The global wind turbine gearbox market size was USD 18.02 billion in 2022. The market is expected to grow from USD 19.33 billion in 2023 to USD 32.55 billion by 2029 at a 7.7% CAGR during the 2023-2029 period.
Global Wind Turbine Gearbox Market 2023-2029 research report gives most upcoming industry information on the market situation and future outlook. This report provides you analysis of Wind Turbine Gearbox market size, share, future growth, and cost structure, statistical and comprehensive data of the global market. The report is beneficial for strategists and industry players to plan their future business strategies. This is an in-depth market report, provides all you need to know about the Wind Turbine Gearbox Market. It includes the market news and updates about the market current situation, historic data, present market trends, and this factor which is valuable and supportive to the business.
With tables and figures helping analyze worldwide Global Wind Turbine Gearbox market trends, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
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Top Prominent Players Mentioned in this report:
This report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and describes the leading companies in detail, with which the readers can get a better idea of their competitors and acquire an in-depth understanding of the competitive situation. Key companies covered as a part of this study include: Siemens,Vestas,Mammoet,Ishibashi Manufacturing Co. Ltd. (Japan),ME Production A/S (Denmark),China Transmission,ZF,Moventas,VOITH,Allen Gears and others.
KEY INDUSTRY DEVELOPMENTS:
- May 2021 – Vestas and Iberdrola signed a contract to supply 50 units of the V174-9.5 MW offshore wind turbine for the Baltic Eagle project which is being developed off the island of Rugen. Both the companies have also signed a contract for the service and maintenance of the new turbines.
- May 2020 – Mammoet was awarded a contract for maintenance of Whitla Wind 1 Project. Maintenance is required following the full failure of a gearbox in one of its turbines. The scope of the contract includes the heavy lifting and transport of a gearbox for the Whitla Wind 1 project in Southern Alberta, Canada.
Global Wind Turbine Gearbox Market Segmentation:
Market segment by Type:
1.5 MW-3 MW
<1.5MW
>3 MW
Market segment by Application:
In-land
Off-shore
Regional Insight:
The Middle East and Africa (Turkey, GCC Countries, Egypt, South Africa)
North America (United States, Mexico, and Canada)
South America (Brazil etc.)
Europe (Germany, Russia, UK, Italy, France, etc.)
Asia-Pacific (China, Japan, Philippines, Korea, India, Indonesia, and Australia)
Regional Analysis:
Europe is likely to register growth at significant CAGR during the forecast period. The installation of renewable energy is widely increasing in this region. The investment in wind energy is extensively increasing, especially in Germany and the U.K. The rate of installation of the gearbox is also widely increasing due to the increasing adoption of the wind turbine in this region. The region has planned various upcoming offshore as well as onshore projects. Europe has planned to build 15 GW of wind energy per year for the next five years. Wind was 16% of the total electricity consumed in Europe in 2020. The increasing deployment of wind energy increases new market opportunities for growth in the gearbox market in Europe during the forecast period.
North America is estimated to be a significant contributor to the growth of the component. The region is highly focused on operation and maintenance services. The companies operating in this region keep a regular check for equipment replacement. The installation of wind energy is also increasing in this region due to rising awareness about climate. The investment in wind power generation is also widely inflating in this region due to reduced cost of wind power. GWEC stated that North America registered growth of over 15% of new onshore capacity installation in 2019 compared to the previous year.
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This report aims to provide:
– A qualitative and quantitative analysis of the current trends, dynamics, and estimations from 2023 to 2029.
– The analysis tools such as SWOT analysis and Porter’s five force analysis are utilized, which explain the potency of the buyers and suppliers to make profit-oriented decisions and strengthen their business.
– The in-depth market segmentation analysis helps identify the prevailing market opportunities.
– In the end, this Wind Turbine Gearbox report helps to save you time and money by delivering unbiased information under one roof.
Key question answered in this report
- What will the market size be in 2029 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Table of Contents: Wind Turbine Gearbox Market
Part 1: Overview of Wind Turbine Gearbox Market
Part 2: Global Wind Turbine Gearbox Market Status and Forecast by Regions
Part 3: Global Market Status and Forecast by Types
Part 4: Global Market Status and Forecast by Downstream Industry
Part 5: Market Driving Factor Analysis
Part 6: Market Competition Status by Major Manufacturers
Part 7: Major Manufacturers Introduction and Market Data
Part 8: Upstream and Downstream Market Analysis
Part 9: Cost and Gross Margin Analysis
Part 10: Marketing Status Analysis
Part 11: Market Report Conclusion
Part 12: Wind Turbine Gearbox: Research Methodology and Reference
Finally, the Wind Turbine Gearbox Market report is the believable source for gaining the market research that will exponentially accelerate your business.
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