What is Global Wind Power Gearbox Market?
The Global Wind Power Gearbox Market is a sector that focuses on the production and distribution of gearboxes specifically designed for wind turbines. These gearboxes play a crucial role in the operation of wind turbines, as they are responsible for converting the slow, high-torque rotation of the turbine's blades into the faster rotation needed to generate electricity. The market is global in nature, with manufacturers, suppliers, and consumers spread across the world. The value of this market was estimated to be around US$ 4843 million in 2022, and it is projected to grow to US$ 5729 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 2.4% during the forecast period of 2023-2029.
Planetary Gears, Spur Gears, Bevel Gears, Helical Gears in the Global Wind Power Gearbox Market:
The Global Wind Power Gearbox Market is segmented into different types of gears, namely Planetary Gears, Spur Gears, Bevel Gears, and Helical Gears. Planetary gears are commonly used in wind turbines due to their high torque-to-weight ratio and compact size. Spur gears, on the other hand, are simple and cost-effective, making them a popular choice for smaller wind turbines. Bevel gears are used in turbines where the direction of rotation needs to be changed, while helical gears are preferred for their smooth operation and high load-bearing capacity. The top three manufacturers of these gears account for approximately 74% of the total global market.
Onshore, Offshore in the Global Wind Power Gearbox Market:
The usage of gearboxes in the Global Wind Power Gearbox Market is primarily divided into two areas: Onshore and Offshore. Onshore wind turbines are those installed on land, while offshore turbines are installed in bodies of water, usually the sea. The choice of gearbox depends on the specific requirements of the turbine, such as its size, location, and expected wind conditions. China is the largest consumer of wind power gearboxes, accounting for about 48% of the global market. This is followed by North America and Europe.
Global Wind Power Gearbox Market Outlook:
In 2022, the Global Wind Power Gearbox Market was valued at US$ 4843 million. It is expected to grow at a CAGR of 2.4% from 2023 to 2029, reaching a projected value of US$ 5729 million by the end of the forecast period. The market is dominated by three major players who collectively hold a 74% share. The largest consumer of wind power gearboxes is China, which accounts for nearly half (48%) of the global market. North America and Europe follow as the next largest consumers.
| Report Metric | Details |
| Report Name | Wind Power Gearbox Market |
| Accounted market size in 2023 | US$ 4969.1 million |
| Forecasted market size in 2029 | US$ 5729 million |
| CAGR | 2.4 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | China Transmission (NGC Gears), CSIC, ZF, Winergy, Moventas, Chongqing Wangjiang Industry, Taiyuan Heavy Machinery Group, Hangzhou Advance Gearbox Group, RENK AG |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
