July 15, 2016 - 11:20 AM EDT
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Rise in Offshore Installations Will Significantly Augment the Global Wind Turbine Gear Oil Market Until 2020, Says Technavio

According to the latest market research report by Technavio, the global wind turbine gear oil market is expected to record a CAGR of more than 13% until 2020.

In this report, Technavio covers the present scenario and growth prospects of the global wind turbine gear oil market for 2016-2020. The report discusses market segmentation of wind turbine gear oil by type (factory fill and service fill), by application (onshore and offshore), and by formulation (mineral-based and synthetic).

“Offshore wind energy has been present in small numbers. Countries across the world are beginning to invest more in installing offshore wind farms. Though present with some inherent difficulties, such as higher cost of installation, complex and costly maintenance operations, governments across the world have committed to installing more offshore wind power,” said Sayani Roy, one of Technavio’s lead industry analysts for power.

Global wind turbine gear oil market by geography 2015

  • APAC 41.69%
  • EMEA 34.97%
  • Americas 23.34%

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Wind turbine gear oil market by APAC: largest region

In 2015, the market for wind turbine gear oil in APAC was estimated to be 14,285.8 metric tons. Within APAC, China accounted for 80.43% of the wind turbine gear oil market in 2015. This was followed by India with 13.91% of the market. The other countries included in the market estimation are Japan, South Korea, Taiwan, Pakistan, Thailand, the Philippines, Bangladesh, Mongolia, Sri Lanka, Vietnam, Australia, New Zealand, and the Pacific Islands.

During the forecast period, China is expected to witness a slight slowdown in 2017 as compared to its growth rate during 2012-2015, wherein its cumulative installed wind capacity almost doubled. With increased government interest in wind power, the wind turbine gear oil market is expected to grow in India on account of the increase in cumulative installed wind capacity.

Wind turbine gear oil market by EMEA: second largest region

In 2015, the market for wind turbine gear oil in EMEA was estimated to be 11,981.4 metric tons. Within EMEA, Europe accounted for 97.89% of the wind turbine gear oil market. MEA countries accounted for just 2.12% of the market. Countries in Europe have been working aggressively toward installing more wind power over the years. The current target of these countries is to reduce the cost of power generated from wind. On the other hand, wind energy has not been actively pursued in MEA countries.

Within Europe, Germany accounts for the largest share of 30.41% in the wind turbine gear oil market, followed by Spain with 15.58%, the UK with 9.2%, and France with approximately 7%.

Other countries included in the market estimation are Italy, Sweden, Poland, Portugal, Denmark, Turkey, the Netherlands, Romania, Ireland, Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Estonia, Finland, Faroe Islands, Macedonia (FYROM), Hungary, Iceland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Romania, Russia, Switzerland, Slovakia, Slovenia, and Ukraine.

Wind turbine gear oil market by Americas

In 2015, the market for wind turbine gear oil in the Americas was estimated to be 7,998.2 metric tons. Within the Americas, North America accounted for approximately 88% of the wind turbine gear oil market, while South America accounted for the rest 12%. North America consists of the US, Canada, and Mexico. South America includes Brazil, Chile, Uruguay, Argentina, Panama, Costa Rica, Honduras, Peru, Guatemala, Caribbean, Bolivia, Colombia, Ecuador, Nicaragua, and Venezuela.

The cumulative installed wind capacity in these countries has been taken into consideration during the market estimation of the Americas.

The US accounted for the largest market for wind turbine gear oil in the Americas in 2015 with over 73% share. It was followed by Canada with 11% and Brazil with over 8% share.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at [email protected].

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
[email protected]

Source: Business Wire (July 15, 2016 - 11:20 AM EDT)

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