LONDON--(BUSINESS WIRE)--The global wind turbine bearing market is expected to grow by USD 7.22 billion during 2020-2024, as per Technavio. Healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 11%.
Request challenges and opportunities that influence COVID-19 pandemic - Request free sample pages of the wind turbine bearing market
Read the 120-page report with TOC on "Wind Turbine Bearing Market Analysis Report by Product (GBMB and BBYBGB), Application (Offshore and Onshore), Geography (APAC, Europe, North America, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the decreasing levelized cost of electricity (LCOE) of wind energy. In addition, advancements in onshore wind energy technology are anticipated to boost the growth of the wind turbine bearing market.
Technological advances such as increased hub height and the decline in total installation costs have led to a surge in the number of wind power installations across the world. Besides, the decreasing operating and maintenance costs, increasing heights of wind infrastructure, low costs of financing, and the rising supply of turbines have resulted in a decline in the LCOE of wind power generation. As a result of these factors, wind energy is emerging as one of the most cost-effective sources of electricity production. For instance, in 2017, the electricity generation from new onshore wind power plants costed less than new gas power plants. Also, governments across the world are offering subsidies to encourage the installation of small-scale wind turbines for residential and commercial applications. These factors are increasing the number of wind turbine installations across the world, which is driving the growth of the global wind turbine bearing market.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Major Five Wind Turbine Bearing Companies:
AB SKF operates its business through segments such as Industrial and Automotive. The company offers spherical roller bearing designed explicitly for wind turbine main shafts.
Dalian Metallurgical Bearing Co. Ltd.
Dalian Metallurgical Bearing Co. Ltd. operates its business through the Bearing products segment. The company offers taper roller ball bearings and cylindrical roller ball bearings in various sizes for wind turbine applications.
JTEKT Corp. operates its business through segments such as Steering Business, Driveline Business, Bearing Business, and Machine Tools and Mechatronics Business. The company offers a wide range of wind turbine bearings such as main shaft bearings, step up bearings, and insulated ceramic bearings for generators.
LYC Bearing Corp.
LYC Bearing Corp. operates its business through the Bearing products segment. The company offers slewing bearings and spherical roller bearings in various sizes for wind turbines.
NSK Ltd. operates its business through segments such as Industrial machinery and Automotive. The company offers tapered roller bearings in various sizes for wind turbines.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Wind Turbine Bearing Market Product Outlook (Revenue, USD Billion, 2019-2024)
Wind Turbine Bearing Market Application Outlook (Revenue, USD Billion, 2019-2024)
Wind Turbine Bearing Market Regional Outlook (Revenue, USD Billion, 2019-2024)
- North America
- South America
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Related Reports on Industrials Include:
Global Offshore Wind Cable Market – Global offshore wind cable market by product (export cable and inter-array cable) and geography (Europe, APAC, North America, MEA, and South America).
Global Industrial Gearbox Market – Global industrial gearbox market by product (standard gearbox, and precision gearbox), end-user (power generation, oil & gas, general machinery, and others), and geography (North America, APAC, Europe, South America, and MEA).
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.