Wind Turbine Gearbox Market to Grow by USD 3.51 Billion during 2021-2025 | Featuring Dana Inc. and Flender GmBH (Winergy) among others | Technavio
NEW YORK, March 17, 2021 -- The global wind turbine gearbox market is expected to grow by USD 3.51 billion during 2021-2025, as per Technavio. This marks a significant market slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 5%.
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The wind turbine gearbox market is driven by the rising height and capacity of wind towers. In addition, the decline in LCoE of wind power generation is anticipated to boost the growth of the wind turbine gearbox market.
The increase in the height of wind towers increases the total production potential of wind turbines. The rise in the height of wind towers has spurred investments in the wind power industry. The reduction in the number of turbines results in comparatively less capital expenditure. Many turbine manufacturers have started to manufacture taller wind towers to increase the total capacity of energy produced by wind turbines. The height of the wind turbines is expected to continue to increase further, owing to its various benefits. The increase in electricity generation capacity and lower LCOE benefits with the rise in the heights of wind towers will continue to drive the demand for wind turbine gearbox. Therefore, the rising height and capacity of wind towers will drive the growth of the global wind turbine gearbox market.
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Major Five Wind Turbine Gearbox Companies:
Dana Inc.
Dana Inc. operates business through Light Vehicle, Commercial Vehicle, Off-Highway, and Power Technologies. The company offers planetary gearboxes which are used to control the blade pitch in a wind energy plant.
Flender GmBH (Winergy)
Flender GmBH (Winergy) operates business through Product and Service. The company offers a wide range of standard and customer-specific engineered products in the power range of 750 kW to 10 MW.
General Electric Co.
General Electric Co. operates business through Power, Renewable energy, Aviation, and Healthcare. The company offers servicing and repairing major systems within the turbine to avoid potential downtime and underperformance.
ISHIBASHI Manufacturing Co. Ltd.
ISHIBASHI Manufacturing Co. Ltd. operates business through Product and Service. The company offers a wide range of wind turbine gearboxes between 600W and 5,000 kW.
Moventas Gears Oy
Moventas Gears Oy operates business through Gearbox Series and Gearbox Series Services. The company offers a range of replacement gearboxes and spare parts for various turbine platforms.
Wind Turbine Gearbox Market Type Outlook (Revenue, USD billion, 2020-2025)
- New - size and forecast 2020-2025
- Replacement - size and forecast 2020-2025
Wind Turbine Gearbox Market Geography Outlook (Revenue, USD billion, 2020-2025)
- APAC - size and forecast 2020-2025
- Europe - size and forecast 2020-2025
- North America - size and forecast 2020-2025
- South America - size and forecast 2020-2025
- MEA - size and forecast 2020-2025
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SOURCE Technavio
