Technavio analysts forecast the global wind-turbine gear oil market to register a CAGR of around 9% during the period 2018-2022, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The evolution of digital wind farms is one of the major trends being witnessed in the global wind-turbine gear oil market, the analysts say. A large wind farm can contain hundreds of wind turbines that cover hundreds of miles. The digital wind farm is a comprehensive hardware and software solution that includes wind-turbine products and supporting solutions.
What’s more, the global wind-turbine market will experience steady growth during the forecast period, serving as another key market driver for the global wind-turbine gear oil market, according to the report. The global cumulative installed wind capacity reached 539.12 GW in 2017, growing at a CAGR of 15.38% from 197.96 GW in 2010.
The market-research report segments the global wind-turbine gear oil market into the following products (synthetic gear oil and mineral gear oil), applications (onshore and offshore), and key regions (the Americas, APAC, and EMEA). It provides an analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the synthetic gear oil segment held the largest market share in 2017, contributing to approximately 80% of the market. The market share occupied by this segment is expected to increase by almost 4% by 2022, according to the research.
APAC dominated the global wind-turbine gear oil market in 2017. It accounted for a market share of approximately 47%. This region is expected to witness significant growth during the forecast period, analysts say.
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Filed Under: Components, Gearboxes, Lubricants, News, O&M