Technavio, a tech-focused market research firm, has published a new report on the global wind turbine bearing market, which is expected to experience a progressive CAGR of close to 13% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global wind turbine bearing market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global wind turbine bearing market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global wind turbine bearing market for 2015 (market share %)
|
APAC |
54.20% |
|
Americas |
23.39% |
|
EMEA |
22.41% |
Source: Technavio
APAC: largest revenue generating region for wind turbine bearings
The global wind turbine bearing market in APAC was valued at about $3 billion in 2015 and is expected to grow at a CAGR of more than 13% by 2020. The presence of leading manufacturers and an increased focus on renewable technology in the APAC region and especially in China will lead to the growth of this market. The APAC market is witnessing increasing FIT adjustments and a focus on reducing pollution, which is resulting in the increased installation of wind and solar energy turbines in the region. Countries like China, India, Japan, Pakistan, and South Korea are emerging as the key revenue generator in the area. The vendors in the market are also focusing on manufacturing high-quality, large and medium-size bearings, which are used in the energy, metal, off-road machine, wind power, mining, and aerospace sectors.
“Indian market is observing an increased wind power installation in the country and is the fifth-largest wind turbine and wind turbine bearings market worldwide. The advent of favorable government regulations, such as fiscal and financial incentives, are boosting the market for wind turbine bearings in the APAC region. Some of these benefits include 80% accelerated depreciation, concessional customs duty on specified items, excise duty exemption, sales tax exemption, and income tax exemption for ten years,” says Anju Ajaykumar, a lead analyst at Technavio, specializing in research on tools and components.
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Wind turbine bearing market in the Americas
The global wind turbine bearing market in the Americas was valued at more than $1 billion in 2015 and is expected to grow at a CAGR of around 12% by 2020. The US and Canada are key revenue generating countries in the American market. The increasing onshore wind power capacity in emerging nations like Brazil will help the Americas to maintain their market share during the forecast period. The rising government support initiatives from various countries is leading to a large number of wind energy installations in this region. Advances and upgrades in bearing designs are offering a high level of reliability to ensure smooth operation and main shaft stability. The vendors are focusing on technological improvements and domestic production of multiple turbine components to promote the use of wind energy and make it an affordable source of electricity.
Wind turbine bearing market in EMEA
The global wind turbine bearing market in EMEA was valued at around $1 billion in 2015 and is expected to grow at a CAGR of more than 11% by 2020. The rising number of wind turbine installations due to shifting focus towards renewable energy will promote the growth of the market in this region. The leading revenue contributing countries in the market are Germany and the UK. Increasing offshore installations drive the demand for larger wind turbine bearings, and the rising number of offshore installations connected with wind grid is fueling the market growth in this region. The vendors are investing in the development of the design and technology of large size bearings due to the increased number of government initiatives to promote renewable energy. Moreover, the easy availability of wind power resources and an established supply chain in the region is fueling the demand for wind turbine bearings.
The top leading vendors operating in the global wind turbine bearing market are:
- Dalian Metallurgical Bearing Group
- SKF
- Timken
- Tianma Bearing Group (TMB)
- ZWZ Group
Other prominent vendors in the market include IMO, Liebherr, NSK, NTN Bearing, Rollix, Rothe Erde, and Schaeffler Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Wind Turbine Bearing Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Wind Turbine Gear Oil Market 2016-2020
- Global Wind Turbine Components Market 2016-2020
- Global Wind Automation Market 2016-2020
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