North America 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 demand for electricity is growing the region, and increased focus on development of renewable power would drive the wind power installations in North America. 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.
Policy Level Support to Drive the Wind Power Sector.
The policy level initiatives in the North American region is the major stimulant to wind power development. In the United States, the extension of the production tax credit (PTC) for four years is likely to create a 40 gigawatt wind energy market between 2017 and 2020. In Canada, the ambitious renewable procurement programs are expected to drive the installation of wind power by the end of 2019, in Western Canadian provinces Alberta and Saskatchewan. Such strategic initiatives are likely to promulgate the market for wind turbine bearings in North America, in near future.
United Stated to Witness Increasing Demand
Wind power capacity in the United States endured strong growth in 2017. It saw 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, it 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 past 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 turbines.
Key Developments in the Market
March 2018: GE installed the 1st offshore wind turbine at Merkur Windfarm in Germany.
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.
The major players include - Kaydon, SKF, Laulagun Bearings , URB group, The Timken Company, NSK Ltd, amongst others.
Reasons to Purchase this Report
Current and future North America 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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