Authored By: Sarah
11 Jul 2024

 Wind Turbine Gear Oil Market Size to grow by USD 119.2 million between 2024-2028

According to a research report “ Wind Turbine Gear Oil Market” by Product (Synthetic gear oil, Mineral gear oil) Application (Onshore, Offshore) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 119.2 million, at a CAGR of over 5.41% during the forecast period. Wind turbine gear oil plays a crucial role in the efficient operation of wind turbine systems by minimizing friction between moving components within the gearbox. The global wind turbine gear oil market is driven by the expansion of the wind energy sector, with the wind turbine market projected to grow steadily at a CAGR of approximately 6.6% from 2022 to 2026, as per the Global Wind Energy Council (GWEC). This growth is expected to result in an increase of over 110 GW in new annual wind energy capacity installations, leading to significant demand for wind turbine gear oil.

Browse market data tables, figures, and in-depth TOC on “Wind Turbine Gear Oil Market” by Product (Synthetic gear oil, Mineral gear oil) Application (Onshore, Offshore) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Synthetic gear oil segment is projected to dominate the market size in 2024

In the realm of onshore wind energy, wind turbine gear oil plays a pivotal role in ensuring the efficient operation of wind turbine gearboxes. Installed in land-based wind turbines, these gearboxes transmit rotational energy from the rotor to the generator. With escalating investments in onshore wind farm projects, the demand for wind turbines is surging. For instance, GE Renewable Energy is providing 137 Cypress 5.5-158 wind turbines for a new project. This wind farm, capable of generating electricity for 200,000 households annually, underscores the growing importance of onshore wind turbine gear oil in the maintenance of these complex mechanical systems. Consequently, market players are capitalizing on this trend to cater to the burgeoning demand.

By Application, Onshore  segment is expected to hold the largest market size for the year 2024

Synthetic wind turbine gear oils represent a superior class of lubricants, formulated from synthetic base oils and advanced additives. These specialized lubricants undergo precise chemical reactions at elevated pressures and temperatures to produce esters, polyalphaolefin, polyglycols, and Group III base oils as replacements for mineral base oils. The uniform molecular size of synthetic gear oils ensures consistent density, enabling stable performance even in temperature fluctuations. This superior quality results in extended service life and reduced maintenance requirements for wind farm operators, translating into significant cost savings.

APAC is forecasted to hold the largest market size by region in 2024

The Wind Turbine Gear Oil Market represents a significant business opportunity for key players, driven by the increasing adoption of renewable energy sources. This market is characterized by the demand for high-performance gear oils capable of ensuring optimal efficiency and durability in wind turbine systems. Key trends include the development of advanced formulations and the implementation of sustainable production methods. Strategic partnerships and collaborations are also expected to shape the competitive landscape.

The Wind Turbine Gear Oil Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Afton Group
  • AMSOIL Inc.
  • BP Plc
  • Chevron Corp.
  • Croda International Plc
  • Exxon Mobil Corp.
  • FUCHS PETROLUB SE
  • HollyFrontier Corp.
  • Intertek Group Plc
  • Kluber Lubrication Munchen SE and Co. KG
  • Lubrita Europe BV
  • Neste Corp.
  • PETRONAS Lubricants International
  • RAG Stiftung
  • Sage Oil Vac
  • Schaeffer Manufacturing Co.
  • Shell plc
  • The Lubrizol Corp.
  • TotalEnergies SE
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Wind Turbine Gear Oil Market is experiencing significant growth due to the increasing adoption of renewable energy sources, particularly wind energy. Both onshore and offshore wind turbines require high-performance gear oils to ensure the efficient operation of movable parts in the gear box. Mineral-based oils have traditionally been used, but there is a shift towards bio-based gear oils due to their environmental benefits. Governments worldwide are offering subsidies and tax rebates to promote the use of renewable energy, making wind energy a cost-effective alternative to fossil fuels. Wind turbines operate under extreme conditions, requiring gear oils with excellent anti-foaming, anti-scuffing, temperature, corrosion protection, and water resistance properties. Major players in the market include subsidiaries of oil and gas companies, such as Shell and ExxonMobil, who offer both mineral and synthetic gear oils. Synthetic gear oils, such as those made from Polyalkylene Glycol and Poly alfa olefin, offer superior viscosity and hydrodynamic lubrication properties. Wind turbine manufacturers also produce their gear oils, ensuring compatibility with specific turbine models. Climate change concerns have led to increased focus on reducing carbon emissions, making bio-based gear oils an attractive option. These oils are derived from renewable sources and offer excellent corrosion protection for metal surfaces. Temperature and viscosity remain critical factors in the selection of gear oil for wind turbines, with some applications requiring specialized formulations for optimal performance.

Market Research Overview

The Wind Turbine Gear Oil Market is witnessing significant growth due to the increasing adoption of renewable energy sources, particularly wind energy, to combat climate change and reduce CO2 emissions. The market caters to both onshore and offshore wind energy applications. In onshore wind farms, mineral-based oils are commonly used due to their minimum purchase price and availability. However, offshore installations require specialized gear oils, such as synthetic gear oils and bio-based gear oils, for extended life and superior performance in extreme conditions. Governments worldwide offer tax rebates and subsidies to promote wind energy projects, leading to an increase in demand for wind turbine gear oils. These oils play a crucial role in ensuring the efficient operation of wind turbines by reducing friction, providing heat dissipation, and protecting movable parts from corrosion and wear. Wind Power Engineering has been a significant consumer of wind turbine gear oils due to the high lubricant consumption in wind energy projects. The market for wind turbine gear oils is expected to grow as electricity demand increases and wind power becomes a more significant contributor to the energy sector. Offshore gear oils are designed to withstand the harsh marine environment and provide superior wear protection for main shaft bearings and wind turbine blades. They are formulated with additives such as anti-foaming, anti-scuffing, and corrosion protection to ensure the longevity of the gearbox and prevent sludge, particulate matter, water, and other contaminants from affecting the performance of wind turbines. The wind turbine gear oil market is expected to grow as the wind industry expands, with a focus on efficiency, durability, and performance. Synthetic gear oils and additives such as Polyalkylene Glycol and Poly alfa olefin are gaining popularity due to their superior properties, including high viscosity index, pour point, and water resistance, which ensure hydrodynamic lubrication and prevent bearing failures and gearbox failures. In conclusion, the wind turbine gear oil market is a crucial component of the renewable energy sector, playing a vital role in ensuring the efficient and reliable operation of wind turbines. With the increasing focus on renewable sources of energy and reducing CO2 emissions, the market for wind turbine gear oils is expected to grow significantly in the coming years.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio