Market Size of Wind Turbine Gearbox Repair and Refurbishment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.53 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wind Turbine Gearbox Repair & Refurbishment Market Analysis
The global wind turbine gearbox repair and refurbishment market is expected to grow at a CAGR of approximately 3.53% during the forecast period of 2020- 2025. With rising number of aging wind turbines, the demand for the gearbox repair and refurbishment services is expected to drive the market. However, the improving design of gearbox and increasing use of the direct drive turbines are expected to restrain the gearbox repair and refurbishment market during the forecast period.
- With the increasing installation of wind turbines across harsher conditions, the demand for gearbox repair, which ranks amongst the highest in terms of average repair time and average costs required amongst all component type, is expected to witness increased demand, to maintain operational efficiency
- China's power industry is facing problems related to over-production caused by rapid addition of power generation capacity, which is putting an extra load on the national grid. As a result, most of the wind farms in China are forced to produce less than the capacity and some of the wind farms are even forced to remain idle. Owing to remaining idle, wind turbines haven't been inspected regularly and hence, are expected to require significant maintenance services, including gearbox maintenance, to restart the production, which in turn, is expected to drive the market.
- Asia-Pacific dominated the market across the globe in 2018, with majority of the demand coming from China and India.
