Wind Energy Bearings Market Size, Emerging Trends, Forecasts, and Analysis

Stratview Research has published a new report titled “Wind Energy Bearings Market” which is segmented by Platform Type (Onshore and Offshore), by Bearing Type (Ball Bearings {Deep Groove Ball Bearing, Angular Contact Ball Bearing, and Others}, Roller Bearings {Cylindrical Roller, Tapered Roller Bearing, and Spherical Roller Bearing}, and Slewing Bearings), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Gear Box, Main Shaft, Electric Generators, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

As per the study, the surge in investments towards expanding wind farm infrastructure has boosted the demand for components and parts used in wind turbines such as generators, gearboxes, nacelles, towers, and blades. In order to have a smooth operation of wind turbines, small components including bearings play a vital role. Bearings are designed to withstand extreme temperatures, load fluctuations, maintenance access, and lubricant optimization. The increasing length of wind blades and the growing popularity of offshore wind farms demand bearings that can deliver both performance and durability.

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.

Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis -

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.

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.

Which Region is expected to remain the largest market?

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.

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