Wind Turbine Gearbox Market Size, Share, and Growth Analysis

Wind Turbine Gearbox Market By Type (New and Replacement), By Application (Offshore and Onshore), By Region -Industry Forecast 2025-2032


Report ID: SQMIG55E2051 | Region: Global | Published Date: January, 2025
Pages: 176 |Tables: 59 |Figures: 67

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Wind Turbine Gearbox Market Insights

Global Wind Turbine Gearbox Market size was valued at USD 22.54 Billion in 2023 and is poised to grow from USD 24.32 Billion in 2024 to USD 44.68 Billion by 2032, growing at a CAGR of 7.90% in the forecast period (2025-2032).

Rapid industrialization and urbanization are increasing the demand for wind turbine gearboxes, contributing to the expansion of the market. In addition, increased environmental consciousness promotes the utilization of clean and renewable energy sources which in turn leads to an increased number of wind turbines all over the world. Therefore, the wind turbine gearbox market is growing throughout the world. In addition, the investment by market players in advanced designing and increasing efficiency will improve the productivity and durability of the gearbox. The increasing investments in wind turbines owing to the cost and energy efficiency further accelerates the market growth during the forecast period. 

A turbine control system is pivotal in optimizing the rotation rates of turbine blades with respect to the generator to facilitate maximum energy generation. The wind turbine control system market is evolving owing to several factors. The growth in the number of offshore wind energy installations significantly drives the growth of the sector while a low levelized cost of energy (LCoE) for wind resources makes it competitive for energy generation. In addition, the increasing height and volume of wind towers have improved the efficiency of production. Furthermore, more advanced technologies coupled with friendly government policies is increasing this positive trend and improving the market development.

Market snapshot - (2025-2032)

Global Market Size

USD 22.54 Billion

Largest Segment

Onshore

Fastest Growth

Offshore

Growth Rate

7.90% CAGR

Global Wind Turbine Gearbox Market ($ Bn)
Country Share for Europe Region (%)

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Wind Turbine Gearbox Market Segments Analysis

The global wind turbine gearbox market is segmented into type, application, and region. Based on the type, the market is segmented into new and replacement. Based on application, the market is segmented into offshore and onshore. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Analysis by Type

Based on type, the replacement wind turbine gearbox segment is dominating the market with the largest wind turbine gearbox market share. The replacement gearbox is foreseen to further grow at a faster rate globally and as far as productivity is concerned, it generates the shortest downtimes. Replacement gearbox also prolongs the service life of the gearbox, and the exchange process is quicker. Furthermore, the replacement of the old gearbox helps in upgrading them. The preference towards the replacement segment is greater than that of the new segment, which is increasing the growth of the replacement segment during the forecast.

The new segment is expected to witness significant growth during the forecast period. The new segment indicates the incorporation of a new gearbox which is normally fitted onto new wind turbines. The pace of the implementation of new projects is widening significantly. Nonetheless, this figure is not very high compared to replacement because the number of new installations is less than the overall cumulative past installations. In the year 2019, the total cumulative installation was more than 650 GW. However, the amount of new wind power generation capacity installed in the world that year was 60.4 GW. Moreover, the new gearbox leads to larger downtime and the investment in new wind farms is largely increasing around the world.

Analysis by Application

Based on application, the onshore segment is dominating the wind turbine gearbox market. Onshore installation is widely increasing post the pandemic, with around 90 GW of onshore wind capacity installed in 2020. Countries like China and the U.S. is dominating in the installation of onshore wind energy segment. The cost of installation of the onshore wind farms is lower as compared to offshore wind energy. The rapid increase of new installation is rapidly increasing the demand for wind turbine gearboxes, and this is driving growth in the onshore application during the forecast period.

As per wind turbine gearbox market analysis, offshore segment is experiencing tremendous growth and popularity in recent years. Investment in the offshore segment is growing rapidly across the globe and is expected to exceed 120,000 GW which is almost 11 times the estimated global electricity consumption in 2040. The increase in the deployment of wind energy plants located offshore may enhance the job market. According to GWEC, 900,000 job opportunities can be generated from offshore projects in the world within the next ten years. There is a lot of gearbox utilization in these growing offshore projects. As a result, this drives the growth of the offshore application segment during the forecast period.

