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The wind turbine gearbox market size is expected to grow by USD 4.18 billion at a CAGR of 6.02% from 2023 to 2028. A turbine control system plays a crucial role in enhancing the rotational speed of the turbine blades to the generator, thereby promoting efficient energy generation. The market for wind turbine control systems is experiencing significant expansion due to several factors. Firstly, the increasing number of offshore wind energy installations is driving growth in this sector. Secondly, the declining Levelized Cost of Energy (LCoE) for wind power is making it a more cost-effective energy source. Additionally, the rising height and capacity of wind towers are contributing to improved energy production efficiency. Technological advancements and favorable government policies are also supporting this growth trend.
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The wind turbine gearbox market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The replacement segment will account for a major share of the market's growth during the forecast period. Globally, the demand for the replacement of wind turbine gearboxes depends on the cumulative installed capacity of wind turbines such as floating wind turbines. Gearboxes generally have a shorter lifespan than the whole wind turbine assembly. Thus, they may require to be replaced once or multiple times during the operating lifespan of the turbine.
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Nevertheless, the reliability of gearboxes has experienced substantial progress over the recent years, which is anticipated to grow their replacement cycle in the future. Further, the gearbox's shelf life is extended, and the exchange process is sped up. Upgrading to the most recent technologies is made easier by replacing the gearbox. The substitute of wind turbine gearboxes involves substantial additional costs, including transportation, crane services, service disruptions, and labor costs. As a result, the replacement of gearboxes is often delayed by operators. In addition, some operators prefer replacing wind turbine gearboxes with direct drive systems at the end of the gearbox's lifespan instead of a similar geared system. Furthermore, similar to new installations, the average price of replacement gearboxes is also expected to decline during the forecast period, which is expected to drive the growth of the segment during the forecast period.
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APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, energy demand is on the rise due to the growth in the population and improvement in the standard of living. Countries in the region, particularly China and India, are rapidly growing their capacity for renewable energy sources, including wind energy, to achieve their emission targets and reduce environmental pollution. China had the highest wind energy installations, with an installed capacity of 228 GW as of 2022. India stood fourth in the ranking with an installed capacity of 35GW. Therefore, the rise in power generation activities using wind turbines will encourage the growth of the market in the region during the forecast period.
The market is a critical component of electric generator systems, responsible for converting the rotational speed of the blades into usable energy. The gearbox connects the rotor shaft to the generator shaft, transmitting power efficiently. Factors such as loading, environmental conditions, and failure rate are crucial considerations for gearbox design and durability. With the rise of industrialization and urbanization, the demand for renewable energy sources like solar and hydro is increasing, driving the need for efficient wind turbine gearboxes. The market is influenced by regional initiatives like the ASEAN Plan of Action for Energy Cooperation (APAEC), aiming to enhance electrical energy infrastructure. Gearboxes can be designed with vertical axes or horizontal axes, each with its advantages depending on the wind farm layout and operation.
Maintenance and operational efficiency are key focus areas for gearbox manufacturers, leading to innovations in drive motors, planetary drives, and helical gears to improve performance and longevity. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
An increase in offshore wind energy installations is driving wind turbine gearbox market growth. In recent years, the offshore wind energy industry has presented major growth opportunities for companies in the market, as offshore wind installations have experienced a marked growth, driving the demand for offshore wind turbines. Offshore wind farms are gaining popularity because they do not need a reliable area of land for installation and are located on the ocean surface, where the wind energy potential is higher. This is supported by electric generator, rotational speed, shaft, loading, environmental conditions, failure rate, wind turbines, industrialization, urbanization, business sectors, and wind energy. Offshore wind turbines are generally larger than onshore wind turbines, with capacities in the range of 4 MW-10 MW, and requiring high-performance gearboxes for lower maintenance and repair.
Moreover, countries in Western Europe dominate the offshore wind power industry, contributing to about 84% of the cumulative installed capacity. The remaining capacity is installed in China, various other South Asian countries, and the US. The project cost of offshore wind turbines has experienced a significant decline in recent years, with advancements in turbine technology and an expansion in generation capacity per turbine, thereby improving the adoption of wind turbines across the globe. New entrants to the offshore wind power industry include Australia, Taiwan, Brazil, and Turkey. These countries are expected to make significant investments in offshore wind energy technology during the forecast period, which will in turn drive market growth during the forecast period.
