Global Wind Turbine Bearings Market - Growth, Trends, and Forecast (2018 - 2023)
Demand for wind turbine 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 components are driving the wind turbine bearings 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. The other factors, such as adoption of Industrial Internet of things based smart bearings, increment in government activities, worldwide policies to support installation of wind turbines, increment in application of high capacity bearing in wind turbines, and 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 investments reached USD 64.8 billion globally in 2017, out of which wind energy accounted for USD 26.2 billion in new investments. Across important individual markets, there is about 14 GW of wind capacity under development, as the US wind industry starts building the massive pipeline of projects that qualified a year ago, for full production tax credit. In Europe over 6 GW of wind energy capacity was added. India also had a healthy year. It is likely to exceed the installed capacity for 2016. By the end of June 2017, the market saw a little more than 3.8 GW, in a new limit, bringing the aggregate installed capacity to 32.5 GW. Besides, China’s national energy administration set a required clean energy target for meeting 20% of China’s energy needs by 2030.
Asia-Pacific is expected to Register High Growth
The Asia-Pacific region is ramping up its wind energy production, to meet its increasing energy needs, and in a bid to limit smog-causing pollution from coal plants and follow up on environmental change. In 2016, China surpassed Europe as the world’s largest regional wind market, introducing half of all the new wind capacity additions, globally. Also, in India, the wind power capability is expected to be ramped up to 185 GW — an eight-fold increment in more than 15 years from 2015, and to contribute roughly 14% of India’s renewable energy use. Similar huge investments are also anticipated to be scaled up in nations, such as South Korea and Japan, which would additionally supplement the demand for wind turbine installation in the region. This in turn, will propel the demand for the wind turbine bearings market.
United States to Witness Increasing Demand
Wind power capacity in the United States endured strong growth in 2017. It saw a 7GW of wind projects installed in 2017, representing USD 11 billion in new investment. Now the total installed capacity in the United States is more than 89 GW. Additionally, the United States added its first commercial offshore wind farm in 2016. The support from federal and state governments, combined with acknowledgement and demand from buyers, has advanced development in the wind energy industry over the last few years. Also, the developing focus on the organization of both onshore and offshore wind farms in the United States, is anticipated to strengthen the demand for wind turbine. All these developments will supplement the growth of the wind turbine bearings market.
Key Developments in the Market
February 2018: GE Renewable Energy secured commitments for 2.9 gigawatts (GW) of its variably rated 2.2 MW to 2.5 MW onshore wind turbine, with a 127-meter rotor in North America.
March 2018: GE installed 1st offshore wind turbine at Merkur Windfarm in Germany.
The major players include - Dalian Metallurgical Bearing Co, Ltd, SKF, Timken, TMB, NSK, NTN Bearing, amongst others.
Reasons to Purchase this Report
Current and future 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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