NEW
YORK, July 23, 2024 /PRNewswire/ -- The global
wind turbine gearbox market size is estimated to grow by
USD 4.17 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 6.02% during the forecast period. Rising height and
capacity of wind towers is driving market growth, with a
trend towards decline in cost of gearboxes used in wind power
generation. However, high O and M cost of wind turbine
gearboxes poses a challenge. Key market players include Bonfiglioli
Riduttori Spa, Dana Inc., Elecon Engineering Co. Ltd., Flender
GmbH, Gebr. Eickhoff Maschinenfabrik and Eisengiesserei GmbH,
General Electric Co., Hottinger
Bruel and Kjaer GmbH, ISHIBASHI Manufacturing Co. Ltd.,
Lenze SE, ME Production Aps, Moventas Gears Oy, Nord Gear Ltd.,
Porsche Automobil Holding SE, Robert Bosch GmbH, Shandong Qingneng
Power Co. Ltd., Siemens AG, Suzlon Energy Ltd., Voith GmbH and Co.
KGaA, ZF Friedrichshafen AG, and ZOLLERN GmbH and Co. KG.
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Wind Turbine Gearbox
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.02%
|
Market growth
2024-2028
|
USD 4179.5
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.68
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 57%
|
Key
countries
|
China, US, Germany,
India, and Spain
|
Key companies
profiled
|
Bonfiglioli Riduttori
Spa, Dana Inc., Elecon Engineering Co. Ltd., Flender GmbH, Gebr.
Eickhoff Maschinenfabrik and Eisengiesserei GmbH, General Electric
Co., Hottinger Bruel and Kjaer GmbH, ISHIBASHI Manufacturing Co.
Ltd., Lenze SE, ME Production Aps, Moventas Gears Oy, Nord Gear
Ltd., Porsche Automobil Holding SE, Robert Bosch GmbH, Shandong
Qingneng Power Co. Ltd., Siemens AG, Suzlon Energy Ltd., Voith GmbH
and Co. KGaA, ZF Friedrichshafen AG, and ZOLLERN GmbH and Co.
KG
|
Market Driver
The wind turbine gearbox market has experienced significant
growth due to the decreasing cost of wind turbine components,
particularly gearboxes. This decline is attributed to design
improvements, optimized raw material sourcing and supply chain, and
increased competition from new market entrants. Vertical
integration of gearbox manufacturing by wind turbine suppliers has
further reduced costs. The trend is expected to continue, fueling
demand for gearboxes in the wind energy sector. Lower gearbox costs
lead to reduced replacement expenses and increased sales,
offsetting manufacturing cost declines, driving market expansion
during the forecast period.
The Wind Turbine Gearbox market is witnessing significant growth
due to the increasing investment in renewable energy sources,
particularly wind energy. With the industrialization and
urbanization of many countries, there is a rising demand for
electrical energy from wind turbines. The offshore wind segment is
a key driver of this market, with offshore wind farms in
Europe, Asia-Pacific, and emerging economies leading
the way. Wind turbine gearboxes are essential components of wind
turbines, converting the rotational speed from the rotor to the
electrical generator's required speed. These gearboxes are
subjected to heavy loading and challenging environmental
conditions, leading to a higher failure rate. However, advancements
in technology, such as planetary drives and helical gears, are
improving the gearboxes' efficiency and durability. The wind
industry's focus on reducing carbon emissions and mitigating
climate change further boosts the market's growth. Other renewable
energy sources, such as solar, hydro, and energy storage, are also
contributing to the market's expansion. Vestas, a leading wind
turbine manufacturer, is a significant player in this market. The
onshore and offshore wind sectors require regular operation and
maintenance, creating opportunities for businesses in this field.
Wind conditions, shaft, electrical energy, vertical axes,
horizontal axes, wind farm, rotor, drive motor, and fossil fuels
are other related factors influencing the market's
trends.
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Market Challenges
- Wind turbine gearboxes are a significant technical challenge
and expense for wind farm operators, service providers, and
vendors. With a standard wind turbine lifespan of around 20
years, most gearboxes only last five to eight years due to surface
erosion and cracking, necessitating frequent repairs or
replacements. The cost of a gearbox accounts for approximately 10%
of the initial capital expenditure for turbine installation.
However, replacement costs can be significantly higher due to
service disruption, refurbishment expenses, and additional
overheads such as transportation, crane rentals, and labor charges.
These factors can result in replacement costs ranging from a
quarter to over half a million dollars, depending on turbine
capacity, size, and location. Managing gearbox failures in wind
farms can be challenging due to the high number of turbines. In
unsubsidized markets, the cost of procuring and replacing gearboxes
can pose financial challenges. Gearbox failures lead to a
substantial increase in overall operational and maintenance costs
for wind power projects, acting as a bottleneck for the wind energy
industry. Furthermore, wind turbine generators encounter
design-related challenges, including inadequate insulation between
the hub and slip rings, breaking or loosening of rotor-end
windings, and generator failure due to voltage spikes.
Additionally, environmental factors, particularly high wind speeds,
can impact generator performance and operations, leading to
structural damage and, in some cases, turbine scrapping.
