Wind Turbine Gearbox Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 19.92 Billion |
| Market Size (2029) | USD 30.24 Billion |
| CAGR (2024 - 2029) | 8.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wind Turbine Gearbox Market Analysis
The Wind Turbine Gearbox Market size is estimated at USD 19.92 billion in 2024, and is expected to reach USD 30.24 billion by 2029, growing at a CAGR of 8.70% during the forecast period (2024-2029).
- Over the medium term, factors such as growing demand for wind energy and increasing investment in wind energy projects are expected to be one of the most significant drivers for the wind turbine gearbox market during the forecast period.
- On the other hand, increasing penetration of other sources of renewable energy such as solar, hydro and others. This poses a threat to the wind turbine gearbox market during the forecast period.
- Nevertheless, energy storage integration with wind energy and ambitious wind energy tsrgets acrossb the globe are significant factors expected to create several opportunities for the market in the future.
- The Asia-Pacific region is expected to be the largest and fastest-growing market, owing to the significant share in terms of wind power generation and the presence of manufacturing and technology hubs in countries like China, India, Japan, etc.
Wind Turbine Gearbox Market Trends
Offshore Segment to Register Higher Growth
- The offshore wind sector has been experiencing rapid growth worldwide. Governments and energy companies increasingly invest in offshore wind projects to harness the strong and consistent wind resources available at sea.
- In 2022, the Global Wind Energy Council reported the addition of 8 GW of offshore wind energy capacity, resulting in a global installed capacity of 64 GW. This marks an increase compared to the 56 GW installed capacity in 2021. The expansion of offshore wind capacity translates into higher demand for wind turbine gearboxes to support the development of offshore wind farms.
- Many countries possess significant offshore wind energy potential due to their geographical location and favorable wind conditions. Regions such as Northern Europe, the United States, China, and Taiwan are actively developing their offshore wind resources. These regions offer substantial market opportunities for wind turbine gearbox manufacturers to cater to the growing demand driven by offshore wind development.
- For instance, in January 2023, Germany announced the formulation of new development strategies for offshore wind turbine sites in order to achieve a target of 30 gigawatts (GW) of installed wind power capacity by 2030. The Federal Maritime and Hydrographic Agency (BSH) has devised these plans to ensure the successful attainment of the set target.
- In a similar vein, India aims to diversify its green energy portfolio by tapping into the untapped offshore wind energy potential across its extensive 7,600-kilometer coastline. The Ministry of New and Renewable Energy has established a target of achieving 30 GW of offshore wind capacity by 2030. These ambitious goals are projected to spur the development of large-scale offshore wind projects, thereby driving the demand for wind turbine gearboxes.
- Therefore as per the above-mentioned points the offshore segment is expected to dominate the market during the forecasted period.
Asia-Pacific to Witness Significant Growth
- The Asia Pacific region has been witnessing substantial growth in wind power capacity installations. Countries like China, India, Japan, and Australia are making significant investments in wind energy projects to meet their growing electricity demands and reduce greenhouse gas emissions. This region's expansion of wind power capacity drives the demand for wind turbine gearboxes.
- According to Global Wind Energy Council the Asia-Pacific region added almost 37GW of wind energy capacity in 2022 alone signifying significant growth of wind energy in the region with China contributing 87% of its 2022 additions consequently driving the demand for wind turbine gearboxes.
- Many countries in the Asia Pacific region have implemented supportive policies and incentives to promote renewable energy, including wind power. These policies create a conducive environment for wind energy development and attract investments in wind turbine installations.
- For instance, ASEAN governments have unveiled an ambitious five-year sustainability plan as part of the second phase of the ASEAN Plan of Action for Energy Cooperation (APAEC) from 2021 to 2025. As per this plan, energy ministers from ASEAN countries have agreed to a target of achieving a 23% share of renewable energy in the total primary energy supply across the region, along with a 35% share in ASEAN's installed power capacity by 2025. Meeting these targets would necessitate the addition of approximately 35GW-40GW of renewable energy capacity by 2025. This is expected to increase the installations of wind energy in the region due to the high wind energy potential in the majority of the countries.
- Over the next decade, the wind turbine gearbox repair and refurbishment market is anticipated to witness substantial growth opportunities driven by the rapidly expanding installed base in the Asia-Pacific region and supportive government policies.
