The global wind turbine gearbox market was valued at around $14 billion in 2015 and is expected to reach almost $16 billion by 2020, says Technavio.
Technavio has announced its latest market research report on wind turbine gearbox for the forecast period, 2016-2020. This market analysis, under the power vertical, discusses the major drivers and key emerging trends that will influence the growth of the global wind turbine gearbox market during the forecast period. Some of the top vendors listed in this industry analysis include China High Speed Transmission, Gamesa Energy Transmission, Moventas, Winergy, and ZF Friedrichshafen.
In terms of geographical analysis, APAC will continue its domination and is likely to account for a revenue of almost $7 billion by 2020. China and India will emerge as the key revenue-generators.
“Power demand is increasing in tandem with the rise in global population. The need to sustain economic growth in the face of population rise and increasing infrastructure development are creating the need for substantial amounts of power. Climate change policies and improvements in technology are triggering a shift towards low-carbon or no-carbon technologies such as solar, the wind, and hydropower for power generation. With the rise in the number of countries that have renewable targets and policies, the production of renewable power is also on the rise,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for power.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in rotor diameter
Power generation through wind turbines is heavily dependent on meteorological conditions, especially the wind speed. The maximum energy that can be harnessed by a wind turbine is roughly proportional area swept by the rotor. Advances in technology and blade design are the main factors that can increase the wind turbine output and capacity. By just doubling the rotor size or diameter, the power output can increase fourfold. The increase in wind turbine rotor diameter is expected to lead to the growth in the size of the main gearbox. Increase in size of the gearbox is expected to spur an increase in the prices, leading to the growth of the market through increased revenue.
Rise in wind energy consumption
Countries are shifting their focus toward renewable resources to produce electricity due to the increased awareness about the depletion of conventional resources and greenhouse gas emissions. Wind power is considered to be the most efficient source of power generation among all renewable sources of energy. It is also one of the most abundant sources of alternative energy. Growing awareness about the benefits of wind energy is fueling the demand for wind turbine gearboxes because they can increase the rotational speed and energy output, ensuring a high rate of return for investors from wind projects. The adoption of wind turbine gearboxes is increasing with a concomitant rise in the demand for wind power plants. China was the leading country in terms of cumulative installed wind power capacity, which was 114.8 GW in 2014, followed by the US with 65.9 GW.
Government support for wind energy projects
Governments worldwide are realizing the potential and long-term benefits of utilizing wind energy. To help the wind energy industry grow, governments are setting up favorable policies to help establish and sustain wind power against cheaper alternatives. FiT policy is being implemented in almost all countries with wind power installations. To promote healthy competition, auctions are being held for the upcoming wind power installations. Countries are investing in infrastructure to connect wind power farms to the grid.
Some of the other prominent vendors identified in this report are Brevini Power Transmission, Chongqing Gearbox, Eickhoff, ISHIBASHI Manufacturing, RENK, and ZOLLERN.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Wind Turbine Gearbox Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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