of market revenues.
An emerging trend within the broader wind turbine gearbox market is the adoption of hybrid gearboxes in wind farms. Hybrid gearboxes involve the fusion of different gear configurations to optimize performance and tackle specific engineering challenges. The objective of designing hybrid gearboxes is to capitalize on the strengths of diverse gear types while mitigating their limitations. The outcome is a gearbox that exhibits enhanced efficiency, balanced load distribution, and improved overall performance.
*Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @* *https://www.emergenresearch.com/request-sample/2202*
Moreover, a notable factor propelling the market's revenue growth is the escalating interest from major industry players in producing hybrid gearboxes. These investments in manufacturing hybrid gearboxes contribute significantly to the market's financial expansion.
Numerous governments across the globe have established ambitious renewable energy objectives to curb greenhouse gas emissions and combat climate change. These objectives frequently encompass specific targets for wind power capacity. To realize these aims, governments are offering policy backing and incentives to stimulate the advancement of wind energy projects. Consequently, there is an increased demand for wind turbine gearboxes.
Taking the Association of Southeast Asian Nations (ASEAN) as an example, their second phase of the ASEAN Plan of Action for Energy Cooperation (APAEC) sets forth ambitious renewable energy targets. By the year 2025, ASEAN nations aspire to derive 23% of their total primary energy supply from renewable sources and achieve 35% of their installed power capacity from these sources. This translates to a need for an additional 35-40 GW of renewable energy capacity by 2025. Given that many ASEAN countries boast substantial wind energy potential, it is expected that installations of wind energy systems will experience growth in this region to meet these predefined objectives.
Nevertheless, the dependability and robustness of gearboxes within wind turbines stand as pivotal considerations that might impede the growth of market revenues. These gearboxes necessitate consistent upkeep to ensure their optimal functioning, given their crucial role in the seamless and uninterrupted operation of wind turbines. The associated maintenance costs can be notable, exerting an influence on the aggregate operational outlay of wind farms.
*Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @* *https://www.emergenresearch.com/request-discount/2202*
*Scope of Research *
*Report Details* *Outcome*
Market Size in 2022 USD 21.32 Billion
CAGR (2023–2032) 7.6%
Revenue Forecast To 2032 USD 45.18 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Material Type, installation type, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Siemens Gamesa Renewable Energy, S.A., Flender, Dana Motion Systems Italia S.r.l., RENK GmbH, ZF Friedrichshafen AG, GE RENEWABLE ENERGY, Moventas, ISHIBASHI Manufacturing Co., Ltd., Robert Bosch GmbH, Voith GmbH & Co. KGaA, Vestas, SKF, Elecon Engineering Company Limited, and Suzlon Energy Limited.
Customization Scope 10 hours of free customization and expert consultation
*Major Companies and Competitive Landscape *
The global wind turbine gearbox market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global wind turbine gearbox market report are:
· Siemens Gamesa Renewable Energy, S.A.
· Flender
· Dana Motion Systems Italia S.r.l.
· RENK GmbH
· ZF Friedrichshafen AG
· GE RENEWABLE ENERGY
· Moventas
· ISHIBASHI Manufacturing Co., Ltd.
· Robert Bosch GmbH
· Voith GmbH & Co. KGaA
· Vestas
· SKF
· Elecon Engineering Company Limited
· Suzlon Energy Limited
*Strategic Development*
· On 17 July, 2023, Suzlon secured an order from Everrenew Energy, a subsidiary of NTC Group, for the supply of wind turbines totaling 100.8 MW to be installed at Velliyanani Phase II in the Indian state Tamil Nadu. Located in the Karur district at Vengaimandalam in Trichy, the wind farm will include 48 Suzlon S120, 2.1 MW turbines each with a rated capacity of 2.1 MW and with hybrid lattice tubular towers.
· On 1 June, 2022, Eickhoff Wind Asia, a subsidiary of the German company Gebr Eickhoff, opened a new manufacturing facility near Chennai, India. The facility will assemble, store, and test gearboxes for wind turbines up to a size of 8 MW. This new facility will help Eickhoff expand its presence in Asia and meet the rising demand for wind power in this region.
*Direct Order Can Be Placed Through This Link [Exclusive Copy] @ **https://www.emergenresearch.com/select-license/2202*
*Some Key Highlights from the Report*
· The steel gearbox segment is expected to account for largest revenue share in the global wind turbine gearbox market during the forecast period. This is because steel gearboxes are strong and durable, making them well-suited for harsh operating conditions of wind turbines. These are also long-lasting and reliable, which is important for wind farm operators and investors. The manufacturing process for steel gearboxes is well-established and efficient, which helps to keep costs down.
