Wind Turbine Gearbox Market Size Report - Growth & Forecast 2030

Wind Turbine Gearbox Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Planetary Gearbox, Spur Gearbox, Others); Deployment Type (Onshore and Offshore), and Geography

Publication Month : Dec 2023

  • Report Code : TIPRE00009857
  • Category : Energy and Power
  • Status : Data Released
  • No. of Pages : 150
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[Research Report] The wind turbine gearbox market was valued at US$ 5,565.36 million in 2022 and is projected to reach US$ 11,581.50 million by 2030; it is expected to grow at a CAGR of 9.6% during 2022–2030.    

 

Analyst Perspective:

The Asia Pacific wind turbine gearbox market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. APAC is one of the leading regions in the wind turbine gearbox market owing to favorable government policies, a rise in investment in wind energy projects, and reduced cost of wind energy. Countries such as India, China, and Japan are the dominating countries, holding a large portion of the market share, which is further expected to increase during the forecast period. In APAC, China dominates the wind energy market and is the largest onshore market, with 21.2 GW of new capacity additions. In addition, the supportive government policies and incentives made China a favorable hotspot for investment. Also, according to the Global Wind Energy Council (GWEC) report, APAC is set to become a leader in offshore wind, with a growth in its share from ~25% in 2020 to ~42% by 2025.

The ongoing projects of capacity addition of wind farms are accelerating wind power generation. The capacity addition of wind energy would increase India’s existing 39.2 GW wind capacity by 50%, paving the way for incremental growth. Thus, the increasing investment in ongoing wind farms is augmenting the wind energy generation capacity, further strengthening market growth. For instance, APAC’s largest wind energy construction project, Dulacca Wind Farm, was initiated in Q3 of 2021. For the construction of this 180 MW wind farm, ~US$ 328 million investment was made, and the project was expected to finish in Q3 2023. In addition, Jiuquan Subei Mazongshan No.1 Area B Wind Farm involves the construction of a 200 MW wind farm with an investment of US$ 190 million and is expected to be completed in Q4 2023. The Karara Wind Farm involves the construction of a 103 MW wind farm with an investment of US$ 183 million and is expected to be completed in Q4 2024. The Golmud Dongtai Wind Farm involves the construction of a 100 MW wind farm with an investment of US$ 156 million. Thus, the growing addition of wind power capacity in APAC, coupled with significant investment to achieve the ambitious clean energy target, is anticipated to drive the demand for wind turbine gearbox during the forecast period.

Various global manufacturers have manufacturing facilities in the Asia Pacific, where they develop various components. In September 2022, Siemens Gamesa announced the expansion of their offshore nacelle facility in Taichung, Taiwan. This facility will be tripled in size to ~90,000 square meters, where the manufacturing of SG 14-222 DD offshore wind turbines will take place. Thus, such expansion by the global players in the Asia Pacific will further fuel the growth of the wind turbine gearbox market during the forecast period.

Market Overview:

A gearbox in wind turbine accelerates rotational speed from low-speed main shaft to high-speed shaft through an electrical generator. Across different parts of the world, different organic and inorganic strategies are occurring which will be proliferating wind turbine gearbox market. In June 2022, Eickhoff Wind Asia, Germany-headquartered company has established a new manufacturing unit near Chennai India). The new unit facility would focus on wind gearboxes that in turn will strengthen the geographical presence of Eickhoff in Asia. Storage, assembly, and testing of gearboxes up to a size of 8 MW would be the key functions of the unit. In April 2022, Flender, German drive specialist completed an acquisition of Moventas, a Finnish wind turbine gearbox manufacturer from investor N4 partners. Under the agreement, engineering and service capabilities of Moventas are subjected to be used for boosting Flender’s wind drives business.

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Wind Turbine Gearbox Market: Strategic Insights

wind-turbine-gearbox-market
Market Size Value inUS$ 5,565.36 million in 2022
Market Size Value byUS$ 11,581.50 million by 2030
Growth rateCAGR of 9.6% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Market Driver:

Increase in Number of Wind Farm is Driving the Wind Turbine Gearbox Market Growth

Growing focus on mitigating greenhouse gas emissions and rising concerns about increasing levels of environmental pollution are boosting the application of renewable energy sources in different end-use industries, which, in a way, is also fueling the demand for wind energy. Nearly 77.6 GW of new wind power capacity was installed, and the total installed capacity reached ~906 GW in 2022 globally. The increasing government initiatives toward funding wind projects and maintaining the old wind farms are boosting the demand for wind turbine towers globally. As per the US Energy Information Administration, Wind Prime (Iowa), Empire Wind 2 (New York), Beacon Wind (New York), Boswell Springs Wind (Wyoming), Seven Cowboy Wind Project (Oklahoma), Baird North Wind Facility (Texas), Badger Wind Project (North Dakota), Monte Alto I Wind and Monte Alto II Wind Projects (Texas), 25 Mile Creek Windfarm (Oklahoma), and Ranchland Wind Project II (Texas) were among the major wind farm projects in the US in 2022. Likewise, in Asia Pacific, the growing governmental focus on promoting renewable energy is fueling the number of wind projects. For instance, Pinnapuram Integrated Renewable Energy Project, Yudean Yangjiang Qingzhou I Offshore Wind Farm, MacIntyre Wind Farm, Yuedean Yangjiang Qingzhou II Offshore Wind Farm, and Abukuma Onshore Wind Farm were a few major wind projects in Asia Pacific in 2022. Gruissan Floating Offshore Wind Farm, Les Moulins de Lohan Wind Farm, Dobele Wind Farm, Maasvlakte 2 Wind Farm, and Askio III Wind Farm are among the major wind farms anticipated to be active during 2023–2025. The increase in wind project financing drives the wind turbine tower market. For instance, in 2023, Innergex Renewable Energy secured US$ 534 million in construction financing for developing Boswel Spring Wind Project in the US. In 2022, The Asian Development Bank sealed a US$ 107 million financing project with BIM Wind Power Joint Stock Company to help the operation of an 88 MW wind farm in Ninh Thuan province, Vietnam.

