The report forecasts the global wind turbine gear oil market to grow at a CAGR of 13.1% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend boosting market growth is the digitization in gear boxes. Gearbox failure accounts for a high percentage of wind turbine failures. The cost of replacing a gearbox for a 5-MW wind turbine is approximately $628,000. The one component within gearbox whose performance can be improved is gear oil. Wind turbine manufacturers are paying attention to preventive and proactive maintenance rather than reactive maintenance. Gearboxes are installed with filters, probes, and sensors to monitor the properties of gear oil, such as viscosity, temperature, thickness, and contamination among others. Condition monitoring programs are specially applied for offshore turbines, as the cost of reactive maintenance is high.
According to the report, a key growth driver is the increased number of global wind energy installations. Global energy consumption has been increasing with industrialization and development in various countries. From 8.59 trillion kWh in 2000, global electricity consumption rose to 14.80 trillion kWh in 2013, growing at a CAGR of 4.2%. This demand was mostly compensated using coal-based power generation. However, the issue of greenhouse gas emissions, associated with the use of fossil fuels, has forced countries to explore alternate, renewable energy options to produce power. Also, many countries depend on the import of fossil fuels for power production, thereby leading to dependence upon multiple nations for energy security.
What will the market size be in 2020 and what will the growth rate be?
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What is driving this market?
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Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
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