Wind Turbine Gearbox Market

Global Wind Turbine Gearbox Market Size (2024-2032):

The Global Wind Turbine Gearbox Market size was valued at US$ 22.27 billion in 2023 and is anticipated to reach US$ 42.34 billion by 2032 from US$ 23.92 billion in 2024 and increase at a CAGR of 7.4% during the forecast period 2024-2032.

Current Scenario of the Global Wind Turbine Gearbox Market

Low cost of technology and government support from various countries in Europe, the Middle East, and North America have increased the adoption of wind power. Developing countries such as India and China also provide great motivation for the call for wind energy, as the government of these countries finances various projects for the expansion of the wind energy sector. Therefore, the expansion of the wind industry is driving the market for gearboxes for wind turbines. Wind turbine gearboxes are essential components of wind turbines, escalating their rotational speed. Manufacturers are rapidly changing the design of their gearboxes to increase their strength based on load and environmental conditions. The wind turbine gearbox is an important mechanical component, and its main function is to wrap the momentum generated by the wind passing to the generator and make the proper speed. Generally, the speed of the wind wheel is very small, much lower than required by the speed of the generator, the effect of the expansion rate of the gearbox vice, so the gearbox changes will also be called an expansion box. Depending on the overall arrangement of the unit, sometimes the wind turbine wheel is directly connected to the drive shaft (commonly called the shaft) and the gearbox together as one, the shaft and the gearbox are arranged, during which tension device or coupling are connected structure.

MARKET TRENDS

The worldwide market for wind turbine gearboxes is predicted to grow at a substantial rate in the near future mainly due to the escalating call for clean energy. This increased call for clean energy is encouraging power generation companies and agencies around the world to build wind farms. The cost of wind technology has dropped dramatically in recent years, and wind farms have become very common. This, in turn, makes the technology reasonably priced for power generation companies.

MARKET DRIVERS

The growing call for clean energy has driven the market for wind turbines. Most of the wind turbines in operation today use a gearbox system.

The increase in the number of wind turbines around the world has boosted the market for wind turbine gearboxes. The different components of a wind turbine play an important role in optimizing speed for maximum efficiency. Therefore, a gearbox plays a critical role in a wind turbine as it accelerates the slowest rotations of the turbine at a high rotational speed of the generator. However, unlike conventional gearboxes, a wind turbine gearbox does not shift gears. Rather, it maintains a unique gear ratio between the generator and the rotor rotation. The market is driven by the growing call for energy consumption worldwide. Investments in wind turbines to harness energy due to their profitability and energy efficiency are predicted to drive market expansion over the foreseen period. Furthermore, government support for renewable energy projects can have a positive impact on the market. This is justified by the low costs of wind power production and the attractive returns that onshore wind projects guarantee. While the call for new facilities is currently high, the coming years will see a decrease in this call. The need to replace wind turbine gearboxes will be the main call at the end of the foreseen period, leading suppliers to focus more on the call for replacements.

MARKET RESTRAINTS

The high failure rate of wind turbine gearboxes due to the high variability of wind speeds and regimes is the main disadvantage of the wind turbine gearbox market.

MARKET OPPORTUNITIES

The need to generate clean energy and the common goal of reducing carbon dioxide emissions are believed to be stimulating the wind power industry, thus escalating the market for wind turbine gearboxes in the near future. Furthermore, it is estimated that to overcome the escalating cases of energy shortages, the call for wind energy in the commercial and residential sectors will increase. This, in turn, is believed to be the driving call for gearbox wind turbines. Investments in wind turbines along with increased installation to increase overall capacity are the main strategies employed by players to improve their ranking. Several countries have devoted more resources to renewable energy production, and as a result, recent years have seen considerable expansion in worldwide renewable energy consumption. With the depletion of conventional fossil fuel sources, the escalating economic burden of importing fuels, and growing environmental concerns, worldwide renewable energy consumption will increase further during the foreseen period. This will increase the preference for renewable energy sources such as wind power due to their cost-effectiveness and efficiency of power generation, which will drive the call for gearboxes for wind turbines.

MARKET CHALLENGES

Transmission failures are often a major part of the cost of wind turbine repair and restoration. The frequency of occurrence of a transmission failure is comparatively lower than the number of failures of sensors, control systems and electrical units; however, transmission repair costs are considerably high. Additionally, the amount of "downtime" per failure is considerably higher in the event of a transmission failure.

REPORT COVERAGE

SEGMENTAL ANALYSIS

REGIONAL ANALYSIS

The European market for wind turbine gearboxes is predicted to grow at a CAGR of 6.22% during the evaluation period due to the presence of major wind turbine manufacturers in the UK, Germany, Italy and France. The region can accumulate a call of 85,434 units by 2026 at a CAGR of 6.67% during the foreseen period. South America is predicted to grow at a sustained rate during the foreseen period due to the energy crisis in some countries in the region. It can show a CAGR of 6.53% during the foreseen period to reach almost $ 425.9 million by 2026, up from $ 260 million in 2021. The region can reach the highest call by 2025 of 5,280 units. APAC will offer various expansion opportunities to market providers during the foreseen period. Escalating investments in wind turbines for power generation, especially by developing economies, will significantly influence the expansion of the market share of wind turbine gearboxes in this region. 64% of the market expansion will come from APAC during the foreseen period. China, Japan and India are the main markets for wind turbine gearboxes in the APAC region.

KEY PLAYERS IN THE GLOBAL WIND TURBINE GEARBOX MARKET

ISHIBASHI Manufacturing Co. Ltd. (Japan), Eickhoff Antriebstechnik GmbH (Germany), China High-Speed Transmission Equipment Group Co. Ltd. (China), RENK AG (Germany), Chongqing Gearbox Co., Ltd. (China), Winergy AG (Germany), Siemens Gamesa Renewable Energy S.A. (Spain), ZF Friedrichshafen (Germany), and Others.

RECENT HAPPENINGS IN THE MARKET

• Vestas, ZF Wind Power launches mass-produced powertrain. ZF Wind Power and Vestas introduced the first series-produced EnVentus powertrain for the wind industry.
• Shell introduces gearbox oil for the longer uptime of wind turbines. Shell Lubricants has introduced a new synthetic wind turbine gearbox oil to the US market.

DETAILED SEGMENTATION OF THE GLOBAL WIND TURBINE GEARBOX MARKET IS INCLUDED IN THIS REPORT

This research report on the global wind turbine gearbox market has been segmented and sub-segmented based on capacity, application, and region.

By Capacity

• Less Than 3MW
• Between 3MW and 6MW
• More Than 6MW

By Application

• Onshore
• Offshore

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa