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The wind turbine gear oil market size is estimated to grow at a CAGR of 5.95% between 2022 and 2027. The market size is forecast to increase by USD 126.37 million. The growth of the market depends on several factors such as the growth in the wind turbine market, the decline in the installed cost of wind power systems, and favourable government policies.
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The evolution of digital wind farms is a key trend in the market. A digital wind farm is a recent innovation, consisting of hundreds of wind turbines stretching for hundreds of miles. Through continuous and frequent data collection by the software component of the digital wind farm, users can gain insights and predict future outcomes. For instance, General Electric (GE) offers this option and helps provide numerous digital wind farm solutions for the optimization of operations and greater asset performance.
Moreover, digital wind farms utilize digital twin technology that allows mixing and matching up to 20 different turbine configurations to create the most effective wind turbine. General Electric offers this technology to boost its overall output production by 20% through optimization of performance derived from data-driven insights. Moreover, they are compatible with any wind turbine model and can be used to identify any gearbox damage early. Hence, their advantages help design efficient turbines, which are likely to drive market growth during the forecast period.
The synthetic gear oil segment is estimated to witness significant growth during the forecast period. Synthetic gear oil is derived from specific chemical reactions of synthetic base oils and additives at precise pressures and temperatures. They have a stable density even during fluctuating temperatures as it has a uniform molecular size. It is primarily used as a lubricant and lasts longer and requires lower maintenance costs than mineral gear oils for wind farm operators. Other advantages include high thermal and oxidation resistance, high viscosity index, improved low-temperature properties, and lower evaporation losses.
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They are one of the most effective industrial lubricants and can help withstand varying loads and harsh environmental conditions. Moreover, they are also safe and environment-friendly. Additionally, in the case of unexpected lightning strikes, malfunctioning generator sets, and other electrical and mechanical system failures in wind turbines, they help by preventing ignition. Hence the above factors are likely to the growth of this segment of the market during the forecast period.
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APAC is estimated to contribute 55% 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.
In the APAC region, China and India, Japan, and South Korea are some of the largest markets due to high cumulative wind energy capacity. This is directly related to the increasing adoption of wind energy as a source of power generation primarily due to numerous government initiatives, especially in developing countries like China and India. The shift towards renewable energy production and the presence of numerous large-scale vendors are greatly responsible for this trend. For instance. in 2022, India has a total wind power installed capacity of 883 MW as per Indian Wind Turbine Manufacturers Association statistics. In November 2022, China developed a 16-megawatt offshore wind turbine that boasts the world's highest unit efficiency. Hence the rising number of power generation activities is predicted to boost the growth of the regional market during the forecast period.
The COVID-19 outbreak negatively impacted the renewable power sector which in turn had a direct impact on the demand for wind turbine gear oil in the region in 2020. However large-scale vaccination drives and easing of COVID-19 restrictions helped the demand for wind turbine gear oil to rebound. Hence, the above factors are likely to boost regional market growth during the forecast period.
The growth in the wind turbine market is driving the market growth. Wind turbine gear oil is primarily used as a lubricant for wind turbine gearboxes. Hence the growth in the wind turbine gear oil market is greatly influenced by the wind turbine market, which is expected to witness steady growth during the forecast period. In fact, as per the GWEC, the global wind energy capacity is predicted to reach 557 GW by 2026, due to a greater number of annual wind energy capacity installations.
Moreover, global offshore wind energy capacity is expected to grow to 31.4 GW in 2026 and global onshore wind energy capacity is expected to reach 466 GW in 2026. Key regions of growth for the wind turbine market include North America, the Middle East and Africa, and Latin America. Hence increasing wind energy capacity and a greater number of wind turbine installations will result in greater demand for wind turbine gear oil and boost market growth during the forecast period.
The threat from alternative energy sources is challenging market growth. Fossil fuels with a market share of 77% are still the predominant energy source used in various countries due to abundant fossil fuels. Despite, China, the US, and India being promising markets for the wind turbine market, various factors limit the scope of this market. Setting up a renewable energy farm for power production is not yet cost-effective and involves large capital investments while fossil fuel output is cheaper and more reliable.
However, there is a global shift towards renewable sources of energy, with solar power generation being preferred. This increased adoption of solar energy is observed by the rising number of solar PV projects. Additionally, this trend has urged R and D investments to further improve solar technology and reduce costs, posing a threat to the wind turbine market and hence the wind turbine gear oil market. The high costs associated with setting up wind energy turbines for power generation, including the initial investment and the large coal reserves of various countries are some other factors that will hamper market growth during the forecast period.
The market research 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 Gear Oil 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.
AMSOIL Inc. - The company offers wind turbine gear oil, namely Amsoil PTN 320 Gear Lubricant.
The research 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 wind turbine gear oil market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Wind Turbine Gear Oil Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.95% |
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Market growth 2023-2027 |
USD 126.37 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.87 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 55% |
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Key countries |
US, China, India, Germany, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Afton Group, AMSOIL Inc., BP Plc, Chevron Corp., Croda International Plc, Exxon Mobil Corp., FUCHS PETROLUB SE, HollyFrontier Corp., Intertek Group Plc, Kluber Lubrication Munchen SE and Co. KG, Lubrita Europe BV, Neste Corp., PETRONAS Lubricants International, RAG Stiftung, Sage Oil Vac, Schaeffer Manufacturing Co., Shell plc, The Lubrizol Corp., and TotalEnergies SE |
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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, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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