(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Wind Turbine Gearbox Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wind Turbine Gearbox Market products.
The Wind Turbine Gearbox Market is anticipated to grow at a notable CAGR over the forecast period on the back of the growing demand for renewable energy from several end user industries, which according to the statistics by the International Renewable Energy Agency (IRENA), reached 2,532,866MW in the year 2019 from 1,223,533MW from the year 2010. Renewable energy is used nowadays in almost each and every industry on the back of the growing concern for the environment and the stringent norms by the government for environmental pollution.
Market analysis
The wind turbine gearboxes are the important components in the wind turbines that helps in increasing the turbine rotational speed. Producers are rapidly changing their plans of gearbox to build its resistance as indicated by stacking and ecological conditions. The market is driven by expanding energy utilization demand on a global basis. Investments made in the wind turbines for accumulating energy inferable from its cost-effectiveness and energy productivity is anticipated to goad the market development over the estimated time frame. Additionally, government support for sustainable power source ventures can positively affect the market. This is substantiated by low wind power generation and appealing returns guaranteed by onshore wind ventures. The Global Wind Turbine Gearbox Market is anticipated to grow at a 6.46% CAGR, during the forecast period 2019 to 2025.
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Market segmentation
The global wind turbine gearbox market is classified on the basis of its type, application, installation type, capacity and regional demand. By type, the market is classified into yaw gearbox, main gearbox, and others. Based on its application, the market is sectioned into onshore and offshore wind power. On the basis of its installation type, the market is bifurcated into replacement and new. Based on its capacity, the market is again divided into 1.5 MW-3 MW, up to 1.5 MW, and over 3 MW.
Regional analysis
Geographically, the global wind turbine gearbox market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Major players
China High Speed Transmission Equipment Group Co. Ltd. (China), Siemens Gamesa Renewable Energy S.A. (Spain), Winergy AG (Germany), ZF Friedrichshafen (Germany), Chongqing Gearbox Co., Ltd. (China), Eickhoff Antriebstechnik GmbH (Germany), and others are some of the major players operating in the global wind turbine gearbox market.
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Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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