Global Wind Turbine Gearbox Market Analysis by Application

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Wind Turbine Gearbox Market Regional Insights

Europe is dominating with the largest wind turbine gearbox market share. In this region, installation of renewable energy is gaining quite a momentum. There is an increasing investment in wind energy particularly in Germany and the U.K. The rate of installation of the gearbox is also increasing largely due to the rising uptake of the wind turbine in this region. The region has planned various upcoming offshore as well as onshore projects. Europe in the next 5 years has planned to set up 15 GW of wind energy annually. In 2020, wind covered 16% of the total electricity consumed in Europe. The increasing deployment of wind energy creates new market opportunities for growth in the gearbox market in Europe during the forecast period.

Over the course of the projected period, it is anticipated that Asia Pacific market would expand with the highest growth rate. A constant trend is noticeable in the Asia Pacific region where existing wind capacity is being increased by construction of new firms. China is leading the market in the region by increasing its wind capacity. The National Energy Administration stated that China has also set a target of increasing the percentage of its total power generation that will be generated from solar and wind plants to about eleven percent of the total electricity consumed in the country by the year 2021.  This region is intensively working on cutting carbon emissions which incremental boosts the deployment of renewable energy in this region. The rise in the installation of wind farms turbine ultimately driving the market for turbine gearbox in the forecast period.

Global Wind Turbine Gearbox Market By Geography
  • Largest
  • Fastest

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Wind Turbine Gearbox Market Dynamics

Drivers

Favorable Government Regulations

  • It is evident that investment in renewable sources of energy is on the rise globally creating more market opportunities. With the increasing concerns about environment many governments in several countries are also attempting to cut down greenhouse gases emission throughout the world. They are enforcing beneficial policies that promote both onshore and offshore wind markets.

Growing Investment in Wind Energy

  • Wind energy is one of the key drivers of the current energy transition and the adoption of renewable resources is being witnessed across several regions. Many companies have invested a lot in expanding renewable energy projects. Investments are done in the projects according to the need, like turbines, blades, gearboxes, deployment of project, labour, and testing. Such projects will expand the demand for wind turbine gearboxes in the future.

Restraints

Significantly High Cost of Maintenance

  • Wind turbine operation and maintenance is extremely expensive, which is restraining the market growth. Maintenance of wind turbine generators requires regular checks-ups after the installation of the wind turbine. A turbine has two core and complex machinery parts which are a generator, and gearbox. Maintenance operations for these items are important to increase their lifespan. Otherwise, there is a risk of breakdown which incurs heavy downtime cost. It is crucial to understand that servicing the gearbox is a costly and complex task.

Low Reliability of Gearbox

  • The wind turbine gearbox market faces challenges related to gearbox failures. Gearboxes suffer from high levels of stress and loading which results in deterioration with time. Research done by the National Renewable Energy Laboratory has pointed out that a high percentage of the time and costs incurred in maintenance of wind turbines can be attributed to gearbox failures.

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Wind Turbine Gearbox Market Competitive Landscape

The wind turbine gearbox industry is characterized by high fragmentation with the presence of several regional and international companies. Many global corporations are improving their efforts to make both organic and inorganic expansions to their presence. Most of the firms are trying to enhance their production capabilities by incorporating new technology for production of wind turbines and wind turbine gearboxes. Some of the key players include Siemens AG, ZF Friedrichshafen AG, Winergy and Moventas. These companies focus on the forefront of the wind turbine gearbox system undertaking the research and development activities for new designs and methods of implementation.

Top Players in Wind Turbine Gearbox Market

  • Siemens Gamesa Renewable Energy SA
  • General Electric Renewable Energy
  • Robert Bosch
  • Vestas
  • Moventas Gear Oy
  • Ishibashi Manufacturing Co. Ltd.
  • Voith GmbH & Co. KGaA
  • Winergy Group
  • Dana Brevini SpA
  • ZF Friedrichshafen AG
  • ME Production A/S
  • Renk AG

Recent Developments

  • March 2024 - The Indian government’s Solar Energy Corporation of India (SECI) is set to announce a tender for the construction of offshore wind farms on a total output of 1,000 megawatts (MW) by the end of next year.
  • December 2023 - The European Technology and Innovation Platform on wind energy has come up with its new Tactical R&I Agenda for the period 2025- 2027. It predicts a public funding of more than USD 1.96 billion in research and innovation in wind energy in the aim to enhance development of a robust, cheap, and green European wind supply chain.
  • November 2023 - Investors have submitted proposals to the Odisha government amounting to USD 60 million for wind energy projects. According to the senior government officials and officials of state nodal agency an investment proposal of about USD 60 million was made by various investors for the development of 575 MW of wind energy.

