Wind Turbine Gearbox Repair and Refurbishment Market Size, Share, and COVID-19 Impact Analysis, by Type (Repair and Refurbishment), by Gearbox Failure Type (Bearings and Others), by Deployment (Onshore and Offshore), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2024-2031
KEY MARKET INSIGHTS
The global Wind Turbine Gearbox Repair & Refurbishment Market was valued at USD 1,623.0 Million in 2023 and is projected to reach USD 2,127.4 Million by 2031, growing at a CAGR of 3.63% during the forecast period. Wind turbines have experienced accelerated aging due to their widespread adoption as a sustainable alternative to fossil fuels. With its high power generation and cost efficiency, wind energy has become a strategic investment in both onshore and offshore applications. Therefore, effective maintenance and regular inspection of wind power systems are imperative to ensure optimal turbine performance and mitigate substantial financial risks. Given the criticality of the wind turbine gearbox in such systems, it is vital to prioritize timely repair and refurbishment, particularly for turbines operating under demanding conditions.
Technological Advancements in Wind Turbine Provide Substantial Opportunity
Technological advancements in wind turbine repair and refurbishment have revolutionized the industry, improving efficiency and minimizing downtime. There are several developments contributing to improve repair and refurbishment processes including condition monitoring systems, which is equipped with advanced sensors and data analytics allow for real-time monitoring and predictive maintenance, ensuring timely repairs. The use of composite materials in wind turbine blades has made them stronger and more durable, reducing the need for frequent repairs or replacements. Robotics and automation have enabled tasks such as inspection and repair to be carried out with precision, reducing human errors. 3D printing technology has facilitated rapid production of customized spare parts, reducing lead time for repairs. Remote monitoring and maintenance, enabled by IoT, allow for real-time monitoring and intervention, minimizing the need for onsite presence. Augmented and virtual reality technologies provide remote assistance and training, enhancing technical expertise and collaboration. These technological advancements have resulted in improved reliability, cost-effectiveness, and sustainability in wind turbine repair and refurbishment.
On average, one out of every 145 turbines in operation is projected to experience gearbox failure. With operation and maintenance costs accounting for around a quarter of total life costs for wind power plants in operation, keeping gearboxes in good working order through regular repair efforts is crucial to the successful and profitable operation of any wind power project. Therefore, the growing demand for gearbox repairs by wind farm operators is expected to drive market expansion during the forecast period.
Increasing Penetration of Wind Energy in The Power Mix Propels Market Growth
The increasing penetration of wind energy in the power mix is driving the demand for wind turbine gearbox repair and refurbishment. As wind energy plays a larger role in the global power generation, there is a growing need to maintain and repair wind turbine gearboxes to ensure their optimal performance. The aging of wind turbines and the larger deployment of wind energy projects in recent years have resulted in a greater demand for gearbox repair and refurbishment services. This trend is expected to continue as wind power becomes an increasingly important source of renewable energy. Companies in the wind industry are investing in specialized maintenance services to address the challenges associated with wind turbine gearbox repair and refurbishment. By focusing on efficient repair and refurbishment solutions, the industry can ensure the reliability and longevity of wind turbine gearboxes, contributing to the continued growth of wind energy in the power mix.
Concerns Pertaining to the Presence of Low-Cost Products is Obstructing the Market Growth
The primary market restraint is the growing preference for solar power over wind power. Solar power takes less money and can be built in residential areas, but wind power necessitates a vast area as well as extra costs such as transmission and station. The market for wind turbine gearbox maintenance and refurbishing may be hampered by these factors. Wind turbine gearboxes are prone to problems and failures, which require timely repairs to ensure optimal performance and minimize downtime. Regular maintenance and inspections are crucial for wind turbines due to their remote locations and the challenging nature of the work.
