Market Size of Wind Turbine Gearbox Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 19.92 Billion |
| Market Size (2029) | USD 30.24 Billion |
| CAGR (2024 - 2029) | 8.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine Gearbox Market Analysis
The Wind Turbine Gearbox Market size is estimated at USD 19.92 billion in 2024, and is expected to reach USD 30.24 billion by 2029, growing at a CAGR of 8.70% during the forecast period (2024-2029).
- Over the medium term, factors such as growing demand for wind energy and increasing investment in wind energy projects are expected to be one of the most significant drivers for the wind turbine gearbox market during the forecast period.
- On the other hand, increasing penetration of other sources of renewable energy such as solar, hydro and others. This poses a threat to the wind turbine gearbox market during the forecast period.
- Nevertheless, energy storage integration with wind energy and ambitious wind energy tsrgets acrossb the globe are significant factors expected to create several opportunities for the 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.
