Global Wind Turbine Bearing Market 2016-2020
Bearings are machine elements used to reduce energy loss caused by friction in the rotary parts of a broad range of equipment and machinery. There are several types of bearings such as ball bearings, roller bearings, plain bearings, and others. Technological advances and the growing need to address energy efficiency in a range of applications are leading to a continuous improvement in bearing designs. Therefore, the prospects for market growth of bearings are closely linked to the growth in production of high-performance industrial equipment and machinery.
Technavio’s analysts forecast the global wind turbine bearing market to grow at a CAGR of 12.61% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global wind turbine bearing market for 2016-2020. To calculate the market size, the report considers the average price of bearings.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wind Turbine Bearing Market 2016-2020
Technavio recognizes the following companies as the key players in the global wind turbine bearing market: Dalian Metallurgical Bearing, SKF, Timken, TMB, and ZWZ.
Other Prominent Vendors in the market are: IMO, Liebherr, NSK, NTN Bearing, Rollix, Rothe Erde, and Schaeffler.
Commenting on the report, an analyst from Technavio’s team said: “The demand for power is constantly increasing across the world. The growth in population and the global economy is expected to drive this trend in the future as well. According to the UN, the global population is expected to increase from 6.7 billion in 2011 to 8.7 billion by 2035. In addition, according to the International Energy Agency (IEA), global demand for power is forecast to increase from 19,004 TWh in 2011 to 34,454 TWh by 2035. Thus, to sustain this economic growth in the face of population rise and increasing development would require substantial amounts of power.”
According to the report, increase in rotor diameter will be a key driver for market growth. Unlike conventional power plants, wind energy generation is highly dependent on meteorological conditions, especially wind speed. The maximum energy that can be harnessed by a wind turbine is roughly proportionate to the swept area of the rotor. Technological advances and blade design are the main factors leading to increase in wind turbine output and capacity. By just doubling the rotor size or diameter, the power output increases fourfold.
Further, the report states that during the forecast period, the turbines are expected to undergo more R&D, which will also be backed by the expected increase in offshore wind capacity. However, this would pose a challenge for the wind turbine bearing market, especially for the cylindrical roller and spherical roller bearings that are the most commonly used type in gearbox applications. With technological advances and the rise in R&D expected to increase the demand for direct-drive turbines, their use will hinder the growth of the global wind turbine bearing market.
Dalian Metallurgical Bearing, SKF, Timken, TMB, ZWZ, IMO Liebherr, NSK, NTN Bearing, Rollix, Rothe Erde, and Schaeffler.