Wind Turbine Bearings Market Size, Share, Growth, and Industry Analysis, By Type (Slewing Ring Bearings, Spherical Roller Bearings), By Application (On-shore, Off-shore), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Wind Turbine Bearings Market REPORT OVERVIEW

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The global wind turbine bearings market size was 5207.3 million in 2022 and market is projected to touch USD 12790.1 million by 2031 exhibiting a CAGR of 10.5% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with intranasal drug delivery market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The unforeseen rise in CAGR is attributable to the request’s growth and demand returning to pre-pandemic situations.  

The growing population leads to higher energy consumption, necessitating the production of a large quantity of sustainable renewable energy. Wind turbines, being a source of renewable energy, are widely embraced by governments and various organizations due to their ability to generate substantial amounts of energy in comparison to alternative sources.

The global demand for wind turbine bearings is on the rise as wind turbine energy plants are being installed extensively worldwide. These bearings are specifically designed to endure high temperatures, moisture, load fluctuations, and extreme weather conditions. In addition to their durability, wind turbine bearings play a crucial role in reducing energy loss by minimizing friction between the rotating components.

By converting kinetic energy into mechanical energy, these bearings enable various applications such as powering electric generators or meeting household electricity needs. Wind turbines have been established as a sustainable and environmentally friendly electricity technology, as they do not emit carbon dioxide.

COVID-19 Impact: Challenges in the Procurement of raw materials and transportation issues

In the year 2020, the wind turbine component installation faced various challenges due to the COVID-19 pandemic, including difficulties in procuring raw materials and transportation issues. Despite these obstacles, there was a strong growth in the demand for wind turbine installations. This was mainly attributed to the temporary closure of operations in many commercial sectors, leading to a focus on wind energy projects. Governments around the world did not halt installation projects, and there was a collaborative effort between vendors and governments to continue wind turbine installations in different wind farms. This collective effort contributed to the growth of the wind turbine components market during FY 2020.

However, in 2021, as COVID-19 restrictions began to ease, there was a decline in the growth of wind turbine installations compared to 2020. This decline can be attributed to hampered production and negative impacts from suppliers, which had a detrimental effect on the wind turbine components market growth in 2020.

LATEST TRENDS

"The rise in demand for wind turbine bearing with increasing onshore wind power installations."

With the implementation of enhanced environmental policies and the anticipated execution of wind energy projects that are currently in the development phase, the wind energy sector is poised to experience significant growth. As per the Global Wind Energy Council (GWEC), wind power accounted for 10%-15% of the global electricity demand in 2021, and this percentage is expected to surpass 20% by the year 2030.

Moreover, several countries, including India, Brazil, Sweden, and Canada, have been actively increasing their onshore wind turbine capacity. This surge in onshore wind power installations will serve as a driving force for market growth within the specified forecast period. The year 2020 witnessed a significant increase in onshore wind capacity additions, reaching a total of 60 GW.

This growth can be attributed to the development of wind farms in the United States and a shift in policy in China from feed-in tariffs to competitive auctions. As a result, the rise in onshore wind capacity installations will correspondingly lead to an increase in turbine installations. This surge in turbine installations will drive the global demand for wind turbine bearings and subsequently propel the market in focus during the forecast period.

Wind Turbine Bearings Market SEGMENTATION

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• By Type

Based on type the wind turbine bearings market is classified as slewing ring bearings and spherical roller bearings.

• By Application

Based on application the wind turbine bearings market is classified as On-shore and off-shore.

DRIVING FACTORS

"Growing Investments in wind energy"

To address the growing electricity demand and reduce reliance on fossil fuels, governments and private investors are making significant investments in the wind energy sector. This increased investment is driving a higher demand for wind turbines, which in turn leads to an increased demand for wind turbine bearings.

"Favorable government policies and incentives"

Numerous countries have adopted policies and incentives aimed at promoting the utilization of renewable energy sources. These measures encompass initiatives such as feed-in tariffs, tax credits, and grants, which serve to incentivize the development and installation of wind turbines. As a result, the demand for wind turbine bearings is propelled by the increasing adoption of these policies and incentives.

RESTRAINING FACTORS

"High Initial investment costs"

The wind turbine installation process requires a substantial amount of capital investment, encompassing expenses related not only to the turbine itself but also to its associated components, including bearings. The considerable initial costs can discourage certain potential investors and impede the expansion of the market for wind turbine bearings.

Wind Turbine Bearings Market REGIONAL INSIGHTS

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The market for wind turbine bearings is divided into different regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe has emerged as a leading market for wind turbine bearings due to its early acceptance of wind energy and supportive governmental regulations.

Nonetheless, the Asia Pacific region is anticipated to experience notable growth in the foreseeable future, primarily due to the rapid expansion of wind power capacity in countries such as China and India. Similarly, North America is also witnessing significant advancements in the wind energy sector, thereby boosting the demand for wind turbine bearings.

KEY INDUSTRY PLAYERS

"Financial Players investing in research and development activities"

The market for wind turbine bearings is characterized by intense competition, as numerous global and regional players strive to gain market share. These companies are prioritizing product innovations, partnerships, and acquisitions as strategies to enhance their market presence and broaden their customer reach. Manufacturers are making significant investments in the development of cutting-edge bearing technologies tailored specifically for wind turbine applications.

List of Market Players Profiled

• NTN (Japan)
• Liebherr (Germany)
• ZWZ (China)
• JTEKT (Japan)
• SKF (Sweden)
• Ritbearing Corporation (U.S.)
• NSK Ltd (Japan)
• Timken (U.S.)
• Chengdu Tianma railway bearings Co. Ltd. (China)
• Schaeffler (Germany)
• Beijing Jingye Bearing Co. Ltd. (China)
• Luoyang LYC Bearing Corp. (China)

REPORT COVERAGE

The future demand for wind turbine bearings is covered in this study. The Research report includes the various challenges faced due to the Covid-19 Impact. The report covers the latest trends in the market leading to the rise in demand for wind turbine bearings. The paper includes a segmentation of the wind turbine market. The research paper includes the driving factors which lead to increased demand for wind turbine bearings. The report also covers information on Regional Insights where the region which has emerged leading market for wind turbine bearings.