Wind Turbine Gearbox Market Size

Q: What is the key market trend for Wind Turbine Gearbox Market?

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.

Wind Turbine Gearbox Market Insights

Global Wind Turbine Gearbox Market size was valued at USD 23.6 billion in 2023 and is poised to grow from USD 25.58 billion in 2024 to USD 48.77 billion by 2032, growing at a CAGR of 8.4% during 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.

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.