· The offshore wind farms segment is expected to register steadily fast revenue growth rate in the global wind turbine gearbox market over the forecast period. This is due to increasing number of installations, abundant wind resources, and favorable regulatory environment. The offshore wind sector has been experiencing a rapid growth worldwide. Governments and energy companies increasingly invest in offshore wind projects to harness the strong and consistent wind resources available at sea. Countries worldwide are increasingly turning to large-scale renewable energy, such as offshore wind, to reduce carbon emissions and promote sustainability. The world's largest offshore wind turbine, a 16 MW unit manufactured by Mingyang Smart Energy, has been connected to the grid in China. The turbine is located in Jiangsu province and is capable of generating enough electricity to power about 10,000 homes.
· The Asia Pacific market accounted for largest revenue share in the global wind turbine gearbox market in 2022. This is due to increasing energy requirements in prominent countries, such as India and China, coupled with ample wind resources, supportive government policies, and rapid economic development. Especially, China, India, Japan, and Australia are investing significantly in wind energy initiatives to address their escalating electricity needs and combat greenhouse gas emissions.
· On 28 September, 2022, ZF Wind Power, a division of the German technology company ZF, announced its investment in a cutting-edge test and prototype center. The facility will boast a 30-Megawatt (MW) validation test bench, which is set to be the most powerful of its kind globally. Located in Lommel, Belgium, the test and prototype center is scheduled to become operational in 2024.
*Browse Full Report Description + Research Methodology + Table of Content + Infographics@ **https://www.emergenresearch.com/industry-report/wind-turbine-gearbox-market*
*Emergen Research has segmented the global **wind turbine gearbox market on the basis of material type, substrate material, application, and region:*
· *Material Type Outlook (Revenue, USD Billion; 2019-2032)*
· · Steel Gearboxes
· Composite Gearboxes
· Others
· *Installation Type Outlook (Revenue, USD Billion; 2019-2032)*
· · New Installations
· Retrofit/Upgrades
· *Application Outlook (Revenue, USD Billion; 2019-2032)*
· · Onshore Wind Farms
· Offshore Wind Farms
· Industrial Facilities
· Others
· *Regional Outlook (Revenue, USD Billion; 2019–2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
*Curated Reports You Shouldn't Miss: Dive In Now!*
Wireless Charging Market By Technology (Radio Frequency, Inductive, Resonance, Others), By End-use (Consumer Electronics, Healthcare, Industrial, Aerospace, Automotive, Others), and By Region, Forecast to 2028
Quantum Cascade Laser Market By Fabrication Technology (Distributed Feedback, Fabry-Perot, Tunable External Cavities), By Packaging Type (HHL & VHL Package, C-Mount Package, To3 Package), By End-Use, and By Region, Forecasts to 2027
Nanomagnetics Market Size, Share, Trends, By Application (Data Storage, Sensors, Medical and Genetics, Imaging, Separation, Others), By End-use (Transportation, Medical & Biotech, Manufacturing and Processing Industry, Electronics, Others), and By Region Forecast to 2028
Photolithography Equipment Market By Type (EUV, I-Line, DUV, ArFi, ArF, KrF), By Light Source (Mercury Lamps, Fluorine Lasers, Excimer Lasers, Laser-Produced Plasma), By Wavelength (370 nm-270 nm, 270 nm-70 nm, 70 nm-1 nm), By End-Use (Integrated Device Manufacturers (IDMs), Foundries), and By Region, Forecast to 2028
Family Indoor Entertainment Market By Visitor Demographic (Families with Children (0-8), Families with Children (9-12), Teenagers (13-19), Young adults (20-25), Adults (25+)), By Revenue Source (Entry Fees & Ticket Sales, Merchandising, and Others), By Type, By Application, and By Region Forecast to 2028
IR Spectroscopy Market By Type (Micro Spectroscopes, Hyphenated Spectroscopes, Portable Spectroscopes, Benchtop Spectroscopes), By Technology (Near-Infrared, Mid-Infrared, Far-Infrared), By End-use (Chemicals, Biological Research, Healthcare & Pharmaceuticals, and Others), and By Region, Forecast to 2028
Target Drones Market By Payload (Camera, Control Systems, Tracking Systems, Others), By End-Users (Military, Commercial), By Price Range (Budget, Medium, Premium), and Regions Forecasts to 2027
LED Emergency Lighting Market By Technology (Surface Mount, Chips on Board), By Power Source (Rechargeable, Solar, Battery), By End-Use (Cinema, Commercial, School, Residential, Others), By Region Forecasts to 2027
*About Emergen Research*
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
*Contact Us:*
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
*Direct Line:* +1 (604) 757-9756
*E-mail:* sales@emergenresearch.com
*Explore Our Blogs and Insights Section:* https://www.emergenresearch.com/insights
*Read our Press Release @ *https://www.emergenresearch.com/press-release/global-wind-turbine-gearbox-market