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Rising Focus on Renewable Energy to Help Global Wind Turbine Bearing Market Register 12.61% CAGR 2016-2024

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Published on : Nov 01, 2016

ALBANY, NY, Nov 01, 2016: The report, titled “Global Wind Turbine Bearing Market 2016-2020,” states that the market will exhibit a remarkable 12.61% CAGR over the period between 2016 and 2024.

The global demand for wind turbines has significantly increased in the past few years, chiefly owing to the rising government support to wind energy. High rate of technological advancements and the resulting improvements in wind turbine components have made present-day wind turbines much more energy efficient than the products of the past years.

A vast rise has been observed in research activities aimed at the development of a viable substitute to materials such as fiberglass, which, despite its high strength, involves an intensive manufacturing process and is heavy. A promising rise in investments for offshore wind farms, despite their complex and costly maintenance operations, has also been seen across the globe in the past few years.

The increasingly strict nature of climate change and carbon emission policies across the globe has increased the focus of the energy generation industry towards renewable energy sources such as wind and solar power. Government initiatives and policies are encouraging the industry’s move from fossil fuels to renewable energy. All these factors will collectively lead to an increased demand for wind turbine components such as bearings in the next few years.

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The report segments the global wind turbine bearing market on the basis of application into onshore wind turbine bearings and offshore wind turbine bearings. Of these, the segment of onshore wind turbines presently dominates the market and is expected to remain dominant throughout the forecast period as well. This is because onshore wind turbines account for a significant share in the world’s collective installed wind energy capacity. Chine, accounting for the world’s highest share in onshore wind installations, is currently the most prominent consumer of wind turbine bearings.

In terms of geography, the global wind turbine bearings market is led by the market in APAC, which is also expected to retain dominance throughout the forecast period. In APAC, countries such as China, India, Japan, and South Korea are some of the largest contributors to the market’s revenue. The regional market takes the top spot in the global wind turbine bearing market owing to the presence of several manufacturers of wind turbine components and the increased focus on the development of the renewable energy industry.

The competitive landscape of the global wind turbine bearings market features highly diversified regional as well as international players. The market is highly competitive and witnesses an increased focus of key players on research and development activities aimed at cost minimization, enhanced durability of bearings, and reduction in the rate of failure of gearbox bearings.

Some of the key vendors operating in the market are Dalian Metallurgical Bearing, Timken, TMB, IMO, Liebherr, NSK, Rothe Erde, Rollix, NTN Bearing, and Schaeffler Group.

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