Lubricants for Wind Turbine Market Size, Share, Trends by 2030
Reports And Data
Lubricants for Wind Turbine Market Size – USD 152.0 Million in 2021, Growth – CAGR of 8.16%, Trends – Increased adoption of renewable energy
NEW YORK, NY, UNITED STATE, May 3, 2022 /EINPresswire.com/ — The global Lubricants for Wind Turbine Market is projected to grow at a CAGR of 8.16% in the forecast period, according to a new report by Reports and Data. Increased adoption of wind energy globally is a key factor affecting market growth. This can be mainly associated with increased efficiency of renewable energy sources coupled with growing awareness towards GHG emissions and energy security.
Additionally, advancements in wind technology have also led to an increase in the adoption of wind turbines. There has been an improvement 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. Thus, with increase in wind turbines and turbine size, the demand for lubricants will also significantly increase.
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Key participants include Castrol, Kluber Lubrication, DOW Corning, Shell, Indian Oil Corporation, ExxonMobil and Amsoil. ExxonMobil is a key player in the lubricants for wind turbine market. With a global presence in America, Europe, MEA and Asia Pacific, the company offers a wide range turbine oils.
Europe is expected to dominate the market for lubricants for wind turbine in 2026 and grow at a CAGR of 8.9%. The recent regulatory and economic development 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 off shore installed capacity has also witnessed a rise of almost 30 percent since 2016. Similarly Spain and United Kingdom have also experienced a significant rise in their installed capacity. Decline in price of wind-power installation is also anticipated to foster market growth. As compared to 2012, the OEM’s reported decline in costs by 2–11 percent in the region.
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Further key findings from the report suggest
Gear Oils is projected to be the fastest growing lubricant type with a CAGR of 8.1% in the forecast period. The demand for gear oil lubricants is expected to witness an upward trend due to the increase in contact pressures and expected increase in the oil life span. Gear box is considered to be the critical component in terms of downtime and failure rates. Almost 70 percent of gear box failures are caused due to the lubricant degradation, which reduces the life span of wind turbine operation.
European market is forecasted to grow significantly in the coming years. Rising demand for the latest turbine technologies is a key factor affecting market growth in the region. Space constraints and siting challenges have led to an increase in demand for taller towers in European markets to make use of marginal wind sites and existing forested land that 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 percent of the cumulative wind capacity in EU will reach the end of its operational life by 2030.
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For the purpose of this report, Reports and Data have segmented global lubricants for wind turbine market on the basis of lubricant type, oil replacement cycle, turbine component, application and region:
Lubricant Type Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
Oil Replacement Cycle Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
12 months and above
Turbine Component Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
Application Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
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Regional Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
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