Wind power is one of those renewable energy sources, which has gained prominence due to its efficiency and effectiveness. This will create a growing preference for renewable energy source sources, such as wind power, owing to its cost-effectiveness and energy generation efficiency. The growing investment in wind turbines for power generation is consequently driving the global wind turbine gearbox market. There has been high investment by companies, such as Siemens Gamesa Renewable Energy, Winergy AG, and ZF Friedrichshafen AG into wind turbine gearbox, which would significantly drive the market.
Significant reduction in the wind power generation costs and increase in wind energy consumption are the key factors that drive the global market. Moreover, with the growing government support for wind energy projects, there has been a steep rise in the sale of wind turbine gearbox.
The global wind turbine gearbox market is estimated to grow at 6.59% CAGR during the forecast period, 2019-2025. In 2018, the market was led by Asia-Pacific with 46.97% share, followed by Europe, and North America with shares of 32.04% and 14.90%, respectively. Of late, the Asia-Pacific, in particular, has become a lucrative region owing to the increasing investments in offshore and onshore wind energy power projects.
The wind turbine gearbox market has been segmented by type, application, installation type, capacity, and region. On the basis of type, the main gearbox market segment has the largest market share of 60.97%, with a market value of USD 3,417.3 million, which is projected to witness a CAGR of 6.44%, during the forecast period. On the basis of application, the onshore wind power market segment has the largest market share of 91.78% in 2018, with a market value of USD 5,144.2 million, which is projected to witness a CAGR of 6.42%, during the forecast period. On the basis of installation type, the new market segment accounted for the largest market share of 79.86% in 2018, with a market value of USD 4,476.1 million, which is projected to witness a CAGR of 6.4%, during the forecast period. On the basis of capacity, the to 3 MW market segment accounted for the largest market share of 47.82% in 2018, with a market value of USD 2,680.3 million, which is projected to witness a CAGR of 6.79%, during the forecast period.
Market Size
· 2018: USD 5,927.7 Million
· 2025: USD 8,630.0 Million
CAGR % (2019-2025)
· 6.59%
Key Geographies (2018)
· North America: 14.90%
· Europe: 32.04%
· Asia-Pacific: 46.97%
Key Leading Countries
· US
· France
· UK
· China
Key Market Drivers
· Significant reduction in the wind power generation costs
· Increase in wind energy consumption
Key Market Opportunities
· Increasing in rotor diameter in gearbox
· Government support for wind energy projects
Key Vendors
· Siemens Gamesa Renewable Energy
· Winergy AG
· ZF Friedrichshafen AG
· China High Speed Transmission Equipment Group Co.