The decline in the cost of gearboxes used in wind power generation is a primary trend in the global wind turbine gearbox market growth. Over the past few decades, the growth in wind power generation capacity has been increased by the decline in the cost of components used in wind turbines, including the cost of gearboxes. The cost of the wind turbine gearbox has lowered considerably over the years due to some factors such as improvements in designs, optimization in raw material sourcing and supply chain, and entry of new players into the market, leading to enhanced competition and larger economies of scale due to increased demand for gearboxes.
Moreover, the reduction in the cost of the wind turbine gearbox can be attributed to the rising trend of vertical integration of gearbox manufacturing by wind turbine suppliers. The cost of the gearbox is further anticipated to drop in the near future. The declining costs will drive the demand for gearboxes as well as wind turbine gear oil in the wind energy market. The low cost of gearboxes will also bring about a reduction in the replacement costs, and the number of units of gearboxes sold will increase considerably, thereby compensating for the declining manufacturing costs. Therefore such factors are expected to drive market growth during the forecast period.
The decline in the cost of gearboxes used in wind power generation is a major challenge impeding wind turbine gearbox market growth. Over the past few decades, the growth in wind power generation capacity has been increased by the decline in the cost of components used in wind turbines, including the cost of gearboxes. The cost of the wind turbine gearbox has lowered considerably over the years due to some factors such as improvements in designs, optimization in raw material sourcing and supply chain, and entry of new players into the market, leading to enhanced competition and larger economies of scale due to increased demand for gearboxes.
Moreover, the reduction in the cost of the wind turbine gearbox can be attributed to the rising trend of vertical integration of gearbox manufacturing by wind turbine suppliers. The cost of the gearbox is further anticipated to drop in the near future. The declining costs will drive the demand for gearboxes in the wind energy market. The low cost of gearboxes will also bring about a reduction in the replacement costs, and the number of units of gearboxes sold will increase considerably, thereby compensating for the declining manufacturing costs. Therefore such factors are expected to drive market growth during the forecast period.
The wind turbine gearbox market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wind turbine gearbox market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dana Inc. - The company offers wind turbine gearboxes such as yaw and pitch drives.
The wind turbine gearbox market trends and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wind turbine gearbox market is experiencing substantial expansion, fueled primarily by investments in offshore wind projects. With the expansion of offshore wind energy capacity, gearbox manufacturers are prioritizing the development of dependable systems capable of enduring the challenging wind conditions prevalent in offshore environments. This growth trend is particularly noticeable in emerging economies, which are seeking to decrease carbon emissions and mitigate climate change. Notable entities, such as the Global Wind Energy Council (GWEC), are spearheading advancements in wind energy technology. Significant wind projects, including the Dulacca Wind Farm, Karara Wind Farm, and Dobele Wind Farm, are instrumental in increasing global wind capacity. Gearboxes, such as planetary and spur gearboxes from manufacturers are essential components in these wind turbines, ensuring optimal performance and long-term maintenance.
The wind turbine gearbox market is a significant segment of the renewable energy industry, playing a crucial role in converting the rotational energy from the wind turbine's rotor into usable electricity. Wind turbines rely on drive motors to transfer power from the rotor to the generator. The gearbox enhances the torque and reduces the rotational speed, making it possible for the drive motor to operate efficiently. As the world shifts towards renewable energy sources and away from fossil fuels, the demand for wind turbine gearboxes is expected to grow. However, the operation and maintenance of wind turbines can be complex, and gearbox failures are a common issue. Energy storage solutions are being integrated into wind turbine systems to address this challenge, allowing for the continuation of power generation during gearbox maintenance. Overall, the wind turbine gearbox market is poised for growth as the renewable energy sector expands.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.02% |
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Market growth 2024-2028 |
USD 4.18 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.68 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 57% |
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Key countries |
China, US, Germany, India, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bonfiglioli Riduttori Spa, Dana Inc., Elecon Engineering Co. Ltd., Flender GmbH, Gebr. Eickhoff Maschinenfabrik and Eisengiesserei GmbH, General Electric Co., Hottinger Bruel and Kjaer GmbH, ISHIBASHI Manufacturing Co. Ltd., Lenze SE, ME Production Aps, Moventas Gears Oy, Nord Gear Ltd., Porsche Automobil Holding SE, Robert Bosch GmbH, Shandong Qingneng Power Co. Ltd., Siemens AG, Suzlon Energy Ltd., Voith GmbH and Co. KGaA, ZF Friedrichshafen AG, and ZOLLERN GmbH and Co. KG |
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Market dynamics |
Parent market analysis, Market forecasting, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID -19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our wind turbine gearbox market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this wind turbine gearbox market research and growth report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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