LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global wind turbine gear oil market to register a CAGR of around 9% during the period 2018-2022, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The evolution of digital wind farms is one of the major trends being witnessed in the global wind turbine gear oil market. A large wind farm can contain hundreds of wind turbines that cover hundreds of miles. The digital wind farm is a new innovation that has been introduced. The digital wind farm is a comprehensive hardware and software solution that comprises wind turbine products and supporting solutions.
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In this report, Technavio analysts highlight the growth in the wind turbine market as a key market driver:
Global wind turbine gear oil market: High growth expectancy
The global wind turbine market will experience steady growth during the forecast period. According to a research, the global cumulative installed wind capacity reached 539.12 GW in 2017, growing at a CAGR of 15.38% from 197.96 GW in 2010. Wind turbine gear oil is the lubricant used to reduce the friction between the moving components in the gearbox of a wind turbine. Wind turbine gear oil has a prominent role in wind turbine systems. The growth of the global wind turbine gear oil market is influenced by the growth of the global wind turbine market.
According to a senior analyst at Technavio for power, “The global wind power systems market is expected to reach a global cumulative installed wind capacity of 840.9 GW in 2022 from 539.12 in 2017. The global wind turbine market will experience high growth in North America, the Middle East and Africa, and Latin America.”
Global wind turbine gear oil market: Synthetic gear oil segment tops the market
This market research report segments the global wind turbine gear oil market into the following products (synthetic gear oil and mineral gear oil), applications (onshore and offshore), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the synthetic gear oil segment held the largest market share in 2017, contributing to approximately 80% of the market. The market share occupied by this segment is expected to increase by almost 4% by 2022.
APAC dominated the global wind turbine gear oil market in 2017. It accounted for a market share of approximately 47%. This region is expected to witness significant growth during the forecast period.
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