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Wind Turbine Gearbox Market Size (2024 - 2029)

The wind turbine gearbox market is projected to experience substantial growth over the forecast period, driven by the increasing demand for wind energy and rising investments in wind energy projects. Despite the challenge posed by the growing penetration of other renewable energy sources like solar and hydro, the market is expected to benefit from opportunities arising from energy storage integration and ambitious global wind energy targets. The Asia-Pacific region is anticipated to lead in market expansion due to its significant contribution to wind power generation and the presence of manufacturing and technology hubs in several countries.

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Market Size of Wind Turbine Gearbox Industry

Wind Turbine Gearbox Market Summary
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

Wind Turbine Gearbox Market 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 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).

Location of Deployment
Onshore
Offshore
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
North America
United States
Canada
Rest of North America
Asia-Pacific
China
India
Japan
Asutralia
Rest of Asia-Pacific
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
South America
Brazil
Argentina
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East
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Wind Turbine Gearbox Market Size Summary

The wind turbine gearbox market is poised for significant growth over the forecast period, driven by the increasing demand for wind energy and substantial investments in wind energy projects. The market is expected to expand as countries worldwide set ambitious wind energy targets and integrate energy storage solutions with wind power. However, the market faces challenges from the growing penetration of alternative renewable energy sources such as solar and hydro. Despite these challenges, the market is anticipated to benefit from opportunities in the offshore wind sector, where rapid growth is being fueled by investments in harnessing strong and consistent wind resources at sea. Regions like Northern Europe, the United States, China, and Taiwan are actively developing their offshore wind resources, presenting substantial opportunities for wind turbine gearbox manufacturers.

The Asia-Pacific region is expected to be the largest and fastest-growing market for wind turbine gearboxes, driven by significant investments in wind energy projects in countries like China, India, Japan, and Australia. Supportive government policies and incentives in the region are creating a conducive environment for wind energy development, attracting investments in wind turbine installations. The region's expansion of wind power capacity is further supported by initiatives such as the ASEAN Plan of Action for Energy Cooperation, which aims to increase the share of renewable energy in the region's energy supply. The wind turbine gearbox market in Asia-Pacific is also expected to see substantial growth opportunities in repair and refurbishment, driven by the expanding installed base and supportive policies. The market is moderately consolidated, with key players like Siemens Gamesa Renewable Energy SA, Dana Brevini SpA, and Winergy Group playing significant roles in the industry's development.

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Wind Turbine Gearbox Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increasing Adoption of Wind Energy

        2. 1.5.1.2 Growing Investments in Wind Energy

      2. 1.5.2 Restraints

        1. 1.5.2.1 Increasing Penetration of Other Sources of Renewable Energy

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of North America

      2. 2.2.2 Asia-Pacific

        1. 2.2.2.1 China

        2. 2.2.2.2 India

        3. 2.2.2.3 Japan

        4. 2.2.2.4 Asutralia

        5. 2.2.2.5 Rest of Asia-Pacific

      3. 2.2.3 Europe

        1. 2.2.3.1 United Kingdom

        2. 2.2.3.2 Germany

        3. 2.2.3.3 France

        4. 2.2.3.4 Spain

        5. 2.2.3.5 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Chile

        4. 2.2.4.4 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 United Arab Emirates

        3. 2.2.5.3 South Africa

        4. 2.2.5.4 Rest of Middle East

Wind Turbine Gearbox Market Size FAQs

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.

In 2024, the Wind Turbine Gearbox Market size is expected to reach USD 19.92 billion.

Wind Turbine Gearbox Market Report Snapshots

Wind Turbine Gearbox Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)