GEAR REDUCER MARKET ANALYSIS

Market Challenges And Opportunities

High repairing cost of gear reducer is one of the major factors restraining growth of the market

High repairing cost of gear reducers is one of the major factors restraining growth of the market. For instance, according to Spareinmotion, a leading online shop for wind turbine parts and repairs, repairing cost for Gearbox PEAB 4935 was US$ 54.47 million and Gearbox PEAB 4390 was US$ 48.94 million. Moreover, the increasing cost of raw materials such as stainless steels, hardened steel, aluminium, cast iron, bronze, and brass is another factor restraining growth of the market.

Increasing installation of wind turbines worldwide is driving growth of the market

Increasing installation of wind turbines worldwide is one of the major factors driving growth of the gear reducer market. Gear reducer is used in wind turbines for controlling the speed of motor with which power is transmitted. The primary purpose of gear reducer is to multiply the amount of torque generated by an input resource, in order to achieve the desired output from the wind turbine. For instance, according to the Global Wind Energy Council (GWEC), in 2016, the total installed capacities of wind turbine was 485 GW and is expected to surpass 800 GW by 2021. According to Coherent Market Insights’ analysis, the total installed capacities would increase to over double the installed capacities in 2016, by 2025.