Wind Turbine Bearing Market Size to Grow by $ 7.22 billion During 2020-2024

Technavio has been monitoring the wind turbine bearing market and it is expected to grow by $ 7.22 billion, accelerating at a CAGR of almost 11% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Wind Turbine Bearing Market: APAC to lead market growth during the forecast period

• 59% of the market growth will originate from APAC during the forecast period.
• Rising number of offshore wind farm installations will be a key trend that will influence market growth significantly.
• The Rising investments in clean sources of energy will be a significant factor in driving the growth of the wind turbine bearing market.

Wind Turbine Bearing Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. AB SKF, Dalian Metallurgical Bearing Co. Ltd., JTEKT Corp., LYC Bearing Corp., NSK Ltd., NTN Corp., Schaeffler AG, The Timken Co., thyssenkrupp AG, and Wafangdian Bearing Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights on this market: Download a Free Sample Report

Wind Turbine Bearing Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive wind turbine bearing market growth during the next five years
• Precise estimation of the wind turbine bearing market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the wind turbine bearing market industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wind turbine bearing market vendors

The Global Wind Turbine Bearing Market is expected to grow by USD 7.22 billion accelerating at a CAGR of over 11% during the forecast period. The Industrials sector is expected to witness negative growth as a result of COVID-19, and the impact of the pandemic on the market in focus is also expected to remain negative. Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. Preview our latest report with COVID-19 Impact Analysis

"The rising investments in clean sources of energy will drive the growth prospects for the Global Wind Turbine Bearing Market in the forthcoming years. 59% of the market growth will originate from APAC during the forecast period.", says senior research analyst for the Industrials Industry at Technavio.

Wind Turbine Bearing Market: Product Segment Highlights

• Product Segmentation: GBMB and BBYBGB 
• Countries across the world are now more focused on leveraging the abdundant sources of renewable energy such as wind and solar power to meet their reduction in carbon emission goals.

Wind Turbine Bearing Market: Competitive Analysis

• The Wind Turbine Bearing Market is fragmented due to the presence of several vendors.
• Market vendors are focused on market expansion, innovations, and expansion of distribution networks.
• AB SKF, Dalian Metallurgical Bearing Co. Ltd., JTEKT Corp., LYC Bearing Corp., NSK Ltd., NTN Corp., Schaeffler AG, The Timken Co., thyssenkrupp AG, and Wafangdian Bearing Co. Ltd. are some of the major market participants. Although the growing emphasis by countries on adding more renewable energy into their overall energy mix will offer immense growth opportunities, competition from alternative sources of energy  will challenge the growth of the market participants. 

Technavio provides custom research reports with detailed insights on the impact of COVID-19 with respect to the industry, region, and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download a Free Sample Report