The value of the global
gearbox market increased from an estimated $1.9 billion in 2006 to $4.0 billion
in 2013 at a Compound Annual Growth Rate (CAGR) of 10%. This growth was
primarily due to the increasing number of installations that are expected to be
made in the forecast period. The average cost of a gearbox unit is also
expected to have declined by 2020, due primarily to the technological
improvements made to gearbox equipment. Against this backdrop, the value of the
global wind turbine gearbox market is expected to reach $7 billion by 2020,
equivalent to growth at a CAGR of 7.8% between 2013 and 2020. Offshore and
onshore wind turbine gearboxes are expected to contribute respective totals of
$1.7 billion and $5.3 billion in 2020.
Share of Direct-Drive Turbines to Increase due to Low Maintenance Costs
Direct-drive turbines have
been in the wind market for a long time, but have gained increasing popularity
in recent years. The German Enercon and the Chinese Xinjiang Goldwind Science
and Technology (Xinjiang Goldwind) are major companies currently engaged in the
manufacture of direct-drive turbines. Enercon utilizes the annular multiple
poles generator, which reduces the number of moving components used. Xinjiang
Goldwind uses permanent magnet direct-drive technology, whereby the required
generator speed is a great deal lower than that of the doubly fed inductor
generator system design. This system increases reliability substantially, and
reduces maintenance costs. With maintenance time reduced, production time is
increased, which provides improved returns. Wind turbine manufacturers such as
Siemens and GE are moving away from gearbox turbines towards permanent magnet
direct-drive turbines, due largely to increasing gearbox failures. The share of
global wind turbine installations accounted for by direct-drive turbines
increased from around 16% in 2006 to 26% in 2013.
Independent Manufacturers Supply Majority of Wind Turbine Gearboxes
The global wind turbine
gearbox market, which includes independent suppliers and in-house
manufacturers, is dominated by Winergy and China High Speed Transmission
Equipment. The two companies account for a combined 60% share of global gearbox
production for wind turbines in 2013. Winergy leads global wind turbine gearbox
production, accounting for a 31% share, followed closely by China High Speed
Transmission Equipment with 29%, ZF Wind with 12% and Bosch Rexroth with 5%.
Gamesa Corporacion Tecnologica (Gamesa) and Moventas account for respective
shares of 5% and 2%.
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