Wind Turbine Gearbox Market Size, Share, Growth Analysis, By Application (Onshore Wind Power, Offshore Wind Power), By Gearbox Type (Planetary Gearbox, Helical Gearbox), By Turbine Capacity, By End Use, By Region - Industry Forecast 2025-2032

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.