- The Wind Turbine Gearbox market faces significant challenges in
the offshore wind sector due to the unique conditions of offshore
wind farms. Extreme wind conditions and exposure to saltwater can
negatively impact gearbox performance. The offshore segment
accounts for a growing share of the global wind capacity, driven by
the shift towards renewable energy sources for power generation and
reducing carbon emissions in response to climate change. Emerging
economies in Asia,
particularly ASEAN and APAEC, are investing heavily in wind
energy. However, the high cost of offshore wind and the complexity
of offshore wind turbines pose challenges. Wind turbines use either
vertical or horizontal axes, driven by a rotor and a drive motor.
Gearboxes, such as planetary and spur, are crucial components for
converting rotational motion into electrical energy. Major gearbox
manufacturers include Vestas, Flender, Moventas, Wind Prime,
Innergex Renewable Energy, Boswel Spring Wind, and Dana Motion
Systems. Despite these challenges, the market is expected to grow
due to the increasing demand for renewable energy and the need to
reduce reliance on fossil fuels. Operation and maintenance costs
remain a concern, particularly for offshore wind farms. Onshore
wind farms continue to dominate the market but offshore wind is
gaining traction.
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Segment Overview
This wind turbine gearbox market report extensively covers
market segmentation by
- Type
- Application
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Replacement- The Wind Turbine Gearbox Market is
experiencing significant growth due to the increasing demand for
renewable energy sources. Key players in this market include
Siemens Gamesa, Vestas, and GE Renewable Energy. These companies
manufacture and supply gearboxes for wind turbines, which convert
the rotational energy from the turbine blades into usable
electricity. The market's growth is driven by government
initiatives to reduce carbon emissions and the falling cost of wind
energy. Additionally, advancements in gearbox technology, such as
larger gear ratios and improved efficiency, are increasing the
competitiveness of wind energy and boosting market growth.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global Wind Turbine Components Market is experiencing robust
growth, driven by the increasing demand for renewable energy. Key
components such as blades, generators, and nacelles are vital for
efficient wind turbine operations. The global Wind Power Market is
projected to expand significantly, with technological advancements
and government initiatives supporting clean energy adoption. Major
players in the industry are focusing on innovation and
sustainability, aiming to reduce costs and enhance performance.
This growth trajectory underscores the pivotal role of wind power
in the global energy transition.
Research Analysis
The Wind Turbine Gearbox Market refers to the demand for
gearboxes used in wind turbines to increase the rotational speed of
electrical generators. These gearboxes transmit power from the
rotor, which is driven by the wind, to the generator shaft. The
gearbox design depends on the type of wind turbine, with vertical
axis and horizontal axis designs using different configurations.
Environmental conditions, loading, and failure rate are crucial
factors affecting the design and selection of wind turbine
gearboxes. Industrialization and urbanization have boosted the
demand for wind energy, with business sectors like wind, solar,
hydro, energy storage, offshore wind, ASEAN, and APAEC driving
market growth. Wind turbines generate electrical energy by
converting wind kinetic energy into mechanical energy, which is
then transformed into electrical energy by the generator. The
gearbox plays a vital role in this process, with components like
planetary drives, helical gears, and drive motors ensuring
efficient power transmission. The market for wind turbine gearboxes
is expected to grow significantly due to the shift away from fossil
fuels and the increasing focus on operation and maintenance to
minimize downtime.
Market Research Overview
Wind Turbine Gearboxes are essential components of wind
turbines, responsible for increasing the rotational speed of the
rotor to generate electrical energy. They consist of shafts that
transmit power from the rotor to the generator. The gearboxes
operate under heavy loading and harsh environmental conditions,
which can lead to failure and require significant investment for
replacement or maintenance. Industrialization and urbanization have
boosted the demand for renewable energy sources, including wind
energy, leading to the expansion of wind farms both onshore and
offshore. Offshore wind projects, in particular, have gained
momentum due to their potential to generate large amounts of wind
capacity. Wind conditions play a crucial role in the design and
performance of wind turbine gearboxes. The offshore segment, with
its challenging environmental conditions, presents unique
challenges for gearbox manufacturers. Emerging economies, driven by
their need to reduce carbon emissions and mitigate climate change,
are also investing heavily in wind energy. Wind turbine gearboxes
can be categorized into planetary gearboxes and spur gearboxes.
Planetary gearboxes offer higher torque density and efficiency,
while spur gearboxes are simpler and more cost-effective. Other key
components include the rotor, drive motor, and electrical energy
storage systems. The wind energy sector competes with traditional
energy sources like fossil fuels. Operation and maintenance costs,
including gearbox replacement, are significant challenges for wind
energy. However, advances in technology, such as vertical and
horizontal axis wind turbines, are helping to address these
challenges and improve the competitiveness of wind energy. Major
business sectors, including ASEAN and APAEC, are investing in wind
energy projects. Key players in the wind turbine gearbox market
include Flender, Moventas, Wind Prime, Dana Motion Systems, and
Stork Gears. Notable wind farm projects include the Dulacca Wind
Farm, Karara Wind Farm, Innergex Renewable Energy, and Boswel
Spring Wind.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Application
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Contacts
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Email: media@technavio.com
Website: www.technavio.com/
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