Wind Turbine Gearbox Industry Overview
The wind turbine gearbox market is moderately consolidated. Some of the major companies (in no particular order) include Siemens Gamesa Renewable Energy SA, Dana Brevini SpA, ME Production A/S, Winergy Group, and ZF Friedrichshafen AG, among others.
Wind Turbine Gearbox Market Leaders
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Siemens Gamesa Renewable Energy SA
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Winergy Group
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ZF Friedrichshafen AG
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Dana Brevini SpA
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ME Production A/S
*Disclaimer: Major Players sorted in no particular order
Wind Turbine Gearbox Market News
- In September 2023, Sany Renewable Energy (Sany RE) revealed its latest 919 wind turbine platform. The 919 Platform adopts an integrated design, and developments on the 919 Platform share structural components such as the hub, main shaft, front bedplate, blades, gearboxes, and electrical systems are developed as modular systems to cover capacity from 8.5 MW to 11 MW wind turbines with rotor diameters ranging from 214 meters to 230 meters.
- In June 2022, Eickhoff Wind Asia, a subsidiary of Gebr Eickhoff Maschinenfabrik u. Eisengießerei GmbH based in Germany, has recently inaugurated its state-of-the-art manufacturing facility near Chennai. This new assembly facility for wind gearboxes enhances Eickhoff's presence and operations in Asia, expanding its geographical footprint. The facility's primary operations involve assembling, storing, and testing gearboxes up to a capacity of 8 MW.
- In March 2022, SKF introduced innovative advancements in rolling bearing technology that enables the reduction of drivetrain weight, resulting in substantial cost savings and potential power increases. These developments facilitate the possibility of increasing the size of onshore turbines while still adhering to transportation limitations.
Wind Turbine Gearbox Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Adoption of Wind Energy
4.5.1.2 Growing Investments in Wind Energy
4.5.2 Restraints
4.5.2.1 Increasing Penetration of Other Sources of Renewable Energy
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Geography [Market Size and Demand Forecast till 2028 (for regions only)]
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Asia-Pacific
5.2.2.1 China
5.2.2.2 India
5.2.2.3 Japan
5.2.2.4 Asutralia
5.2.2.5 Rest of Asia-Pacific
5.2.3 Europe
5.2.3.1 United Kingdom
5.2.3.2 Germany
5.2.3.3 France
5.2.3.4 Spain
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Chile
5.2.4.4 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 United Arab Emirates
5.2.5.3 South Africa
5.2.5.4 Rest of Middle East
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Dana Brevini SpA
6.3.2 Siemens Gamesa Renewable Energy SA
6.3.3 ME Production AS
6.3.4 Stork Gears & Services BV
6.3.5 Winergy Group
6.3.6 ZF Friedrichshafen AG
6.3.7 Turbine Repair Solutions
6.3.8 Elecon Engineering Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Energy Storage Integration
Wind Turbine Gearbox Industry Segmentation
A wind turbine gearbox is a mechanical device that is an integral part of a wind turbine's power transmission system. Its primary function is to convert the low-speed rotation of the wind turbine rotor into the high-speed rotation that is suitable for driving the generator to produce electricity.
The wind turbine gearbox market is segmented by location of deployment and geography. By location of deployment, the market is segmented into Onshore and Offshore. The report also covers the market size and forecasts across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
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| Offshore |
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Wind Turbine Gearbox Market Research FAQs
How big is the Wind Turbine Gearbox Market?
The Wind Turbine Gearbox Market size is expected to reach USD 19.92 billion in 2024 and grow at a CAGR of 8.70% to reach USD 30.24 billion by 2029.
What is the current Wind Turbine Gearbox Market size?
In 2024, the Wind Turbine Gearbox Market size is expected to reach USD 19.92 billion.
Who are the key players in Wind Turbine Gearbox Market?
Siemens Gamesa Renewable Energy SA, Winergy Group, ZF Friedrichshafen AG, Dana Brevini SpA and ME Production A/S are the major companies operating in the Wind Turbine Gearbox Market.
Which is the fastest growing region in Wind Turbine Gearbox Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wind Turbine Gearbox Market?
In 2024, the Asia Pacific accounts for the largest market share in Wind Turbine Gearbox Market.
What years does this Wind Turbine Gearbox Market cover, and what was the market size in 2023?
In 2023, the Wind Turbine Gearbox Market size was estimated at USD 18.19 billion. The report covers the Wind Turbine Gearbox Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Wind Turbine Gearbox Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Turbine Gearbox Industry Report
Statistics for the 2024 Wind Turbine Gearbox market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Turbine Gearbox analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
