The wind turbine gearbox market increased at a compound annual growth rate (CAGR) of 19% over the last five years, growing from 9,075 gearbox installations in 2006 to 21,192 in 2011.
However, an increase in average turbine size and growing prominence of direct drive systems is expected to result in a decline in turbine installations with gearboxes over the next decade, from present levels to 12,662 by 2020.
Renewable energy generation simplifies its technology, as wind installations begin to reject gearboxes in favor of the good-old direct drive turbines.
A gearbox allows the generator's internal shaft to spin 50-250 times for each rotation of the turbine blades, and provides advantages including low noise levels and high efficiency. However, drawbacks include a high level of maintenance and low reliability.
The recent rapid growth of the wind turbine gearbox market is expected to bring forth opportunities as well as challenges for the key players in the market. The world's leading gearbox manufacturers for wind energy industry were found to closely monitor competitive activities in an attempt to navigate the landscape more efficiently and garner higher market share.
In virtually every respect, these producers are seeking to establish a tangible competitive advantage in the marketplace through the implementation of innovative strategies and creative product development capabilities.
The global wind turbine gearbox market is dominated by Winergy and China High Speed Transmission Equipment, who combined accounted for a 52% share of global wind turbine gearbox production in 2011.
Winergy leads global wind turbine gearbox production, accounting for a 27% share, followed closely by China High Speed Transmission Equipment with 24.5%. Hansen Transmissions International is the third largest company in the world with a 12% share, followed by Bosch Rexroth with 5.7%. Moventas and Gamesa Corporacion Tecnologica account for respective shares of 4.8% and 4.7%.
The average cost of a gearbox unit is expected to decline by 2020, due mainly to technological improvements made to gearbox equipment. Against this backdrop, the wind turbine gearbox market is expected to hit a value of $8.1 billion by 2020, showing a total CAGR of 1.8% between 2006 and 2020.
For more information on the wind turbine gearbox market, see the latest research: Wind Turbine Gearbox Market
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