Wind Turbine Gearbox Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Report Covers Global Wind Turbine Gearbox Manufacturers & Trends. The Market is segmented by Location of Deployment (Onshore and Offshore) and Geography (North America, Asia-Pacific, Europe, Middle-East and Africa, and South America).

Home right-chevron-icon Market Analysis right-chevron-icon Energy & Power Research right-chevron-icon Power Equipment Research right-chevron-icon Wind Power Equipment Research right-chevron-icon Wind Turbine Research right-chevron-icon Wind Turbine Gearbox Research right-chevron-icon Wind Power Gearbox Market

Wind Turbine Gearbox Market Size

Wind Turbine Gearbox Market Summary
share button
Study Period 2019 - 2028
Market Size (2023) USD 18.33 Billion
Market Size (2028) USD 27.82 Billion
CAGR (2023 - 2028) 8.70 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Wind Turbine Gearbox Market Major Players

*Disclaimer: Major Players sorted in no particular order
setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Wind Turbine Gearbox Market Analysis

The Wind Turbine Gearbox Market size is expected to grow from USD 18.33 billion in 2023 to USD 27.82 billion by 2028, at a CAGR of 8.70% during the forecast period (2023-2028).

With the COVID-19 outbreak in 2020, the growth of the wind turbine gearbox market was moderately impacted by delays in manufacturing and supplying wind turbine gearboxes, wind projects, and other challenges for major players' value chains. Factors such as the declining cost of wind energy and increasing investments in wind power projects are the key drivers for this market. However, gaining interest in direct-drive turbines is expected to restrain the gearbox market during the forecast period.

  • The offshore segment is expected to witness significant growth during the forecast period, owing to increased developments and investments in offshore wind energy projects worldwide.
  • The emerging markets in Africa, South America, and some Southeast Asian countries offer a robust business opportunity for the wind power business. As countries, including Brazil, South Africa, Chile, Vietnam, and others, are on the cusp of development in these regions, there is an increased demand for electricity, which is expected to provide market opportunities for the wind turbine gearbox market in the future.
  • The Asia-Pacific region is expected to be the largest and fastest-growing market, owing to the significant share in terms of wind power generation and the presence of manufacturing and technology hubs in countries like China, India, Japan, etc.

Wind Turbine Gearbox Industry Segmentation

A wind turbine gearbox is a mechanical device that is an integral part of a wind turbine's power transmission system. Its primary function is to convert the low-speed rotation of the wind turbine rotor into the high-speed rotation that is suitable for driving the generator to produce electricity.

The wind turbine gearbox market is segmented by location of deployment and geography. By location of deployment, the market is segmented into Onshore and Offshore. The report also covers the market size and forecasts across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion). 

Location of Deployment
Onshore
Offshore
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
North America
United States
Canada
Rest of North America
Asia-Pacific
China
India
Japan
Asutralia
Rest of Asia-Pacific
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
South America
Brazil
Argentina
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East

Report scope can be customized per your requirements. Click here.

Wind Turbine Gearbox Market Trends

Offshore Segment to Register Higher Growth

  • The offshore wind sector has been experiencing rapid growth worldwide. Governments and energy companies increasingly invest in offshore wind projects to harness the strong and consistent wind resources available at sea.
  • In 2022, the Global Wind Energy Council reported the addition of 8 GW of offshore wind energy capacity, resulting in a global installed capacity of 64 GW. This marks an increase compared to the 56 GW installed capacity in 2021. The expansion of offshore wind capacity translates into higher demand for wind turbine gearboxes to support the development of offshore wind farms.
  • Many countries possess significant offshore wind energy potential due to their geographical location and favorable wind conditions. Regions such as Northern Europe, the United States, China, and Taiwan are actively developing their offshore wind resources. These regions offer substantial market opportunities for wind turbine gearbox manufacturers to cater to the growing demand driven by offshore wind development.
  • For instance, in January 2023, Germany announced the formulation of new development strategies for offshore wind turbine sites in order to achieve a target of 30 gigawatts (GW) of installed wind power capacity by 2030. The Federal Maritime and Hydrographic Agency (BSH) has devised these plans to ensure the successful attainment of the set target.
  • In a similar vein, India aims to diversify its green energy portfolio by tapping into the untapped offshore wind energy potential across its extensive 7,600-kilometer coastline. The Ministry of New and Renewable Energy has established a target of achieving 30 GW of offshore wind capacity by 2030. These ambitious goals are projected to spur the development of large-scale offshore wind projects, thereby driving the demand for wind turbine gearboxes.
  • Therefore as per the above-mentioned points the offshore segment is expected to dominate the market during the forecasted period.
Wind Turbine Gearbox Market - Offshore Installed Wind Power Capacity, Global, in Giga Watt (GW), 2018-2022

