According to a research report by Stratview Research, in 2020, the global 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 wind energy bearings market is mainly driven by factors such as increasing installations of wind turbines, increasing wind turbine fleet (the aftermarket level), and growing need for reliable and efficient components with the rise in the average length of wind turbine blades and turbines. The major factor that directly impacts the bearings market for wind energy is the investment from the key economies as it requires huge capital to install a wind farm. In recent years, emerging economies, such as India, Brazil, and South Africa, have shown keen interest in wind energy to reduce their dependency on non-renewable sources.

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Segments’ Analysis

Based on the material type, the Wind Energy Bearings 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.

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.

Leading Players Covered in the Wind Energy Bearings Market Report:

  • Iljin
  • JTEKT Corporation
  • LYC Bearings
  • NSK Ltd.
  • NTN Corporation
  • Schaeffler Group
  • SKF
  • The Timken Company
  • TMB Group
  • ZWZ Group

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