USD 22.54 Billion
Report ID:
SQMIG55E2051 |
Region:
Global |
Published Date: January, 2025
Pages:
176
|Tables:
59
|Figures:
67
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
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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.
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.
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.
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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.
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Favorable Government Regulations
Growing Investment in Wind Energy
Significantly High Cost of Maintenance
Low Reliability of Gearbox
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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.
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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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Report ID: SQMIG55E2051
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