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Rising population leading to growing energy demand and implementation of sustainable energy strategies to promote sustainable economy is contributing significantly to the growth of the global Wind Turbine Gearbox market. As per the statistics by IEA (International Energy Agency), the gross electricity production around the globe was 2.5% higher in 2017 as compared to 2016, out of which, the gross electricity production in OECD countries was 11,051 TWh, whereas, in non-OECD countries, it was recorded 14,670 TWh. The rising number of initiatives to satisfy the growing demand for energy while considering its impact on environment is estimated to hone the growth of the global Wind Turbine Gearbox market over the next decade. In 2017, the highest amount of electricity (46.7%) was consumed in China, one of the four leading non-OECD countries, among India, Russia and Brazil, which altogether contribute to 37.2% of the global consumption. The average growth rate in electricity consumption between the period 2010 and 2017, in industrial sector was 0.2 % (as compared to -0.8% during 2000-2010), commercial and public services with 0.3% (a decline of 1.8% from 2.1% growth rate observed in 2000-2010), -0.5% in residential sector as compared to 2.0% over 2000-10, and 2.3% growth was observed in the transport segment in comparison to -0.6% during 2000-10. The drastic shift towards the alternative energy sources due to environmental degradation caused by GHG (greenhouse) emissions, is driving many regions to adopt for renewables for power generation. The growing rate of power generation through renewable energy sources across the world is projected to raise significant opportunities in the Wind Turbine Gearbox market in the next 6-7 years.
Our overall market analysis on the global Wind Turbine Gearbox market includes recent trends, opportunities coupled with inclusive macro-economic indicators that are leading to the growth of the market. Moreover, our bottom-up and top-down approach to calculate the market numbers along with detailed segmentation and regional average pricing analysis is provided in the report. Additionally, our report highlights correlation and regression analysis, demand and supply risk, followed by strategies to attract potential customers. Furthermore, our report includes Y-o-Y growth rate and absolute $ opportunity value that the global Wind Turbine Gearbox market is estimated to record in 2027 as compared to this year.
During 2018, the CO2 emissions through energy generation increased by 1.7% to 33 Gt (Gigatonnes), out of which, the use of coal (contributed by coal power plants in Asia) for power generation crossed 10Gt. Fossil fuels accounted for around 70% in the overall increase in demand for fuels, whereas, solar and wind energy generation grew at a double-digit pace. The growing economy and demand for energy across the globe, with rising need for cooling and heating has led to an increase of 2.3% in global energy demand in 2018, where natural gas contributed to 45% of the rise in energy consumption. The strong demand for the gas was witnessed in the United States and China. The electricity consumption in China was 5537 TWh, whereas, the energy consumption in the United States was 3738 TWh in 2017.
The rising rate of energy-related CO2 emissions followed by growing ecological concerns pertaining to depleting fossil fuels combined with their impact on environment is predicted to drive notable business opportunities among major key players to invest highly in sustainable energy generation methods such as solar panels and solar panel recycling among others. As per IRENA (International Renewable Energy Agency), the overall volume of accumulated photovoltaic panel waste across the globe is estimated to account for 60-70 million tons by 2050. Factors such as these are also driving numerous governmental bodies to encourage green projects along with laying out practical and energy-efficient ways of managing waste around the world.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Wind Turbine Gearbox market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Wind Turbine Gearbox market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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