Latest News- Wind Turbine Bearing Market: Onshore is expected to lead the Application segment during 2024-2028

The Wind Turbine Bearing Market is being driven by Decreasing levelized cost of electricity of wind energy

The Wind Turbine Bearing Market is expected to grow at a CAGR of 11.53% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10984.9 million. The wind energy sector is experiencing robust growth, fueled by favorable environmental policies and the deployment of new projects in development. According to the Global Wind Energy Council (GWEC), wind power accounted for 10%-15% of global electricity demand in 2022, a figure projected to surge beyond 25% by 2030. Notably, countries like India, Brazil, Sweden, and Canada have been expanding their onshore wind turbine capacity since 2022. For instance, India added 1.45 GW of wind capacity in 2022, representing a 30% increase compared to 2020. This continuous growth in onshore wind power installations will significantly drive the wind turbine bearing market during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Decreasing levelized cost of electricity of wind energy
• Favorable government policies
• Growth in the wind turbine market

However, the market also witnesses some limitations, which are as follows:

• Competition from alternative sources of energy
• Intermittent nature of wind energy
• Declining cost of solar PV modules

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Market Scope in Wind Turbine Bearing Market Research Report

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Research Analysis Overview

Wind turbines operate under extreme conditions, including high temperatures, moisture, and load fluctuation from variable wind speeds. These factors lead to energy loss through friction and heat generation in the rotor shafts. Bearings, a crucial component of wind turbine equipment, ensure smooth rotation by withstanding high loads and extreme weather conditions. LYC Bearing, NTN Bearing, Xibei Bearing, and Rollix are notable bearing manufacturers catering to the wind energy technology sector, mitigating energy loss and maintaining turbine functionality under challenging conditions.

Market Research Overview

The Wind Turbine Bearing Market is a significant segment of the global heavy electrical equipment industry, catering to the energy sector. Factors driving market growth include power outages caused by extreme weather conditions in regions such as the Middle East and Africa, Europe, and Asia Pacific. High temperatures, moisture, and load fluctuation pose challenges to wind turbine bearings, leading to energy loss through increased friction and the conversion of mechanical energy into heat. To mitigate these issues, high-capacity bearings and smart industrial bearings are being adopted, contributing to the market's growth. Additionally, the increasing demand for household electricity and the shift towards renewable energy sources further boosts market expansion. Furthermore, the reduction of carbon dioxide emissions through the use of wind energy is a key factor driving market growth in the context of global efforts to combat climate change.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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