SEGMENTATION
The global wind turbine gearbox repair and refurbishment market is segmented by type, service provider, application, and region. Based on type, the market is categorized into repair and refurbishment. Based on service provider, the market is categorized into OEM and aftermarket. Based on application, the market is categorized into onshore and offshore. Based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
By type, the market is bifurcated into repair and refurbishment. The repair segment is expected to remain attractive during the forecast period. Predictive maintenance is a widely used concept among players in the wind turbine industry. Consequently, the market is anticipated to experience growth during the forecast period due to the rising number of annual wind-turbine installations and the increasing demand for gearbox repairs from wind farm operators.
On the basis of service provider, the market is divided into OEM and aftermarket. OEM held the largest market share due to offering several several authentic services including technical support, spare parts, and conduct repairs that meet original specifications. Additionally, multibrand service providers can maintain and repair wind turbines from various manufacturers. Self-perform tactics are also pursued by larger owners to gain complete control over their assets and advance manufacturing.
Based on application, the market is classified into onshore and offshore. The onshore segment accounted for the major share of the market owing to the significant increase in onshore wind turbine installations, the market for wind turbine gearbox repair and refurbishment has seen notable growth in recent years. The offshore wind industry is also growing at a rapid pace, which is expected to further supplement market development.
REGIONAL INSIGHTS
The global wind turbine gearbox repair and refurbishment market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
North America is the largest market for wind turbine gearbox repair and refurbishment due to substantial investment in the renewable energy sector, especially for wind energy and increased focus on the growth of the renewable energy industry, particularly wind energy, is expected to rise gradually.
Moreover. the wind turbine gearbox repair and refurbishment market in the U.S. is experiencing growth due to the increasing focus on the development of the renewable energy sector, especially wind energy. As the demand for wind energy grows, there is a need for effective repair and refurbishment solutions for wind turbine gearboxes. Companies like GE Renewable Energy and Siemens Gamesa offer specialized wind turbine maintenance services, including gearbox repair and refurbishment.
LIST OF KEY COMPANIES PROFILED:
- Siemens AG
- Dana Limited
- ME Production A/S
- STORK
- Flender
- Turbine Repair Solutions
- A/S Grenaa Motorfabrik
- ENERCON GmbH
- Connected Wind Services.
- H&N Wind
KEY INDUSTRY DEVELOPMENTS:
December 2020- Enercon GmbH introduced an E-nacelle with the goal of relocating the whole electrical system up-tower inside the nacelle. The E-nacelle is the first of its type and represents a significant leap forward in technology.
October 2020- NGC Group announced a new R&D project with the goal of producing lightweight high-linear-velocity lightweight gear transmission systems for wind turbines.
SEGMENTATION
By Type
- Repair
- Refurbishment
By Gearbox Failure Type
- Bearings
- Others
By Deployment
- Onshore
- Offshore
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
Wind Turbine Gearbox Repair and Refurbishment
- October-2022
- 148
- Global
- energy-and-power
Related Research
Air Electrode Battery Market By Product (Zinc-Air Batteries, and Lithium-Air Batteries) Type (Primar
February-2023
Battery Recycling Market By Chemistry (Lithium-ion, Lead Acid, Nickel and Others), Application (Tran
January-2023
Biodiesel Market By Feedstock (Soybean, Rapeseed, Palm, Palm, Poultry, Tallow, White Grease, and Oth
January-2023
Biomass Boiler Market Size, Share, and COVID-19 Impact Analysis, By Feedstock (Woody biomass, Forest
June-2022
Biomass Power Generation Market Size, Share, and COVID-19 Impact Analysis, by Feedstock (Solid bioma
June-2022
Biomethane Market by Application (Automotive, Power Generation, and Others), Production Method (Ferm
February-2023
Carbon Capture and Storage (CCS) Market Size, Share, and COVID-19 Impact Analysis, By Capture Source
June-2022
Diesel Market by Application (Marine, Railway, Automotive, and others), by Type (1 Diesel Fuel, 2 Di
December-2022
Electrical House Market Size By Type (Fixed and Mobile), Module Type (Single Module and Multi-Module
March-2023
Electricity Generation Market Size, Share & Trends Analysis Report By Application ( Power Stations,
March-2021