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Global Wind Turbine Gearbox Repair & Refurbishment Market Size to reach USD 2.12 Billion by 2028


Global Wind Turbine Gearbox Repair & Refurbishment Market Size to reach USD 2.12 Billion by 2028

The Global Wind Turbine Gearbox Repair & Refurbishment Market Size was valued at USD 1.6 Billion in 2020 and is projected to reach USD 2.12 Billion by 2028, growing at a CAGR of 3.57% during the forecast period.

Global Wind Turbine Gearbox Repair & Refurbishment Market Size

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Wind turbines have been aging as a result of a large increase in their use in the last decade to battle the depletion of fossil fuels. Wind energy is seen as the most feasible investment because it produces a large amount of power at a low cost per unit. Wind energy is now being utilized both onshore and offshore, making wind turbine maintenance even more important. The maintenance and timely inspection of the wind power systems maintains the wind turbine's proper operation while also avoiding large-scale financial losses. Because the wind turbine gearbox is such an important component of the wind turbine, it must be repaired and refurbished, especially in turbines in rigid operating conditions.


The wind turbine's maintenance plan has been hampered due to the outbreak of coronavirus. The pandemic has disrupted the supply of raw materials and labor. Due to a labor shortage, ongoing renewable initiatives have come to a halt, while future projects have been postponed. The majority of manufacturers are concentrating on implementing innovative tactics to alter their business models.


Technological Advancements in The Wind Turbine Provide Substantial Opportunity

In wind turbines, the gearbox is one of the more critical components that are prone to failure. Gearbox repair costs, as well as production losses due to non-functioning gearboxes, account for a significant portion of the costs of running a wind power facility.


Despite the fact that gearbox dependability has improved dramatically in recent years due to technological developments, there is an increasing demand for gearbox repairs among wind farm owners as the fleet of wind turbines grows, particularly in offshore wind farms.


On average, one out of every 145 turbines in operation is projected to experience gearbox failure. With operation and maintenance costs accounting for around a quarter of total life costs for wind power plants in operation, keeping gearboxes in good working order through regular repair efforts is crucial to the successful and profitable operation of any wind power project. Therefore, the growing demand for gearbox repairs by wind farm operators is expected to drive the market during the forecast period.


Increasing Penetration of Wind Energy in The Power Mix Propelling Market Growth


The increasing penetration of wind energy in every country's power mix is the key driver for the global wind turbine gearbox repair and refurbishment industry. Every country is focusing on renewable energy and has set goals for the coming years, which will drive investment in wind turbines and their repair and refurbishment. In addition, due to increasing industrialization and urbanization, there is an increase in the demand for electric power, which has resulted in an increase in the power generation industry.

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Europe is the largest market for wind turbine gearbox repair and refurbishment Due to substantial investment in the renewable energy sector, especially for wind energy. Due to increased expenditures in the renewable energy sector in developing countries such as China and India, Asia-Pacific is the fastest-growing market for global wind turbine gearbox repair and refurbishment. Because of the increased focus on the growth of the renewable energy industry, particularly wind energy, in Canada and the United States, North American markets are expected to rise gradually.


KEY INDUSTRY DEVELOPMENTS:


December 2020, Enercon GmbH introduced an E-nacelle with the goal of relocating the whole electrical system up-tower inside the nacelle. The E-nacelle is the first of its type and represents a significant leap forward in technology.


October 2020, NGC Group announced a new R&D project with the goal of producing lightweight high-linear-velocity lightweight gear transmission systems for wind turbines.


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https://extrapolate.com/Energy-and-Power/wind-turbine-gearbox-repair-and-refurbishment/25642

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