NEW YORK, Sept. 12, 2023 /PRNewswire/ -- The wind turbine gear oil market size is expected to grow by USD 126.37 million from 2022 to 2027. In addition, the momentum of the market will be progressing at a CAGR of over 5.95% during the forecast period, according to Technavio's Research. APAC is estimated to contribute 55% to the growth of the global market during the forecast period. In the APAC region, China, India, Japan, and Korea are the key markets due to their high cumulative wind power capacity. This is directly related to the rising use of wind energy as a source of electricity generation, mainly due to many government initiatives, especially in developing countries such as China and India. The shift to renewable energy generation and the presence of large-scale suppliers are the main drivers of this trend. Hence, the increasing number of power generation activities is expected to drive the growth of the regional market during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read PDF Sample Report
Company Profile:
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
AMSOIL Inc. - The company offers wind turbine gear oil, namely Amsoil PTN 320 Gear Lubricant.
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Wind Turbine Gear Oil Market: Segmentation Analysis
- The synthetic gear oil segment is estimated to witness significant growth during the forecast period. For the operators of wind farms synthetic gear oil is mainly applied as a lubricant, which will last more and require less maintenance compared to mineral oils. The advantages of increased resistance to heat and oxidation, high viscosity index, enhanced low-temperature properties as well and reduced evaporation losses can also be seen. Hence these factors are anticipated to drive the growth of the segment in the market during the forecast period.
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"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Wind Turbine Gear Oil Market: Market Dynamics
Key Driver
The growth in the wind turbine market is the key factor driving the growth of the market. In 2026, it is estimated that the world's offshore wind capacity will increase to 31.4 gigawatts, and its worldwide installed renewable energy capacity will rise to 466 gigawatts. The North American, Middle East, and Africa areas as well as Latin America are major regions of growth for the wind turbines market. The increased demand for wind turbine gear oil and market growth will, therefore, be driven by an increase in the installed capacity of wind power plants, as well as a rise in the installation of wind turbines during the forecast period.
Leading Trend
The evolution of digital wind farms is a primary trend in the market. Digital wind farms use digital twin technologies that allow up to 20 different turbine configurations to be combined and matched for the most efficient turbines. Furthermore, digital wind farms are compatible with all wind turbine models and can be used for the identification of any gearbox damage at an earlier stage. Therefore, these advantages should help to develop efficient wind turbines that are expected to drive market growth during the forecast period.
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What are the key data covered in this wind turbine gear oil market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the wind turbine gear oil market between 2022 and 2027.
- Precise estimation of the wind turbine gear oil market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the wind turbine gear oil market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of wind turbine gear oil market companies.
Table of Contents
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 Company Landscape
12 Company Analysis
13 Appendix
About Technavio
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SOURCE Technavio
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