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Global Wind Turbine Gearbox Market: COVID-19 Business Continuity Plan | Increase in Offshore Wind Energy Installations to Boost Growth | Technavio


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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Key Topics Covered:

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by Type

Customer landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


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