Wind turbine bearing market size to grow at a CAGR of 10.82% by 2027: Growth opportunities led by AB SKF and Dalian Metallurgical Bearing Co. Ltd, Technavio

NEW YORK, Feb. 28, 2024 /PRNewswire/ -- The wind turbine bearing market size is forecast to increase by USD 9,287.77 million from 2022 to 2027, at a CAGR of 10.82%, according to the recent market study by Technavio. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 9,712.10 billion. The growth of the market will be driven by the decreasing levelized cost of electricity of wind energy, favorable government policies, and the growth in the wind turbine market. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including AB SKF, Dalian Metallurgical Bearing Co. Ltd., Defontaine SAS, Fersa Bearings SA, Groupe Legris Industries, ILJIN Co. Ltd., IMO Holding GmbH, JTEKT Corp., Liebherr International AG, LYC Bearing Corp., NRB Bearings Ltd., NSK Ltd., NTN Corp., Schaeffler AG, Scheerer Bearing Corp., TFL BEARINGS Co., Ltd., The Timken Co., thyssenkrupp AG, Wafangdian Guangda Bearing Manufacturing Co., Ltd, and Zhejiang Tianma Bearing Group Co. Ltd. To get detailed insights about inclusions and exclusions, buy the report

Key benefits for Companies

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. Expand operations in the future - To get requisite details, ask for a custom report.

The market is segmented by segment application (onshore and offshore), product (GBMB and BBYBGB), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Segmentation by application (Inclusion/Exclusion)

• Onshore 
• Technological innovations have increased the commercialization of onshore wind generation. According to the Global Wind Energy Council (GWEC), globally, 46.8 GW of onshore wind capacity was added in 2018. In addition, 75% of the new installations were in the top five countries, China, the US, Germany, India, and Brazil (in the same order). The new installations were facilitated by support mechanisms such as feed-in tariff (FiT) and production tax credit (PTC), as well as other market-based mechanisms, including tenders, auctions, and green certificates. Furthermore, favorable regulatory policies to promote onshore wind power development will augment the growth of the onshore segment of the global market during the forecast period. Thus, owing to such factors the segment is expected to grow during the forecast period. 

Analyst Review

The Wind Turbine Bearing Market is experiencing robust growth owing to various factors, including the rising global population and escalating energy consumption. As the world increasingly pivots towards sustainable renewable energy sources, wind turbines have emerged as a pivotal component in this transition. Wind turbines harness kinetic energy from wind and convert it into mechanical energy through rotating components such as blades and main shafts. These turbines utilize high-capacity bearings and smart industrial bearings to withstand high temperatures, moisture, load fluctuation, and extreme weather conditions.

Governments and organizations worldwide are implementing policies to promote wind energy projects and investments in green energy development, fostering the expansion of wind installation projects, particularly in emerging economies. Despite initial investments and manufacturing costs, technological advancements have led to more efficient manufacturing processes, reducing the overall cost of production.

However, challenges such as noise pollution, threat to wildlife habitat, and the need for stringent wind energy policies persist. Slewing ring bearings, spherical roller bearings, and other specialized bearings are crucial in mitigating friction and supporting axial and radial loads in wind turbines, ensuring optimal performance and longevity.

Pitch and yaw locations play a critical role in maximizing power generation efficiency, while continuous innovation in bearing technology, including the development of high-capacity and smart industrial bearings, further enhances reliability and performance. With the on-shore segment dominating the market, the wind turbine bearing market is poised for sustained growth, contributing significantly to the global shift towards renewable energy sources and reducing carbon dioxide emissions. Download The Sample Report

Related Reports:

• The wind turbine decommissioning services market share is expected to increase to USD 583.14 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.46%. Furthermore, this report extensively covers the market segmentation by application (onshore and offshore) and geography (Europe, North America, APAC, Middle East and Africa, and South America).
• The wind turbine generator market share is expected to increase to USD 9.46 billion from 2021 to 2026, at a CAGR of 4.86%. Furthermore, this market research extensively covers segmentation by application (Onshore and offshore), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

Table of Contents:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio