LONDON--(BUSINESS WIRE)--#GlobalWindTurbineGearboxMarket--The wind turbine gearbox market is expected to grow by USD 3.81 billion, progressing at a CAGR of almost 6% during the forecast period. The market is expected to have a negative impact due to the spread of the COVID-19 pandemic. The spread of the pandemic compelled governments across the world to impose lockdowns. This resulted in a partial or complete shutdown of manufacturing activities in the short term, which significantly affected the market demand. However, the market is expected to recover and post healthy growth as many companies are resuming their operations and things are getting back to normal. In addition, many developing countries, especially China and India, are rapidly expanding their capacity for renewable energy sources, including wind energy, to achieve their emission targets and reduce environmental pollution. This is creating significant opportunities for vendors.
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The increase in offshore wind energy installations is one of the major factors propelling the market growth. Offshore wind installations have witnessed a significant increase in recent years. Offshore wind farms do not require a dedicated area of land for installation and are located on the ocean surface, where the wind energy potential is high. The rising adoption of offshore wind energy turbines has increased the demand for high-performance gearboxes with lower maintenance and repair costs. This is expected to drive the growth of the market during the forecast period.
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Wind Turbine Gearbox Market: Type Landscape
Based on the type, the market witnessed maximum growth in the new wind turbine gearbox segment. This is due to the installation of new wind turbine power projects worldwide. However, the growing need for wind turbine gearbox replacements will present maximum opportunities in the replacement segment during the forecast period.
Wind Turbine Gearbox Market: Geographic Landscape
By geography, APAC is going to have a lucrative growth during the forecast period. About 64% of the market�s overall growth is expected to originate from APAC. The growth of the market in APAC will be driven by the increasing investments in new wind power capacity additions during the forecast period.
China, Japan, and India are the key markets for wind turbine gearboxes in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Companies Covered:
- Dana Inc.
- Flender GmBH (Winergy)
- General Electric Co.
- ISHIBASHI Manufacturing Co. Ltd.
- Moventas Gears Oy
- Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd.
- Robert Bosch GmbH
- Siemens AG
- Voith GmbH & Co. KGaA
- ZF Friedrichshafen AG
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio�s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- New - Market size and forecast 2019-2024
- Replacement - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Dana Inc.
- Flender GmBH (Winergy)
- General Electric Co.
- ISHIBASHI Manufacturing Co. Ltd.
- Moventas Gears Oy
- Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd.
- Robert Bosch GmbH
- Siemens AG
- Voith GmbH & Co. KGaA
- ZF Friedrichshafen AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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