Published on : Dec 16, 2016
ALBANY, NY, Dec 16, 2016: The report, titled “Global Wind Turbine Gearbox Market 2016-2020”, forecasting the potential growth path that the market will follow over the period between 2016 through 2020, states that the market will exhibit a moderate 3% CAGR over the said period, in terms of installation capacity on a global front. The market is expected to value US$15 bn in terms of revenue by 2020.
The rising number of installations across offshore wind power projects will be one of the key factors fueling the growth prospects of the market over the report’s forecast period. The establishment of offshore wind power plants involves several complexities and is highly expensive owing to the high base-cost of equipment and the need for timely maintenance. Nevertheless, the rising focus on the increased inclusion of green energy sources in the overall energy mix to achieve a sustainable and environment-friendly energy future are coaxing governments to encourage wind energy projects through incentives and subsidies.
So as to reduce the operational costs of wind energy projects, strategies such as deployment of large number of turbines, with the aim of increasing the energy output of the plant, and deducing ways of mitigating supply-demand challenges are being undertaken. These factors will lead to an increase in the number of off-shore wind power projects in countries such as Japan, India, the U.S., China, and across the European Union in the next few years. In turn, the scenario will fuel the global demand for gearboxes for wind turbines.
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In terms of usage, the market for wind turbine gearboxes has been examined for replacement projects and for new wind turbine installations. Of these, the segment of new wind turbine installations has emerged as the most lucrative application segment owing to the encouraging rise in the number of new wind power projects across the globe in the past few years, especially across the Asia Pacific region. The constant rise in demand for electricity globally will continue to bolster the need and demand for installation of new wind power projects in the next few years and will continue to lead to the increased demand for wind turbine gearboxes.
In terms of geography, the market has been segmented in the report into Americas, Asia Pacific (APAC), and EMEA (Europe, the Middle East, and Africa). Of these, the market in APAC is the chief contributor of revenue to the global market and is expected to retain its dominance over the forecast period as well. The rising population, rapid rate of industrialization, and the resultant rise in demand and consumption of electricity are the key factors driving the wind turbine gearbox market in APAC.
Some of the key vendors operating in the global wind turbine gearbox market are Gamesa Energy Transmission, Winergy, China High Speed Transmission, Moventas, Eickhoff, Brevini Power Transmission, ZF Friedrichshafen, Chongqing Gearbox, and ISHIBASHI Manufacturing.
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