Global Wind Turbine Gearbox Market to Witness Forward Movement at 3.0% CAGR from 2016 to 2020

Published Date : Dec 19, 2016

ALBANY, NY, Dec 19, 2016: The market report, titled “Global Wind Turbine Gearbox Market 2016–2020,” offers a complete overview of this market, highlighting key market trends, driving factors, restraints, challenges, lucrative opportunities, and growth prospects. 

As per the study, the global market for wind turbine gearboxes is expected to witness strong growth in the near future, thanks to the rise in the number of offshore installations. The rising deployment of wind turbines, owing to the continual increase in the demand for power and electricity, is likely to fuel the demand for gearboxes in the years to come. The increasing government support in terms of funding and investments for wind energy projects is also anticipated to boost this market significantly in the coming years. Researchers estimate this market to expand at a CAGR of 3.0% during the period from 2016 to 2020. 

In this research report, the global market for wind turbine gearboxes has been evaluated on the basis of the type of installation and its geographical reach. Based on the type of installation, the market has been categorized into new installations and replacement demand. Over the last few years, an increase in the number of wind power projects has been witnessed across the world, especially in Asian countries. This has resulted in a substantial rise in the demand for new installations, which has led to the dominance of this segment. Researchers project the trend to remain so in the near future, ensuring the lead of the new installation segment, notes the research study. 

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On the geographical front, the global market for wind turbine gearboxes has been segmented into the Americas, Europe and the Middle East and Africa (EMEA), and Asia Pacific (APAC). Among these Asia Pacific has surfaced as the key contributor to this market and is expected to remain so over the period of forecast. The growing demand for electricity, on account of the augmenting population and the swift industrialization, is projected to boost the demand for wind turbine gearboxes in this region in the years to come, states the report. 

The research study also provides an assessment of the competitive landscape of the global wind turbine gearbox market. According to it, the market is characterized by the rivalry between various well-diversified multinational as well as local manufacturers of wind turbine gearboxes.

China High Speed Transmission, ZF Friedrichshafen, Gamesa Energy Transmission, Winergy, and Moventas are the leading manufacturers of wind turbine gearboxes across the world, states the market study. Some of the other prominent participants mentioned in this research report are Chongqing Gearbox, Brevini Power Transmission, Eickhoff, RENK, ISHIBASHI Manufacturing, and ZOLLERN. 

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