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The global wind turbine-bearing market is forecast to increase by USD 9.29 billion at a CAGR of 10.82% between 2022 and 2027. The market is propelled by various factors, notably the declining levelized cost of electricity associated with wind energy. Additionally, favorable government policies aimed at promoting renewable energy sources contribute to market growth. Moreover, the expanding market further drives the demand for reliable and efficient bearings, essential components in wind turbine systems. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The market is driven by the increasing demand for wind turbines and wind turbine energy plants, which face challenges such as high temperatures, moisture, and load fluctuations. These turbines operate in extreme weather conditions and rely on robust bearings to minimize energy loss and friction. Vital components like rotor shafts and bearings play a crucial role in converting kinetic energy into mechanical energy, ensuring the functionality and efficiency of wind turbines in diverse environments.
This report extensively covers market segmentation by application (onshore and offshore), product (GBMB and BBYBGB), and geography (APAC, Europe, North America, South America, and Middle East and Africa). In the applications segment of the market, bearings play a critical role in ensuring the smooth rotation of turbines, thereby maximizing energy output in wind farms. With the rising demand for renewable energy sources, wind energy technology continues to advance, driving the need for high-quality wind turbine equipment. Leading manufacturers like LYC Bearing and NTN Bearing are at the forefront, providing reliable bearing solutions tailored to the unique demands of wind turbines. These bearings contribute to the efficiency and durability of wind turbine systems, supporting the expansion of wind energy production worldwide.
The market share growth by the onshore segment will be significant during the forecast period. The onshore segment of the global market is primarily driven by the declining levelized cost of electricity (LCOE) of wind power globally. For instance, as of December 2019, wind and solar auctions for new onshore wind projects totalling about 2.2 gigawatts (GW) were sold in the Poland energy auction. In total, 101 projects were successfully bid for the amount of USD 4.28 billion, of which onshore accounted for USD 4.25 billion, corresponding to 2.2 GW.
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The onshore segment was valued at USD 5.98 billion in 2017 and continued to grow until 2021. 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.
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APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in APAC is mainly because of the growing population and improved standard of living. Growing emphasis by countries on adding more renewable energy into their overall mix, owing to high greenhouse (GHG) emissions caused by fossil fuels, is leading to a rise in the adoption of clean energy sources such as wind energy. This has resulted in many new wind installations in the region, which have helped in catering to the growing energy needs.
Increasing GHG emissions in China and India have compelled these countries to shift their focus to renewables such as wind and solar photovoltaic (PV) for power generation and reduce their dependence on fossil fuels for power generation. Initiatives taken by many countries in the region and the pace of their execution indicate an increased readiness to replace fossil fuels with renewables. Governments of these countries are also promoting the large-scale installation of renewables to address the issue of environmental degradation and pollution caused by burning fossil fuels. Both countries have an enormous power consumption base, and the power demand is continuously rising owing to the improved standard of living. These benefits will drive the growth of the regional market during the forecast period.
The market is crucial for sustaining wind energy plants worldwide. They face challenges like high temperatures, moisture, and load fluctuations, necessitating robust bearings to endure extreme weather conditions. Bearings play a pivotal role in converting kinetic energy into mechanical energy, ensuring smooth rotation of rotor shafts despite variable wind speeds. LYC Bearing and NTN Bearing are key players in providing bearings tailored for wind turbine equipment. With advancements in technology, these bearings enhance functionality and minimize energy loss, contributing to the efficiency and reliability of wind farms in harnessing clean and renewable wind energy. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The decreasing levelized cost of electricity from wind energy is notably driving the market growth. It has emerged as one of the cost-effective sources of new electricity generation. Technological advances such as increased hub height, which can result in higher swept areas, and a decline in the total installation costs have driven the growth of the global market. The global weighted average cost of offshore wind installations decreased by one-fifth during 2010-2018, and that of onshore wind installations decreased by more than one-third during the same period. Currently, the cost of generating onshore wind power is similar to the cost of generating power from fossil fuels in many parts of the world. The declining cost of wind turbines, decreasing operating and maintenance costs, the increasing heights of wind infrastructure, the low costs of financing, and the rising supply of turbines are contributing to a decline in the LCOE of wind power generation.
