The Wind Turbine Bearings market was valued USD 5.5 Billion in 2021 and is projected to reach USD 11 Billion by 2027, growing at a CAGR of 11.7% during the forecast period 2021 to 2027.
Onshore Wind Turbine Bearings, one of the segments analyzed in the report, is projected to record 10.9% CAGR and reach US$8.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Offshore Wind Turbine Bearings segment is readjusted to a revised 14.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 15.2% CAGR
The Wind Turbine Bearings market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.4 Billion by the year 2027 trailing a CAGR of 15.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.2% and 10.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9.1% CAGR.We bring years of research experience to this 8th edition of our report. The 179-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Growth Factors
There exists a pressing need to find an alternative source of energy considering the ever increasing demand for energy and depletion of natural resources such as fossil fuels, natural gas, coal, and wood. The need for energy can be met through a sustainable and renewable source of energy. Wind energy can be classified as a form of solar energy. It can be described as the process by which wind is used to generate electricity or mechanical power. Wind turbine, similar to propeller blades of aircraft, rotate with the help of the moving air, and converts the kinetic energy into mechanical power. This mechanical power can be used for various purposes. For instance, it can be used for household electricity requirements or to power an electric generator.
Wind turbine is a proven technology that generates power. It is acknowledged as a clean and environmental friendly technology; it does not emits carbon dioxide. Demand for components and parts associated with wind turbine has been rising considering the increase in the number of wind installations across the globe. Bearing is one such important component of wind turbine. Wind turbine bearings are designed to withstand extreme temperatures, load fluctuations, maintenance access and lubricant optimization. Bearing are designed taking into account their reliability, operating efficiency, and application suitability. For instance, the fiberglass used in turbine blades is particularly heavy and entails complex manufacturing processes.
The wind turbine bearing market is driven by factors such as large number of wind installation projects, developments and innovation in the field of wind power generation, and increase in demand for efficient wind turbine components and parts. Rise in demand for power generation in emerging economies, especially China and India, are the key factors driving the wind turbine bearing market. The cost of wind power generation has decreased significantly over the years; however, the technology associated with it mandates high initial investment. Additionally, intricate and complex manufacturing methods, environmental concerns such as noise produced by the rotor blades, and threat to wildlife habitat such as birds and bats due to the rotation of blades are some of the factors likely to hamper the wind turbine bearing market in the near future.
Based on application, the wind turbine bearing market can be segmented into gearbox (spherical roller bearings, cylindrical roller bearing, metric tapers, radial bearings, and angular contact bearings), main shaft (spherical, cylindrical, and tapered), electric generator (hybrid and electrically insulated radial ball bearings), rotor bearing (cylindrical/spherical thrust roller), and rotor pitch (slew rings). In terms of end-user, the wind turbine bearing market can be classified into residential, commercial, and industrial. The industrial segment can be further divided into agriculture, power generation, industrial automation, and telecommunication. Industrial is the major end-user of wind turbine bearings; it accounts for key share of the wind turbine bearing market.
In terms of region, North America is the major market for wind turbine bearings, led by the shift toward the usage of wind and solar energy in order to comply with carbon emission standards and lower dependence on fossil fuels. The wind turbine bearing market in Europe and Asia Pacific is expected to expand significantly during the forecast period, driven by the federal wind energy policies and increase in government initiatives that support wind turbine installation.
Market Segmentation
By Product
By Application
End-user
Competitive Landscape:
The report provides a list of all the key players in the Wind Turbine Bearing market along with a detailed analysis of the strategies, which the companies are adopting. The strategies mainly include new product development, research, and development, and also provides revenue shares, company overview, and recent company developments to remain competitive in the market.
The Wind Turbine Bearing key manufacturers in this market include:
The Wind Turbine Bearing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wind Turbine Bearing market for the base year 2021 and the forecast between 2021 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wind Turbine Bearing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wind Turbine Bearing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wind Turbine Bearing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wind Turbine Bearing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wind Turbine Bearing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wind Turbine Bearing market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wind Turbine Bearing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wind Turbine Bearing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wind Turbine Bearing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Wind Turbine Bearing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wind Turbine Bearing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wind Turbine Bearing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wind Turbine Bearing market. These factors have benefited the growth of the global market for Wind Turbine Bearing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wind Turbine Bearing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Wind Turbine Bearing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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