Wind turbine gear oil market size to grow by USD 126.37 million from 2022 to 2027, APAC to account for 55% of market growth, Technavio
NEW YORK, March 20, 2024 /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. In the forecast period, the Asia-Pacific (APAC) region is anticipated to drive 55% of global market growth, as per Technavio analysts. Notably, China, India, Japan, and South Korea emerge as pivotal markets due to substantial wind energy capacity. This surge is propelled by governmental support, particularly in developing nations like China and India. The transition to renewable energy sources, coupled with the presence of prominent vendors, fuels this trajectory. For instance, India's wind power capacity reached 883 MW in 2022, according to the Indian Wind Turbine Manufacturers Association. Additionally, China's unveiling of a 16-megawatt offshore turbine in November 2022 underscores its commitment to innovation. Expectations are high for increased power generation activities, signaling promising growth prospects for the regional market.
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Key Companies
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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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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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.
- The evolution of digital wind farms is a primary trend in the market.
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Analyst Review
The global wind turbine gear oil market is experiencing a significant surge, driven by various factors including the rising demand for renewable energy sources, particularly wind energy, across the globe. As wind turbines play a pivotal role in power generation, the efficiency and durability of their components are paramount. This has led to a growing focus on the lubricants used in wind turbine gearboxes to ensure smooth operation and longevity.
In recent years, there has been a notable shift towards synthetic gear oils over mineral-based oils in wind turbine applications. Synthetic oils offer several advantages such as higher resistance to scuffing, reduced foam formation, and improved heat dissipation. These properties are crucial for maintaining optimal performance, especially in harsh operating conditions. Additionally, synthetic oils typically have a lower pour point, ensuring proper lubrication even in cold climates, which is essential for wind turbines installed in various geographical locations.
The novel coronavirus pandemic has brought about both challenges and opportunities for the wind turbine gear oil market. While the initial disruptions caused by nationwide lockdowns impacted production and distribution, governments' focus on renewable energy and stringent regulations regarding emissions have accelerated the adoption of wind energy. This has bolstered the demand for wind turbine gear oils, presenting lucrative opportunities for manufacturers.
Market scenario analysis indicates a positive outlook for the wind turbine gear oil market, with increasing investments in research and development aimed at enhancing lubricant specifications and extending the life of movable parts such as bearings and gears. Key drivers of market growth include the growing emphasis on renewable energy sources, favorable government policies, and advancements in lubricant technology.
However, certain restraints such as competitive intensity and the adverse effects of friction and corrosion on metal surfaces pose challenges to market players. To mitigate these challenges, companies are focusing on innovative solutions and conducting impact analyses to optimize performance and efficiency.
Porter's five forces analysis reveals the dynamics between buyers, suppliers, and competitive forces within the wind turbine gear oil market. With a strong presence in regions like North America, Europe, and Asia-Pacific, manufacturers are strategically positioning themselves to capitalize on the expanding wind energy market.
In conclusion, the wind turbine gear oil market presents promising opportunities for stakeholders, driven by the growing demand for renewable energy and advancements in lubricant technology. By leveraging investment pockets and addressing key market drivers and restraints, companies can gain a competitive edge and enhance their market share in this evolving landscape.
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Market Overview
In light of the novel coronavirus pandemic and subsequent nationwide lockdowns, the global wind turbine gear oil market witnessed notable fluctuations driven by shifts in production, government regulations, and social distancing measures. Additives such as anti-scuffing and anti-foaming agents are increasingly incorporated into synthetic and mineral-based oils to enhance performance and durability. Manufacturers are focusing on formulations with improved pour points to withstand varying weather conditions. Despite challenges posed by the pandemic, stringent government regulations regarding renewable energy sources have propelled the demand for wind turbine gear oils. As the industry navigates through uncertainties, innovation in product development remains pivotal to meet evolving market dynamics and ensure the sustained growth of the sector.
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Related Reports:
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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
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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