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The renewable source of energy is gaining importance to mitigate the rising GHG emission. In addition to this, its abundant availability and environmental-friendliness are making it one of the fastest-growing sectors in power generation. To meet the massive demand for alternative energy, wind power generators are being deployed both at land and sea.
Even though wind energy is one of the mature technology, it is in continuous development not only because trends towards large wind turbine but also because of the development of a new technological solution. The gearbox is one of the component of the drive train in which industry is concentrating more effort on research and development.
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A wind turbine gearbox is speed increaser that increases the speed of the rotor to the speed of the generator. It is highly essential to design the gearbox according to load capacity to maximize the efficiency of the wind turbine. The awareness for renewable energy has made wind power most widely deployed renewable energy, which intensively adds a positive outlook for wind turbine gearbox.
The wind turbine gearbox market is segmented into installation and application. The growing awareness for renewable energy to mitigate the rising carbon emission is expected to drive the wind power project. This will accelerate the growth of the new wind turbine gearbox.
Also, the failure of gearboxes of existing projects is adding enough potential for escalating the demand for wind turbine gearbox. Onshore wind power is estimated to share the most significant portion of the market by application segment. Consecutively the offshore wind power has emerged as one of the fastest-growing segment owing to high installation capacity in North America and European countries.
Wind power project helps many countries in the world to achieve sustainable development, and the government is investing at a larger scale to expand wind power which accelerating the growth of the wind turbine gearbox market. The number of wind power project installed is doubled in the last couple of decades and is expected to rise at a rapid pace which helps to gain a significant market in the wind turbine gearbox market.
The growth of the wind turbine gearbox market is restricted due to the high maintenance cost of the gearbox and limitation for installation of wind power projects. Also, the initial investment is much higher for the installation of wind power that limits the growth of the wind turbine gearbox.
The key players for the wind turbine gearbox are Siemens Gamesa, GE Renewable Energy, Vestas, Ishibashi Manufacturing Co. Ltd., ZF Wind Power, NGC Transmission Equipment (America), Inc., Voith Group, Moventas, Bosch Rexroth AG, Zollern, Hyundai Heavy Industries, Winergy, China High Speed Transmission, and Dana Brevini Motion Systems.
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
The global wind turbine gearbox market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In North America, according to world wind energy association, the US is having wind power capacity close to 100GW. The continuous funding for research and development program of wind turbine gearbox for improving the performance of the wind turbine is expected to leverage the market growth of wind turbine gearbox in North America. In addition, the rising offshore wind power is adding substantial market growth for wind turbine gearbox. Europe is heading towards achieving sustainable development by implementing various renewable energy projects. Germany, Spain, France, Denmark, etc. are some of the countries in Europe which persistently working on enlarging wind power projects. Wind turbine gearbox is gaining traction due to industries in Europe are investing in green technology to enhance the performance of the renewable energy system. The Asia Pacific possesses the high potential for the growth of the wind turbine gearbox. China is having wind power capacity around 200GW that is double the capacity of the US. The massive potential, abundant availability of wind power and continuous investment in renewable energy source is expected to accelerate the growth of the wind turbine gearbox market. Many countries in MEA are deficient to provide enough electricity as they don’t have enough infrastructure. Thus wind power is one of the clean source which helps to attain enough electrification in African countries. International communities and local government acting together to provide electricity access by developing renewable energy projects that would escalate the wind turbine gearbox market growth.
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