Globally, the decline in the LCOE has made wind power a feasible option for electricity generation for utilities that are seeking to generate power from clean sources of energy. Hence, an increase in the number of such installations across the world is driving the growth of the global market. Additionally, subsidies provided by several governments are encouraging residential and commercial consumers to use small-scale wind turbines. The generation of energy from the wind is also complemented by solar and battery technologies. Therefore, such factors will drive the growth of the global market during the forecast period.
The rise in demand for wind turbine bearing with increasing onshore wind power installations is an emerging trend in the market. This sector is expected to grow significantly with improved environmental policies and the expected deployment of projects, which are currently in the development phase. According to the GWEC, wind power met 10%-15% of the global electricity demand in 2021, which is further expected to increase by more than 20% by the end of 2030. Also, various nations, such as India, Brazil, Sweden, and Canada, have been adding onshore wind turbine capacity. Thus, the increasing onshore wind power installations will drive the growth of the market in focus during the forecast period.
According to the IEA, onshore wind capacity is expected to grow by 57% to 850 GW by the end of 2024, which accounts for 50%-60% of current installations. In 2020, onshore wind capacity additions reached 60 GW, owing to the development of these farms in the US and a change in policy in China from feed-in tariffs to competitive auctions. Therefore, with the rise in onshore capacity installations, turbine installations will also increase proportionally. This, in turn, will propel the demand globally and, in turn, will drive the market in focus during the forecast period.
The declining cost of solar PV modules is a major challenge impeding the market growth. Since the past decade, there has been a rise in the generation of power using solar PV. Solar PV has become one of the inexpensive sources of electricity generation owing to factors such as an increase in the scale of production of components and intense competition among companies in the value chain of the global solar power market. Ongoing developments in the storage systems are also driving the use of solar power.
The Solar Energy Technologies Office (SETO) of the US DOE launched the SunShot Initiative in 2011 to reduce the cost and increase the adoption of solar-powered electricity. For 2030 the cost of the solar PV system was reduced by 50% from that in 2020. Furthermore, subsidies and incentives such as FiTs and renewable portfolio standards provided by several governments are encouraging residential and commercial consumers to install solar PV. These factors are expected to increase the adoption of solar PV power, which is a major alternative to wind power, during the forecast period. Hence, a decline in the LCOE of solar PV across the world may hamper the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Fersa Bearings SA - The key offerings of the company include wind-turbine bearings.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market plays a critical role in the efficient operation of wind turbine energy plants, particularly in challenging environments characterized by high temperatures, moisture, and extreme weather conditions. Bearings withstand load fluctuation and friction while converting kinetic energy into mechanical energy along rotor shafts. Ensuring smooth rotation despite variable wind speeds, these bearings exhibit robust functionality under extreme conditions and high loads. Leading manufacturers like NTN Bearing, Timken Company, and Kaydon Corporation provide cutting-edge wind turbine equipment, including bearings from companies like Rothe Erde Company, Xibei Bearing, and Rollix, leveraging advanced technology to enhance turbine performance and reliability in the renewable energy sector.
The market addresses crucial challenges such as energy loss and meets the rising demand for electric generators to fulfill household electricity requirements while reducing carbon dioxide emissions. High-capacity bearings and smart industrial bearings drive technological advancement, enabling efficient energy production even in emerging economies. Despite the cost of production and initial investment, advancements in manufacturing processes lead to improved affordability. However, the sector faces concerns regarding the threat to wildlife habitat, necessitating stringent wind energy policies. Specialized bearings like slewing ring bearings and spherical roller bearings support critical components such as the main shaft and ensure smooth operation in the off-shore segment.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.82% |
Market growth 2023-2027 |
USD 9.29 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.45 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 61% |
Key countries |
US, China, India, Germany, and Spain |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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