Wind Turbine Gearbox Market size to increase by USD 4.233 billion between 2022 to 2027| The increase in offshore wind energy installations drives market growth – Technavio
NEW YORK, Sept. 15, 2023 /PRNewswire/ —The wind turbine gearbox market size is expected to grow by USD 4.233 billion from 2022 to 2027, accelerating at a CAGR of 6.39% during the forecast period. The wind turbine gearbox market is driven by the increase in offshore wind energy installations. Offshore wind farms are gaining popularity because they do not need land for installation as they are located on the ocean surface, where the wind energy potential is higher. Offshore wind turbines are generally larger than onshore wind turbines, with capacities in the range of 4 MW-10 MW and requiring high-performance gearboxes for lower maintenance and repair. Get more insights of wind turbine market by downloading the free sample report
Wind Turbine Gearbox Market 2023-2027: Geographical Analysis
The Asia-Pacific (APAC) region is projected to hold a 56% share of the wind turbine gearbox market during the forecast period. This growth is primarily driven by increasing energy demand due to population growth and improved living standards in countries like China and India. These nations are actively expanding their renewable energy capacity, particularly in wind energy, to meet emission targets and reduce pollution. China leads the world with 228 GW of wind energy capacity, while India ranks fourth with 35 GW. This emphasis on wind energy is expected to boost the wind turbine gearbox market in the APAC region.
To find preview of the market overviews, market drivers, opportunities, and potentials request a free sample report
Wind Turbine Gearbox Market 2023-2027: Company Analysis
The wind turbine gearbox market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified companies. The global off-grid wind turbine gearbox market is expected to grow rapidly during the forecast period due to the rising height and capacity of wind towers. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies including Bonfiglioli Riduttori Spa, Dana Inc., Flender GmbH, Gebr. Eickhoff Maschinenfabrik and Eisengiesserei GmbH, General Electric Co., Hottinger Bruel and Kjaer GmbH, ISHIBASHI Manufacturing Co. Ltd., Lenze SE, ME Production Aps, Moventas Gears Oy, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., Nord Gear Ltd., Porsche Automobil Holding SE, Robert Bosch GmbH, Shandong Qingneng Power Co. Ltd., Siemens AG, Suzlon Energy Ltd., Voith GmbH and Co. KGaA, ZF Friedrichshafen AG, and ZOLLERN GmbH and Co. KG
Wind Turbine Gearbox Market 2023-2027: Segmentation Analysis
By Type
- New
- Replacement
By Application
- Onshore
- Offshore
By Geography
- North America
- South America
- Europe
- APAC
- Middle East & Africa
To know additional highlights and key points on various market segments and their impact in coming years. Buy the full report now
Related Reports:
Offshore Wind Turbine Market: The Offshore Wind Turbine Market is poised to grow by 54975 MT during 2022-2026, accelerating at a CAGR of 24% during the forecast period.
Wind Turbine Generator Market: The wind turbine generator market growth is expected to accelerate at a CAGR of 4.86% and reach the projected value of USD 9.46 billion by 2026.
|
Wind Turbine Gearbox Market Scope |
|
|
Report Coverage |
Details |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.39% |
|
Market growth 2023-2027 |
USD 4232.96 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
5.53 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 56% |
|
Key countries |
US, China, India, Germany, and Spain |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Bonfiglioli Riduttori Spa, Dana Inc., Flender GmbH, Gebr. Eickhoff Maschinenfabrik and Eisengiesserei GmbH, General Electric Co., Hottinger Bruel and Kjaer GmbH, ISHIBASHI Manufacturing Co. Ltd., Lenze SE, ME Production Aps, Moventas Gears Oy, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., Nord Gear Ltd., Porsche Automobil Holding SE, Robert Bosch GmbH, Shandong Qingneng Power Co. Ltd., Siemens AG, Suzlon Energy Ltd., Voith GmbH and Co. KGaA, ZF Friedrichshafen AG, and ZOLLERN GmbH and Co. KG |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
