Global Wind Turbine Gearbox Market - Growth, Trends, and Forecast (2018 - 2023)

  • ID: 4514875
  • Report
  • Region: Global
  • 135 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Hyosung Corp.
  • Moventas Gears Oy
  • NGC Gears
  • Winergy AG
  • ZF Friedrichshafen AG
  • MORE
Driven by advancements in technologies and a significant reduction in the cost of generation and associated risks, the use of wind energy as a source of electricity generation has attracted exceptional demand across regions. In 2017, the total wind power installation capacity remained above 50 gigawatts (GW), with Europe and Asia-Pacific regions witnessing a record high. Although the demand for wind turbine gearbox is directly dependent on the demand for wind turbines, improved industry competitiveness and availability of more viable and low-failure prone alternatives is expected to significantly affect the demand for wind turbine gearbox, during 2018-2013 (the forecast period). Furthermore, there is a rising trend in the global wind industry to reduce the operations & maintenance cost and downtime, which is expected to further affect the global wind turbine gearbox market.

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)

Customization of the Report

This report can be customized to meet your requirements.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Hyosung Corp.
  • Moventas Gears Oy
  • NGC Gears
  • Winergy AG
  • ZF Friedrichshafen AG
  • MORE
1. Executive Summary

2. Research Methodology

3. Market Overview
3.1 Introduction
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies & Regulations

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities

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
7.1.1 Onshore
7.1.2 Offshore
7.2 By Failure Type
7.2.1 Bearing Failure
7.2.1 Others

8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.2 Canada
8.1.3 Rest of North America
8.2 Europe
8.2.1 Germany
8.2.2 France
8.2.3 Spain
8.2.4 United Kingdom
8.2.5 Rest of Europe
8.3 Asia-Pacific
8.3.1 China
8.3.2 India
8.3.3 South Korea
8.3.4 Japan
8.3.5 Rest of Asia-Pacific
8.4 South America
8.4.1 Brazil
8.4.2 Argentina
8.4.3 Chile
8.4.4 Rest of South America
8.5 Middle East & Africa
8.5.1 Iran
8.5.2 Eqypt
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

11. Disclaimer
*List not Exhaustive
**Subject to availability on public domain
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  • 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.
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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