Thus, the increasing governmental initiative and funding, along with the growing inclination toward wind energy as one of the prominent renewable energy sources, is boosting the demand for wind turbine gearboxes globally. The growing number of wind farms is acting as a major driver for the wind turbine gearbox market.

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Segmental Analysis:

Based on gearbox type, the wind turbine gearbox market is bifurcated into planetary gearboxes, spur gearboxes, and others. In 2022, the planetary gearboxes segment acquired a larger share of the global wind turbine gearbox market owing to their compact and small design with high-efficiency features. Many gearboxes at a 1.5 MW rated power range of wind turbines utilize a one- or two-stage planetary gearing system, which is also known as an epicyclic gearing system. Since planetary gearboxes are highly efficient, they persist with strong resistance to shock and a high torque to weight ratio. The planetary gearboxes have better stability as compared to other wind turbine gearboxes. This feature is contributing to the adoption of planetary gearboxes. However, planetary gearboxes use steel gear, which makes them prone to wear and noisy. Spur gears are mounted on parallel shafts and possess straight teeth. These gears are available in different gear ratios and sizes to fulfill requirements specific to torque and speed. These types of gears are majorly made up of brass or steel and sometimes are built using nylon and polycarbonate. The spur gear offers efficient speed control and has high torque output, which makes it ideal for wind turbines.

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Regional Analysis:

Asia Pacific dominates the wind turbine gearbox market owing to its growing emphasis on integrating renewable energy resources in the overall power mix and target of mitigating the environmental pollution caused by fossil fuels. China dominates the market in terms of onshore and offshore wind installations. The growing focus of turbine gearbox manufacturers on the supply chain ecosystem is also majorly impacting the overall wind turbine gearbox market positively. The rising positive approach towards encouraging the utilization of green energy resources instead of conventional sources for power generation by funding renewable projects, subsidies, and policies is boosting the demand for wind turbine gearboxes in India and Australia. The growing number of new wind capacity installations across Japan and South Korea is also boosting the demand for wind turbine gearboxes in the Asia Pacific.

Key Player Analysis:

Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, Elecon Engineering Company Limited, ME Production AS, ZF Friedrichshafen AG, Flender GmbH, Dana Motion Systems, Stork Gears & Services BVare are among the key wind turbine gearbox market players profiled during this study. In addition, several other important wind turbine gearbox market players have been studied and analyzed during the study to get a holistic view of the wind turbine gearbox market and its ecosystem.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wind turbine gearbox market. A few recent developments by the key wind turbine gearbox market players are listed below:

 

Date

News

Region

June-2022

In June 2022, Eickhoff Wind Asia, Germany-headquartered company has established a new manufacturing unit near Chennai India). The new unit facility would focus on wind gearboxes that in turn will strengthen the geographical presence of Eickhoff in Asia. Storage, assembly, and testing of gearboxes up to a size of 8 MW would be the key functions of the unit

Europe

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Deployment Type, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are reasons behind the wind turbine gearbox market growth?

According to the Global Wind Energy Council (GWEC), as of 2022, a total of 906 GW of wind capacity has been installed globally, of which 93% is onshore and 7% offshore. It is expected that the wind energy markets will grow fourfold in the coming 20 years, further raising the demand for advanced wind turbine components. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch systems.

Which region to dominate the wind turbine gearbox market in the forecast period?

Asia Pacific is one of the major regions in the wind turbine gearbox market owing to favorable government mandates and policies, growing investment in wind energy projects, and lowered cost of wind energy. China, India, Australia, South Korea, and Japan are some of the major markets in Asia Pacific for wind turbine gearbox. China, India, and Japan are the dominating countries holding a large share of the market, which is further estimated to increase during the forecast period.

Who are the major vendors in the wind turbine gearbox market?

Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, Elecon Engineering Company Limited, ME Production AS, ZF Friedrichshafen AG, Flender GmbH, Dana Motion Systems, Stork Gears & Services BV are the key market players operating in the global wind turbine gearbox market.

What is the future trend for the wind turbine gearbox market?

The Asia Pacific wind turbine market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the wind turbine gearbox market owing to favorable government policies, a rise in investment in wind energy projects, and reduced cost of wind energy. Countries such as India, China, and Japan are the dominating countries holding a large portion of the market share, which is further expected to increase during the forecast period.

What are market opportunities for the wind turbine gearbox market?

The rise in demand for renewable energy and its advantages in protecting the environment are expected to promote wind energy projects globally. Governments of various countries are supporting the construction of wind energy projects in terms of policies and investments.

The List of Companies - Wind Turbine Gearbox Market 

  1. Siemens Gamesa Renewable Energy SA
  2. General Electric
  3. Mitsubishi Heavy Industries
  4. Vestas Wind Systems
  5. Elecon Engineering Company Limited
  6. ME Production AS
  7. ZF Friedrichshafen AG
  8. Flender GmbH
  9. Dana Motion Systems
  10. Stork Gears & Services BV Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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