Asia Pacific Wind Turbine Bearings Market - Growth, Trends, and Forecast (2018 - 2023)
Demand for wind turbines has been increasing, due to the rise in the number of wind turbine installations across the world. It permits the positioning of one part with respect to another in such a way that relative movement is possible, coming into play in different parts of the turbine. Wind turbine bearings are intended to withstand extraordinary temperatures, load fluctuations, support access, and grease enhancement. Developments and improvement in the field of wind power generation, vast number of wind installation projects and rise in demand for effective wind turbine component are driving the wind turbine bearings market. The wind power target in India, one of the major wind energy markets in Asia-Pacific region, is 60 gigawatt by the end of 2022, which would provide huge impetus to the wind turbine bearings market. The other factors, such as adoption of Industrial Internet of things based smart bearings, increment in government activities and policies worldwide to support installation of wind turbines, increment in application of high capacity bearing in wind turbines, rise in energy consumption, will propel the demand for the wind turbines bearings market, during the forecast period.
Increase in Wind Installation Projects worldwide
Clean energy generation is of primary focus in the Asia-Pacific countries, which has led to formulation of national policies to exploit renewable energy resources. The wind power capacity in Asia-Pacific stood at around 190 gigawatt by the end of 2016, and more projects are being developed in the region. China’s national energy administration set a required clean energy target for meeting 20% of China’s energy needs by 2030. The strategic initiative to drive the wind power sector would promulgate the wind turbine bearings market.
China is the Largest Market
China is the largest wind energy producer in the Asia-pacific region. It added 33 gigawatts (GW) of wind capacity in 2015, which represented 86.5% of APAC wind addition. The national wind energy policy has opened up an area of immense potential and opportunities. In the next 10 years, China is expected to install an annual average of more than 25 GW of new wind capacity. The advantage that China has, in developing wind energy, is due to the availability of abundant onshore and offshore wind energy resources, and it is also able to develop wind energy on a large-scale. Besides, the Chinese government has identified wind energy as a sustainable and promising energy source, an alternate option to traditional fuel. The increased focus on wind energy will fuel the growth of the wind turbine bearings market in this region.
Key Developments in the Market
March 2018: GE installed 1st offshore wind turbine at Merkur Windfarm in Germany.
February 2018: Siemens Gamesa signed a MoU with Yeong Guan Energy Technology Group, to support offshore wind industry in Taiwan.
February 2018: Siemens Gamesa secured its largest ever wind turbine order in Thailand.
The major players include - China LD Slewing Bearings Manufacturing Co, Ltd, Xibei Bearing Co. Ltd, TMB, amongst others.
Reasons to Purchase this Report
Current and future Asia-Pacific wind turbine bearings market outlook in the developed and emerging nations
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Segment that is expected to dominate the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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