Growing Popularity of Direct Drives – Restrains the Market
The significant reduction in the wind power generation costs across the globe, due to the advancements in the technologies, have reduced the profit margins of the wind turbine manufacturers. The turbine manufacturers are under constant pressure to provide equipment with lower operations and maintenance costs. Gearbox running conditions are challenging and lifetime expectations are considered to be high. About 70% of the gearbox failures are estimated to be caused by bearing failures. A gearbox bearing exchange is expected to cost from EURO 15, 000 for a simple up-tower replacement to even more than EURO 1 million for a larger (+5 MW) gearbox exchange. There is an upward trend in the application of direct drive turbines with better performance results and lower downtime, which has become a threat for the gearbox-operated wind turbines, and this is expected to restrain the growth of the market. However, the geared systems are cheaper than the direct drive systems. Companies are planning to increase their investment in the research & development activities to introduce newer and more reliable gearboxes that can better withstand the wind turbulence stresses and offer improved results.
Europe to Register High Demand
The European wind energy industry has progressed at a very fast rate since 2009, maintaining an annual market of +10 GW, with an annual average market of 11.3 GW per year, and is expected to maintain similar growth rate during the forecast period. In 2016, wind overtook coal as the second largest capacity in Europe, and with gas-fired plants being decommissioned at almost the same rate as installation. Wind is expected to play a big role in the energy mix. The increased focus on the deployment of offshore wind farms in the region is expected to further supplement the demand for wind turbines, and, in turn, wind turbine gearbox system, during the forecast period.
India to Register High Growth Rate
2017 was a year of transition for the Indian wind power industry, which saw a transition from feed-in-tariffs to competitive bidding, causing temporary volatility in demand for wind power equipment. However, it is anticipated that the wind power capability in the country will be ramped up to 185 GW — an eight-fold increase over 15 years from 2015, and contribute to approximately 14% of India’s renewable energy use. Similarly, India’s Ministry of New and Renewable Energy (MNRE) has announced the target to achieve an installed capacity of 175 GW of renewable energy by 2022, including 60 GW from wind. Additionally, the government plans to increase the capacity of individual turbines. These initiatives, if appropriately implemented, are expected to significantly supplement the demand for wind power gearbox in India, during the forecast period.
Key Developments in the Market
April 2017: Moventas and Doosan Heavy Industries & Construction agreed on Exceed delivery for high torque density 3MW gearboxes for an offshore wind farm in South Korea.
April 2017: Moventas wins major Iberdrola service tender for wind turbine gearbox in Europe.
The major players include: ZF Friedrichshafen AG, NGC Gears, Dana Brevini Power Transmission S.p.A., Winergy AG, Xiangtan Electric Manufacturing Group Co., and Hyosung Corp., amongst others
Reasons to Purchase The Report
- Current and future of the global wind turbine gearbox market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s Five Forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies & Regulations
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 By Location of Deployment
7.2 By Failure Type
7.2.1 Bearing Failure
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.4 United Kingdom
8.2.5 Rest of Europe
8.3.3 South Korea
8.3.5 Rest of Asia-Pacific
8.4 South America
8.4.4 Rest of South America
8.5 Middle East & Africa
8.5.3 South Africa
8.5.4 Rest of Middle East & Africa
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 ZF Friedrichshafen AG
9.2 NGC Gears
9.3 Dana Brevini Power Transmission S.p.A.
9.4 Winergy AG
9.5 Xiangtan Electric Manufacturing Group Co.
9.6 China High Speed Transmission Equipment Group Co., Ltd
9.7 Moventas Gears Oy
9.8 Siemens Gamesa Renewable Energy SA
9.9 Xinjiang Goldwind Science & Technology Co. Ltd
9.10 Hyosung Corp
10. Competitive Landscape
10.1 Mergers & Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability on public domain
- ZF Friedrichshafen AG
- NGC Gears
- Dana Brevini Power Transmission S.p.A.
- Winergy AG
- Xiangtan Electric Manufacturing Group Co.
- China High Speed Transmission Equipment Group Co. Ltd
- Moventas Gears Oy
- Siemens Gamesa Renewable Energy SA
- Xinjiang Goldwind Science & Technology Co. Ltd
- Hyosung Corp.