The global wind turbine gearbox market is expected to grow by $3.51 billion during 2021-2025, according to a report published by Technavio. This marks a significant market slow down compared to the 2020 growth estimates due to the impact of the Covid-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a compound annual growth rate of over 5 per cent. According to the report, the wind turbine gearbox market is driven by the rising height and capacity of wind towers. In addition, the decline in levelised cost of electricity (LCoE) of wind power is anticipated to boost the growth of the wind turbine gearbox market.
The increase in the height of wind towers increases the total production potential of wind turbines, the report specifies. The rise in the height of wind towers has spurred investments in the wind power industry. The reduction in the number of turbines has also resulted in comparatively less capital expenditure. Many turbine manufacturers have started to manufacture taller wind towers to increase the total capacity of energy produced by wind turbines. The height of the wind turbines is expected to continue to increase further, owing to its various benefits. The increase in electricity generation capacity and lower LCOE benefits with the rise in the heights of wind towers will continue to drive the demand for wind turbine gearbox.
