Wind Turbine Bearing Market by Application, Product and Geography - Forecast and Analysis 2023-2027

The wind turbine-bearing market is estimated to grow at a CAGR of 10.82% between 2022 and 2027. The size of the market is forecast to increase by USD 9,287.77 million. The growth of the market depends on several factors, including decreasing levelized cost of electricity of wind energy, favourable government policies, and growth in the wind turbine market. 

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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Wind Turbine Bearing Market During the Forecast Period?

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Wind Turbine Bearing Market: Key Drivers, Trends, Challenges, and Customer Landscape

The decreasing levelized cost of electricity from wind energy is notably driving the market growth, although factors such as the declining cost of solar PV modules may impede the market growth. 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.

Key Wind Turbine Bearing Market Driver

The decreasing levelized cost of electricity from wind energy is notably driving the market growth. Wind energy 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 of wind energy 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 wind turbine 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.

Significant Wind Turbine Bearing Market Trend

The rise in demand for wind turbine bearing with increasing onshore wind power installations is an emerging trend in the market. The wind energy 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 wind farms in the US and a change in policy in China from feed-in tariffs to competitive auctions. Therefore, with the rise in onshore wind capacity installations, turbine installations will also increase proportionally. This, in turn, will propel the demand for wind turbine bearing globally and, in turn, will drive the market in focus during the forecast period.

Major Wind Turbine Bearing Market Challenge

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 vendors in the value chain of the global solar power market. Ongoing developments in energy 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.

Key Wind Turbine Bearing Market Customer Landscape

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.

Global Wind Turbine Bearing Market Customer Landscape

Who are the Major Wind Turbine Bearing Market Vendors?

Vendors 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 company under this segment offers various products such as preset hubs, tapered roller bearings, cylindrical roller bearings, ball bearings, needle bearings, wheel and hub units, and other products. 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 vendors, including:

• AB SKF
• Dalian Metallurgical Bearing Co. Ltd.
• Defontaine SAS
• 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.

Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Parent Market Analysis

Technavio categorizes the global wind turbine bearing market as a part of the global heavy electrical equipment market within the global electrical equipment market. The global heavy electrical equipment market is an important manufacturing market that caters to the needs of the energy sector and other industrial sectors such as power, mining, and oil and gas.  Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

What is the Fastest-Growing Segment in the Wind Turbine Bearing Market?

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 5,985.57 million 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. 

Which are the Key Regions for the Wind Turbine Bearing Market?

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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 energy 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.

In 2020, the COVID-19 outbreak negatively impacted the growth of the market in the region. However, in 2021, due to the availability of vaccines, there was a reduction in COVID-19 cases in the region, which led to an ease in COVID-related restrictions. In India, more than 1.4 GW of wind power was installed in 2021, an increase from 1.1 GW of installations in 2020. Moreover, the supply chain disruptions faced by market vendors eased in 2021, and the demand for wind turbine bearings rebounded to pre-pandemic levels. Thus, the regional market is expected to emerge from the negative impacts of the pandemic during the forecast period. 

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook (USD Million, 2017 - 2027)
  • Onshore
  • Offshore

• Product Outlook (USD Million, 2017 - 2027)
  • GBMB
  • BBYBGB

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

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What are the Key Data Covered in this Wind Turbine Bearing Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the wind turbine bearing market between 2023 and 2027
• Precise estimation of the size of the wind turbine bearing market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of wind turbine bearing market vendors

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