Europe's Wind Turbine Gearbox Repair & Refurbishment Market to Exhibit an 8.17% CAGR During 2020-2027 - Aided by Increased Demand for Clean & Renewable Energy, Reduction in Costs of Wind Technology
DUBLIN, March 18, 2020 /PRNewswire/ -- The "Europe Wind Turbine Gearbox Repair & Refurbishment Market Outlook & Projections, 2019-2027" report has been added to ResearchAndMarkets.com's offering.
The Europe wind turbine gearbox repair and refurbishment market was valued at USD 3,876.34 million in the year 2018 and is anticipated to grow at a CAGR of 8.17% over the forecast period i.e. 2020-2027.
Factors such as reduction in the costs of wind technology over the past few years which have aided the growth in establishment of wind farms across the region which are helping the companies that are engaged in generation of power to avail access to such technology at concessional rates, increased demand for clean and renewable energy in the region and government support obtained by industry for setting up wind farms which are anticipated to drive the growth of the market over the next decade.
According to the statistics by Wind Europe, new offshore wind investments in Europe in the year 2016, 2017 and 2018 was USD 19.85 bn, USD 7.89 bn and USD 12.34 bn respectively.
The market is segmented on the basis of product into main gearbox and yaw and pitch gearbox. The main gearbox falling under product segment is projected to reach USD 4,918 million by 2027 at a CAGR of around 8% over the forecast period. Some of the factors that are estimated to contribute to the growth of the market are its features that help to maintain turbine rotational speed as well as the speed of generator for optimization and power limitation.
A new gearbox had been introduced into the market by Brevini Wind for a wind turbine range that starts from 0.9 MW to 3.5 MW. The lower cost of maintenance, apart from the solutions offered by Brevini's gearbox that is 75% lower than the previous solutions.
The gearbox failure is segmented into planetary stage bearing, intermediate stage bearing and high-speed stage bearing. The planetary stage bearing is estimated to register a market value of around USD 4,100 million by 2027 by growing at a CAGR of 8.53% during the forecast period, owing to the planetary gearboxes having the capability to survive harsh loading. Moreover, another factor being the capacity of planetary gear damage to affect the gearbox life in wind turbines is anticipated to raise the demand for planetary stage bearing over the forecast period.
The Europe wind turbine gearbox repair and refurbishment market is projected to grow significantly, owing to demand for energy and power across the region growing at a rapid rate over the last decade and the importance of protecting environment becoming a major factor in the region, that has driven several nations across the region to adopt renewable energy sources such as wind power and few others. The growing number of windmills being set up across the region is predicted to drive the demand for gearbox.
Gearbox would be subject to many variations and may even fail during the time of operation. This would require steps to be taken quickly to set right the failure, which could even lower the productivity of the generator in the absence of an immediate remedy.
Moreover, green energy has been growing in the region which is predicted to improve the growth opportunities in the green market that is expected to make available several opportunities for growth of the repair and refurbishment of wind mills. In 2018, the wind mills power capacity that had been installed in Europe was higher as compared to other sources of power generated in the region.
Apart from that, wind power had contributed close to 48% of total power capacity that has been installed in the region. All these factors are predicted to drive the growth of the market in the coming years.
Some of the key industry leaders in the Europe wind turbine gearbox repair and refurbishment market are Dana Vindkraft, Siemens Gamesa Renewable Energy S.A., ME Production A/S, Stork-FDO Wind Energy Systems B.V., Winergy Group, ZF Friedrichshafen AG, Turbine Repair Solutions, A/S Grenaa Motorfabrik and Enercon GmbH.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
1.3. Product Overview
2. Assumptions and Abbreviations
3. Research Methodology
3.1. Research Objective
3.2. Secondary & Primary Research
4. Executive Summary
5. Industry Value Chain Analysis
6. Wind Turbine Gearbox Inspection Outlook
6.1. Inspection Methods
- Borescope
- Vibrational Analysis
- Oil Sampling
- Rotor Imbalance Measurements
6.2. Inspection Standards
7. Regulatory Landscape
7.1. Renewable Obligation Certificate
8. Analysis of Market Dynamics
8.1. Growth Drivers
8.2. Key Trends
9. Key Market Opportunities
10. Major Roadblocks for Market Growth
11. Demand-Supply Outlook
11.1. Demand Risk Analysis
11.2. Supply Risk Analysis
12. Europe Wind Turbine Gearbox Repair and Refurbishment Market Outlook
12.1. Market Size and Forecast, 2018-2027
12.2. Europe Wind Turbine Gearbox Repair and Refurbishment Market Segmentation, 2018-2027
Companies Mentioned
- Dana Ltd.
- Siemens
- ME Production
- Stork
- Winergy Group
- ZF Friedrichshafen AG
- Turbine Repair Solution
- Grenna Motorfabrik
- Enercon GmbH
For more information about this report visit https://www.researchandmarkets.com/r/1hkudj
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