The "Lubricants for Wind Turbine Market Analysis By Lubricant Type, By Oil Replacement Cycle, By Turbine Component, By Application And Segment Forecasts, 2017-2026" report has been added to ResearchAndMarkets.com's offering.
The increasing installation of wind turbines, coupled with increasing government regulations to support renewable energy sources, is likely to stimulate demand.
Market Size in 201: USD 132.51 million, Market Growth CAGR of 8%
The Global Lubricants For Wind Turbine Market is projected to grow at a CAGR of 8% in the forecast period, according to our recent analysis. The increased adoption of wind energy globally is a key factor affecting the market growth. This can be mainly associated with increased efficiency of renewable energy sources coupled with growing awareness of GHG emissions and energy security.
Additionally, advancements in wind technology have also led to an increase in the adoption of wind turbines. There have been improvements in wind turbines, and the related technology has evolved over time. For instance, countries have been focusing on increasing the size of their turbines. Along with this, the average capacity factors of the turbines have also increased. This can be mainly associated with larger rotors and improved design. Thus, countries have started shifting to wind energy for power generation. With an increase in the number of wind turbines and turbine size, the demand for lubricants for wind turbines will also increase significantly.
Europe is expected to dominate the market for lubricants for wind turbines over the forecast period and grow at a CAGR of 8.9%. The regulatory and economic scenario in Europe is expected to significantly change the wind energy perspective for the next few years. At the end of 2017, Germany accounted for the largest share of the installed power capacity. The installed power capacity rose from 28712 MW in 2011 to 55876 MW in 2017.
The offshore installed capacity has also witnessed a rise of almost 30 percent since 2016. Similarly, Spain and the U.K. have also experienced a significant rise in their installed capacity. Lower wind-power installation cost is also anticipated to foster market growth. As compared to 2012, the OEM's reported a 2-11% decline in costs in the region.
Further key findings from the report suggest
- Gear Oils segment is projected to be the fastest-growing lubricant type, registering a CAGR of 8.1% over the forecast period. The demand for gear oil lubricants is expected to witness an upward trend due to the increase in contact pressures and an expected increase in the oil life span. The gearbox is considered to be a critical component in terms of downtime and failure rates. Almost 70% of gearbox failures are caused due to lubricant degradation, which reduces the life span of wind turbine operation.
- The European market is forecast to grow significantly in the coming years. Rising demand for the latest turbine technologies is a key factor affecting the market growth in the region. Space constraints have led to an increase in demand for taller towers in European markets to make use of marginal wind sites and existing forested land available for development. The increased availability of opportunities for repowering in the EU is also likely to drive market demand. According to IEA, around 50% of the cumulative wind turbine capacity in the EU will reach the end of its operational life by 2030.
- Key participants include ExxonMobil, DOW Corning, Shell, Indian Oil Corporation, Castrol, Kluber Lubrication, and Amsoil. ExxonMobil is a leading player in the lubricants for wind turbine market. With an established presence in America, Europe, MEA, and Asia Pacific, the company offers a wide range of turbine oils.
- Kluber Lubrication
- DOW Corning
- Indian Oil Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qmdcxy.
Laura Wood, Senior Press Manager
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