The market report on the Wind Energy Bearings Market published by Stratview Research indicates lucrative growth opportunities in the Wind Energy Bearings Market industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Wind Energy Bearings Market Forecast:
The Wind Energy Bearings Market was estimated at US$ 1.5 billion and is expected to expand at a healthy CAGR of 7.1% during the forecast period.
The growth of this market principally depends upon several factors which have direct or indirect influence on the demand. The report published by Stratview Research has the summary of such factors derived using multiple analysis. These methods help in evaluating the potential of the companies and identify gaps, finding challenges as well as opportunities to lay out a successful roadmap which leads to higher profitability.
Here are the key players in the market –
- JTEKT Corporation
- LYC Bearings
- NSK Ltd.
- NTN Corporation
- Schaeffler Group
- The Timken Company
- TMB Group
- ZWZ Group
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Wind Energy Bearings Market Segmentation:
The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.
Wind Energy Bearings Market Share by Platform Type
The wind energy bearings market is segmented as Platform Type, Bearing Type, Material Type, Application Type, End-User Type, and Region. Based on the bearing type, Roller bearing is expected to remain the largest and the fastest-growing bearing type in the market during the forecast period. Roller bearings are extensively used in applications, such as gearbox, main shafts, and generators, owing to their capability to handle high radial & thrust loads and tilt movements.
Wind Energy Bearings Market Share by Material type
Based on the material type, the market is segmented as metallic bearings, non-metallic bearings, and hybrid bearings. Metallic bearing holds the mammoth lead in the market. Metallic bearings perform well when they come to extreme momentary overloads. In the event of a problem of alignment or lubrication, metal-bearing can compensate with greater ease than other types of bearings.
Wind Energy Bearings Market Share by Application Type
Based on the application type, the wind energy bearing market is segmented as Gearbox, Main shaft, Electric Generator, and Others. Among these, the gear box has a major use of bearings. Gearbox’s reliability has improved remarkably in the past years due to the better understanding of bearing loads.
In terms of regions, Asia Pacific is expected to remain the largest market for wind energy bearings during the forecast period. The wind energy bearings market in the Asia Pacific region is expected to grow significantly during the forecast period, owing to favorable policies and growing investments towards wind farms in both offshore and onshore platforms. China, is the world’s largest wind power market, is driving the growth. In 2020, as per the report from GWEC, China installed over 52 GW of new capacity which is more than half of the global wind power capacity installed in the year. India, South Korea, Taiwan, Japan, and Vietnam are the other key markets in the region.
North America and Europe also hold key positions in the market, driven by increasing investment towards the clean source of energy, favorable policies, and the presence of key players across the supply chain such as Timken, SKF, Schaeffler Group, Siemens Gamesa, Vestas, and GE.
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