DUBLIN, October 2, 2017 /PRNewswire/ --
The "Global Wind Turbine Gear Oil Market 2017-2021" report has been added to Research and Markets' offering.
The global wind turbine gear oil market to grow at a CAGR of 12.51% during the period 2016-2021.
Global Wind Turbine Gear Oil Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is Evolution of digital wind farms. General Electric (GE) introduced a novel concept of a dynamic, connected wind energy solution that pairs first-rate wind turbines with big data analytics. This perfect synergy of hardware and software creates a digital infrastructure of wind farms that leverages production and reduces costs. The concept, labeled digital farm, is the combination of GE's customizable 2 MW and 3 MW wind turbine product range. It includes a suite of applications built on the Predix software platform. This will help the company meet client-specific requirements.
According to the report, one of the major drivers for this market is Rise in wind energy consumption. Countries worldwide are slowly shifting their focus toward renewable sources of energy for power generation because of the slow depletion of conventional energy sources and the growth in greenhouse gas (GHG) emissions. Wind power is one of the most abundant sources of alternative forms of energy and considered as the most efficient source of power among all the renewable energy sources. According to GWEC, China and the US are the leading countries with regard to the cumulative installed wind power capacity. Increased endeavors in these countries to harness wind energy bode well for the overall market growth. Growing awareness about the benefits of the wind energy is fueling the demand for the same, which will lead to more wind turbine installations. Thus, contributing to the growth of the global wind turbine gear oil market.
Further, the report states that one of the major factors hindering the growth of this market is Shorter lifespan of gearboxes compared with turbines. Based on design, the lifespan of a wind turbine is usually 20 years. It will not be a mistake to presume that gearboxes and other essential components of the system will stay operational for the same time span. However, the gearbox in a wind turbine lasts for an average of four years because of a high failure rate and, therefore, needs to be replaced with a new one. The replacement cost of a wind turbine gearbox is relatively high and accounts for around one-tenth of the overall installation and construction cost of the system. Moreover, transportation costs to the site, crane rental and mobilization, and the labor charges incurred on replacement add significantly to the total project cost of the wind plant project.
Other prominent vendors
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by product
PART 08: Geographical segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/vz6stk/global_wind
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