Increasing installation of Horizontal Axis Wind Turbines (HAWT)s coupled with increasing government regulations to support renewable energy sources is likely to stimulate demand.
Horizontal Axis Wind Turbines (HAWT) Market Size – USD 152.0 Million in 2021, Growth - CAGR of 8.16%, Trends – Increased adoption of renewable energy
The global Horizontal Axis Wind Turbines (HAWT) 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 Horizontal Axis Wind Turbines (HAWT)s. There has been an improvement in Horizontal Axis Wind Turbines (HAWT)s 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 Horizontal Axis Wind Turbines (HAWT)s and turbine size, the demand for lubricants will also significantly increase.
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Top Companies: Castrol, Kluber Lubrication, DOW Corning, Shell, Indian Oil Corporation, ExxonMobil and Amsoil. ExxonMobil is a key player in the Horizontal Axis Wind Turbines (HAWT) Market. With a global presence in America, Europe, MEA and Asia Pacific, the company offers a wide range turbine oils.
Further Key Finding from the Report Suggestion:
- 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 Horizontal Axis Wind Turbines (HAWT) 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.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Horizontal Axis Wind Turbines (HAWT) Market is segmented into:
Lubricant Type Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- Gear Oil
- Grease
- Hydraulic Fluid
Oil Replacement Cycle Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- 6-12 months
- 12 months and above
Turbine Component Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- Blade
- Rotors
- JAW
- Gearbox
- Others
Application Outlook (Volume, Kilo Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- Onshore
- Offshore
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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