Market Trends of Wind Turbine Gearbox Repair and Refurbishment Industry
This section covers the major market trends shaping the Wind Turbine Gearbox Repair & Refurbishment Market according to our research experts:
Repair Segment to Witness Highest Growth Rate
- Gearbox is one of the more critical components in wind turbines that are prone to cause complications. The costs for gearbox repair, and the costs incurred by production losses owing to non-functioning gearboxes, constitute a large share of the expenses of operating a wind power plants.
- Even though the reliability of gearboxes has significantly increased in recent years owing to technological advancements, there is a growing demand for gearbox repairs by the wind farm operators owing to the wind-turbine fleet is getting larger, particularly in the offshore wind farms.
- On an average, one per 145 turbines in operation are estimated to report gearbox failure each year.With operation and maintenance (O&M) costs representing about a quarter of total-life costs for wind power plants in operation, keeping gearboxes maintained and working through constant repair activities, remains crucial to the successful and profitable running of any wind power project.
- Therefore, increasing annual wind-turbine installations, and growing demand for gearbox repairs by the wind farm operators are expected to drive the market during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the promising markets for wind turbine tower in the coming years, on account of the favorable government policies and new installations in the countries.
- As of March 2018, China accounted for the largest wind power generation capacity in the world. Wind energy accounted for around 5% of the total power generated in the country during 2018.
- The country's wind infrastructure has increased by about 182.48 GW in the past 10 years. As the country's wind infrastructure was developed majorly in the past few years, the demand for wind turbine gearbox repair & refurbishment market is expected to grow rapidly in the coming years.
- As of 2018, India holds the fourth largest wind power installed capacity in the world. These projects are majorly spread in the Northern, Southern and Western parts of the country.
- As of 2018, the country total wind installation capacity has reached around 35,129 MW, after the addition of 2,191 MW of new wind installed capacity in 2018.
- Owing to the rapidly growing installed base in Asia-Pacific and shifting service strategies of Chinese and Indian asset owners, which are expected to provide a significant growth opportunities for the wind turbine gearbox repair and refurbishment market over the next decade.
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