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 12.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13204.5 million. The wind energy sector is experiencing robust growth, driven by favorable environmental policies and the deployment of new projects. According to the Global Wind Energy Council (GWEC), wind power accounted for 10%-15% of global electricity demand in 2024, and is projected to surpass 20% by the end of 2030. Notable contributors to this expansion include India, Brazil, Sweden, and Canada, which added 3.4 GW, 5.3 GW, 2.7 GW, and 1.3 GW of onshore wind turbine capacity, respectively, in 2024. Key growth regions include Gujarat, Karnataka, and Tamil Nadu in India, which collectively accounted for 98% of the country's new wind energy capacity that year. This expansion is a testament to the sector's continued growth trajectory.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
214 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.4% |
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Market growth 2025-2029 |
USD 13204.5 million |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
10.7 |
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Key countries |
China, US, India, Japan, Germany, UK, Canada, France, South Korea, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Wind Turbine Bearing Market encompasses various types of bearings used in wind energy generation, including high-speed, low-speed, heavy-duty, precision, hybrid, roller (ball, cylindrical, needle roller, tapered roller, spherical), thrust, radial, angular contact, and shaft alignment bearings. Lubrication methods range from grease, oil, and dry, while maintenance involves bearing housing, mounting, disassembly, lubricant analysis, and addressing issues like fatigue, wear, corrosion, contamination, cavitation, spalling, pitting, and fretting.
The wind turbine bearing market is a significant segment of the global heavy electrical equipment market, serving the energy sector and other industries such as mining and oil and gas. Wind turbine bearings, including rolling element bearings, fluid film bearings, and magnetic bearings, are essential components for the efficient operation of wind turbines. The size of the global heavy electrical equipment market is determined by Technavio, based on the revenue generated by manufacturers of electrical components and equipment, including wind turbine bearings. Factors driving the growth of this market include the increasing demand for renewable energy due to power blackouts caused by natural disasters in regions like MEA, Europe, and APAC, where extreme weather conditions are becoming more frequent. Bearing capacity, bearing life, and bearing lubrication are crucial factors affecting the performance and maintenance requirements of wind turbine bearings.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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