The “Global Wind Turbine Gear Oil Market to 2027 – Analysis and Forecasts by Product (Synthetic Gear Oil, Mineral Gear Oil, and Others), Application (Onshore and Offshore)” The scope of study involves understanding on the factors responsible for this growth of wind turbine gear oil market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant wind turbine gear oil players in the market and their key developments.
The global wind turbine gear oil market is accounted to US$ 150.1 Mn in 2018 and is expected to grow at a CAGR of 6.6% during the forecast period 2019 – 2027, to account to US$ 264.6 Mn by 2027. The Asia Pacific accounted for the highest share in the global wind turbine gear oil market. North America is expected to be the fastest-growing market for wind turbine gear oil in the coming years. This growth is attributed to the growing emphasis on generating clean energy with zero carbon emissions in the US, as well as in Canada, which is leading to the rising wind turbine installations. Growing environmental concerns and the focus towards reduction on the dependence on fossil fuels such as coal and oil is expected to further aid the growth of wind turbines and wind turbine gear oils during the forecast period. The US Department of Energy envisages to meet 20% of the total energy demands of the country through the generation of wind energy by 2030.
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The wind turbine gear oil market based on the application is segmented as the onshore and offshore. The onshore segment was dominating the global wind turbine gear oil market in 2018. Onshore applications refer to the wind turbines installed on land. They are generally located on barren lands on which there is no restriction to the flow of wind. The cost associated with installing onshore windmill is relatively less compared to that associated with the installation of offshore windmills. The proximity between the windmill and consumer ensures minimum voltage drop along the power lines. However, onshore wind turbines don’t produce electricity throughout the year due to changes in weather and poor wind speeds. This factor is likely to restrict the growth of the wind turbine gear oil market for onshore applications.
The global wind turbine gear oil market by geography is segmented into six regions, including North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is expected to account for the largest share of the global wind turbine gear oil market in 2018, followed by North America. In addition, China and India are the two key countries in the Asia Pacific region which are expected to significantly drive the wind turbine gear oil market and also expected to continue its dominance in terms of CAGR throughout the forecast period from 2019 to 2027. Some of the major players in the wind turbine gear oil market include AMSOIL INC., BP p.l.c. (Castrol Limited), Chevron Corporation, Exxon Mobil Corporation, Freudenberg Group, FUCHS Group, HollyFrontier Corporation (Petro‐Canada Lubricants LLC), Royal Dutch Shell Plc., Schaeffer Manufacturing Co., TOTAL S.A., among others.
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