Wind turbine gear oil: Key market research findings
- Rise in wind energy installations drives market growth
- APAC dominates the market geographically
- Key vendors – Amsoil, Castrol, Evonik Industries, ExxonMobil, and Shell
Technavio’s market research analysts predict the global wind turbine gear oil market to grow at a CAGR of around 13% between 2016 and 2020. The demand for wind turbine gear oil spurs from the increase in the number of global wind energy installations. The issue of greenhouse gas (GHG) emissions associated with the use of fossil fuels is prompting countries to explore alternate, renewable energy options to produce power. During 2015, APAC dominated the global wind turbine gear oil market by accounting for almost 42% of the overall market share. The projected increase in wind installation across the region is expected to boost growth in the wind turbine gear oil market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the wind turbine gear oil segments based on the type.
“The digitization of gear boxes is an ongoing trend in the market. Vendors are using sensors in wind turbines to collect data on various parameters such as temperature, pressure, wind speed, acceleration, vibration, and viscosity. Condition monitoring programs are specially applied for offshore turbines, as the cost of reactive maintenance is high. This trend of digitization and Internet of things (IoT) will have a positive impact on the market in the coming years,” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
By 2020, the service fill segment will continue to dominate the global wind turbine gear oil market by accounting for close to 76% of the overall market share. Service fill gear oil is defined as the oil, which is replaced in the gear box at regular intervals. The amount of service fill gear oil required is calculated on the basis of the estimated value of wind turbine capacity entering the maintenance range. During the forecast period, this segment of the market is expected to grow at a CAGR of over 16%.
The key vendors in the global wind turbine gear oil market include Amsoil, Castrol, Evonik Industries, ExxonMobil, and Shell. The wind turbine gear oil market is still evolving and consists of a mix of international and regional players. Due to the need to cater to the requirements of wind turbine manufacturers and operator specifications, vendors are constantly investing in R&D to develop new varieties of wind turbine gear oil. The estimated increase in demand for wind turbine gear oil will induce the entry of several new vendors, which is expected to intensify the level of vendor competition in the market during the predicted period.
A more detailed analysis is available in the Technavio report, Global Wind Turbine Gear Oil Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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