Asia-Pacific to Witness Significant Growth

  • The Asia Pacific region has been witnessing substantial growth in wind power capacity installations. Countries like China, India, Japan, and Australia are making significant investments in wind energy projects to meet their growing electricity demands and reduce greenhouse gas emissions. This region's expansion of wind power capacity drives the demand for wind turbine gearboxes.
  • According to Global Wind Energy Council the Asia-Pacific region added almost 37GW of wind energy capacity in 2022 alone signifying significant growth of wind energy in the region with China contributing 87% of its 2022 additions consequently driving the demand for wind turbine gearboxes.
  • Many countries in the Asia Pacific region have implemented supportive policies and incentives to promote renewable energy, including wind power. These policies create a conducive environment for wind energy development and attract investments in wind turbine installations.
  • For instance, ASEAN governments have unveiled an ambitious five-year sustainability plan as part of the second phase of the ASEAN Plan of Action for Energy Cooperation (APAEC) from 2021 to 2025. As per this plan, energy ministers from ASEAN countries have agreed to a target of achieving a 23% share of renewable energy in the total primary energy supply across the region, along with a 35% share in ASEAN's installed power capacity by 2025. Meeting these targets would necessitate the addition of approximately 35GW-40GW of renewable energy capacity by 2025. This is expected to increase the installations of wind energy in the region due to the high wind energy potential in the majority of the countries.
  • Over the next decade, the wind turbine gearbox repair and refurbishment market is anticipated to witness substantial growth opportunities driven by the rapidly expanding installed base in the Asia-Pacific region and supportive government policies.
Wind Turbine Gearbox Market - Growth Rate by Region, 2023-2028

Wind Turbine Gearbox Industry Overview

The wind turbine gearbox market is moderately consolidated. Some of the major companies (in no particular order) include Siemens Gamesa Renewable Energy SA, Dana Brevini SpA, ME Production A/S, Winergy Group, and ZF Friedrichshafen AG, among others.

Wind Turbine Gearbox Market Leaders

  1. Siemens Gamesa Renewable Energy SA

  2. Winergy Group

  3. ZF Friedrichshafen AG

  4. Dana Brevini SpA

  5. ME Production A/S

*Disclaimer: Major Players sorted in no particular order

Wind Turbine Gearbox Market Concentration

Wind Turbine Gearbox Market News

  • In June 2022, Eickhoff Wind Asia, a subsidiary of Gebr Eickhoff Maschinenfabrik u. Eisengießerei GmbH based in Germany, has recently inaugurated its state-of-the-art manufacturing facility near Chennai. This new assembly facility for wind gearboxes enhances Eickhoff's presence and operations in Asia, expanding its geographical footprint. The facility's primary operations involve assembling, storing, and testing gearboxes up to a capacity of 8 MW.
  • In March 2022, SKF introduced innovative advancements in rolling bearing technology that enables the reduction of drivetrain weight, resulting in substantial cost savings and potential power increases. These developments facilitate the possibility of increasing the size of onshore turbines while still adhering to transportation limitations.
  • In February 2022, a German drive specialist, Flender, agreed to acquire Finnish wind turbine gearbox manufacturer, Moventas from investor N4 partners. After progressing into independence last year, the planned acquisition marks the next step in Flender’s growth strategy. Integrating Moventas’ engineering and service capabilities will likely strengthen Flender’s wind drives business under the successful Winergy product brand.

Wind Turbine Gearbox Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. 4.5.1.1 Increasing Adoption of Wind Energy

        2. 4.5.1.2 Growing Investments in Wind Energy

      2. 4.5.2 Restraints

        1. 4.5.2.1 Increasing Penetration of Other Sources of Renewable Energy

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Location of Deployment

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

    2. 5.2 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Rest of North America

      2. 5.2.2 Asia-Pacific

        1. 5.2.2.1 China

        2. 5.2.2.2 India

        3. 5.2.2.3 Japan

        4. 5.2.2.4 Asutralia

        5. 5.2.2.5 Rest of Asia-Pacific

      3. 5.2.3 Europe

        1. 5.2.3.1 United Kingdom

        2. 5.2.3.2 Germany

        3. 5.2.3.3 France

        4. 5.2.3.4 Spain

        5. 5.2.3.5 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Chile

        4. 5.2.4.4 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 United Arab Emirates

        3. 5.2.5.3 South Africa

        4. 5.2.5.4 Rest of Middle East

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Dana Brevini SpA

      2. 6.3.2 Siemens Gamesa Renewable Energy SA

      3. 6.3.3 ME Production AS

      4. 6.3.4 Stork Gears & Services BV

      5. 6.3.5 Winergy Group

      6. 6.3.6 ZF Friedrichshafen AG

      7. 6.3.7 Turbine Repair Solutions

      8. 6.3.8 Elecon Engineering Company Limited

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Energy Storage Integration

**Subject to Availability
You can also purchase parts of this report. Do you want to check out a section wise price list?

Wind Turbine Gearbox Market Research FAQs

The Wind Turbine Gearbox Market size is expected to reach USD 18.33 billion in 2023 and grow at a CAGR of 8.70% to reach USD 27.82 billion by 2028.

In 2023, the Wind Turbine Gearbox Market size is expected to reach USD 18.33 billion.

Siemens Gamesa Renewable Energy SA, Winergy Group, ZF Friedrichshafen AG, Dana Brevini SpA and ME Production A/S are the major companies operating in the Wind Turbine Gearbox Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia Pacific accounts for the largest market share in the Wind Turbine Gearbox Market.

Wind Turbine Gearbox Industry Report

Statistics for the 2023 Wind Turbine Gearbox market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Turbine Gearbox analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Wind Turbine Gearbox Market Report Snapshots

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!