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The demand for energy has increased globally due to the rising population numbers. Non-renewable energy sources are depleting at a rapid rate. This aspect is helping in increasing the demand for non-renewable energy generation to a great extent. Wind energy is also playing a prominent role in energy generation initiatives. Thus, the wind turbine bearing market is expected to observe a positive growth trajectory across the assessment period of 2016-2026.

  • The rising prevalence of wind farms across the globe and an increase in technological developments in the wind energy sector will prove to be vital growth factors for the wind turbine bearing market. Furthermore, maintenance of quality in tandem with economic efficiency is also a vital factor responsible for the overall growth of the wind turbine bearing market.
  • Research and development activities have a major part in the growth of the wind turbine bearing market. The players invest in these activities to formulate new strategies and mechanisms that would help boost the efficiency levels of wind turbine bearings. Thus, these factors help in increasing the revenues, ultimately adding extra stars of growth to the wind turbine bearing market. Investment opportunities from various firms and conglomerates also invite exponential growth for the wind turbine bearing market.

There exists a pressing need to find an alternative source of energy considering the ever increasing demand for energy and depletion of natural resources such as fossil fuels, natural gas, coal, and wood. The need for energy can be met through a sustainable and renewable source of energy. Wind energy can be classified as a form of solar energy. It can be described as the process by which wind is used to generate electricity or mechanical power. Wind turbine, similar to propeller blades of aircraft, rotate with the help of the moving air, and converts the kinetic energy into mechanical power. This mechanical power can be used for various purposes. For instance, it can be used for household electricity requirements or to power an electric generator.

Wind turbine is a proven technology that generates power. It is acknowledged as a clean and environmental friendly technology; it does not emits carbon dioxide. Demand for components and parts associated with wind turbine has been rising considering the increase in the number of wind installations across the globe. Bearing is one such important component of wind turbine. Wind turbine bearings are designed to withstand extreme temperatures, load fluctuations, maintenance access and lubricant optimization. Bearing are designed taking into account their reliability, operating efficiency, and application suitability. For instance, the fiberglass used in turbine blades is particularly heavy and entails complex manufacturing processes.

The wind turbine bearing market is driven by factors such as large number of wind installation projects, developments and innovation in the field of wind power generation, and increase in demand for efficient wind turbine components and parts. Rise in demand for power generation in emerging economies, especially China and India, are the key factors driving the wind turbine bearing market. The cost of wind power generation has decreased significantly over the years; however, the technology associated with it mandates high initial investment. Additionally, intricate and complex manufacturing methods, environmental concerns such as noise produced by the rotor blades, and threat to wildlife habitat such as birds and bats due to the rotation of blades are some of the factors likely to hamper the wind turbine bearing market in the near future.

Based on application, the wind turbine bearing market can be segmented into gearbox (spherical roller bearings, cylindrical roller bearing, metric tapers, radial bearings, and angular contact bearings), main shaft (spherical, cylindrical, and tapered), electric generator (hybrid and electrically insulated radial ball bearings), rotor bearing (cylindrical/spherical thrust roller), and rotor pitch (slew rings). In terms of end-user, the wind turbine bearing market can be classified into residential, commercial, and industrial. The industrial segment can be further divided into agriculture, power generation, industrial automation, and telecommunication. Industrial is the major end-user of wind turbine bearings; it accounts for key share of the wind turbine bearing market.

In terms of region, North America is the major market for wind turbine bearings, led by the shift toward the usage of wind and solar energy in order to comply with carbon emission standards and lower dependence on fossil fuels. The wind turbine bearing market in Europe and Asia Pacific is expected to expand significantly during the forecast period, driven by the federal wind energy policies and increase in government initiatives that support wind turbine installation.

The global wind turbine bearing market is well diversified and highly competitive, with the presence of established international and regional vendors. Complexity of the manufacturing process, offshore and onshore application of bearings, and the capability of manufacturers to provide the same distinguishes them from competitors. Key players operating in the wind turbine bearing market are:  ZWZ, Dalian Metallurgical Bearing Group, SKF, Timken, TMB, LYC Bearing, Xibei Bearing, Rothe Erde, Schaeffler Group, Kaydon, and Rollix.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Wind Turbine Bearing Market

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