Wind Turbine Gearbox Key Market Trends

Wind Turbine Gearbox Market SkyQuest Analysis

SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the global wind turbine gearbox industry is anticipated to expand at a rapid pace in the near future, owing to the increasing demand for clean energy. Such an increased demand for clean energy is propelling the construction of wind farms by power generation companies and agencies all over the globe. As more and more wind farms are built, the cost associated with wind technology has shrunk tremendously in recent times. This, in turn, makes the technology reasonably priced for power generation companies. Moreover, governments in countries like India and China are also funding numerous projects aimed at wind energy development in these countries. Thus, it is the growth of the wind industry which is increasing the demand for wind turbine gearboxes.

Report Metric Details
Market size value in 2023 USD 22.54 Billion
Market size value in 2032 USD 44.68 Billion
Growth Rate 7.90%
Base year 2024
Forecast period (2025-2032)
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • New and Replacement
  • Application
    • Offshore and Onshore
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Siemens Gamesa Renewable Energy SA
  • General Electric Renewable Energy
  • Robert Bosch
  • Vestas
  • Moventas Gear Oy
  • Ishibashi Manufacturing Co. Ltd.
  • Voith GmbH & Co. KGaA
  • Winergy Group
  • Dana Brevini SpA
  • ZF Friedrichshafen AG
  • ME Production A/S
  • Renk AG
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Wind Turbine Gearbox Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Wind Turbine Gearbox Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Wind Turbine Gearbox Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wind Turbine Gearbox Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wind Turbine Gearbox Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Wind Turbine Gearbox Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Wind Turbine Gearbox Market size was valued at USD 22.54 Billion in 2023 and is poised to grow from USD 24.32 Billion in 2024 to USD 44.68 Billion by 2032, growing at a CAGR of 7.90% in the forecast period (2025-2032).

The wind turbine gearbox industry is characterized by high fragmentation with the presence of several regional and international companies. Many global corporations are improving their efforts to make both organic and inorganic expansions to their presence. Most of the firms are trying to enhance their production capabilities by incorporating new technology for production of wind turbines and wind turbine gearboxes. Some of the key players include Siemens AG, ZF Friedrichshafen AG, Winergy and Moventas. These companies focus on the forefront of the wind turbine gearbox system undertaking the research and development activities for new designs and methods of implementation. 'Siemens Gamesa Renewable Energy SA', 'General Electric Renewable Energy ', 'Robert Bosch ', 'Vestas ', 'Moventas Gear Oy ', 'Ishibashi Manufacturing Co. Ltd. ', 'Voith GmbH & Co. KGaA ', 'Winergy Group ', 'Dana Brevini SpA ', 'ZF Friedrichshafen AG ', 'ME Production A/S ', 'Renk AG '

It is evident that investment in renewable sources of energy is on the rise globally creating more market opportunities. With the increasing concerns about environment many governments in several countries are also attempting to cut down greenhouse gases emission throughout the world. They are enforcing beneficial policies that promote both onshore and offshore wind markets.

Lowering Cost of Gear Box: One of the most important trends in the global wind turbine gearbox market is the decreasing cost of gearboxes used in wind power generation. In the past few decades, the decrease in the price of components, including the gearboxes, has caused an increase in the capability for wind power generation. It has been noticed that the price of wind turbine gearboxes has been decreasing over the years due to several reasons such as improved design of gearboxes, better sourcing of raw materials and supply chain, as well as more competitors entering the market which created more demand for gearboxes and led to more economies of scale.

Europe is dominating with the largest wind turbine gearbox market share. In this region, installation of renewable energy is gaining quite a momentum. There is an increasing investment in wind energy particularly in Germany and the U.K. The rate of installation of the gearbox is also increasing largely due to the rising uptake of the wind turbine in this region. The region has planned various upcoming offshore as well as onshore projects. Europe in the next 5 years has planned to set up 15 GW of wind energy annually. In 2020, wind covered 16% of the total electricity consumed in Europe. The increasing deployment of wind energy creates new market opportunities for growth in the gearbox market in Europe during the forecast period.

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Wind Turbine Gearbox Market

Report ID: SQMIG55E2051

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