Wind Energy Bearings Market Analysis | 2021-2026

“The Wind Energy Bearings Market was estimated at US$ 1.5 billion in 2020 and is expected to expand at a significant CAGR of 7.1% during the forecast period”. 

Market Dynamics

Rising concerns about rapidly growing energy demand and depleting natural resources, such as fossil fuels, natural gas, coal, and wood, have led to exploring areas of renewable sources such as wind energy. In the past few decades, wind energy has gained significant traction among the key economies to reduce their dependency on non-renewable sources of energy.

The surge in investments toward expanding wind farm infrastructure has boosted the demand for components and parts used in wind turbines such as generators, gearboxes, nacelles, towers, and blades. Small components including bearings play a vital role in the smooth operation of wind turbines. 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.

The wind energy bearings market is mainly driven by 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.

Segments Analysis

By Bearing Type

“Roller bearings will be the largest and fastest-growing in the market during the forecast period”.

The market is segmented into 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. 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 because they can handle high radial & thrust loads and tilt movements.

By Material Type

“Metallic bearings dominate the wind energy bearings market”.

The market is segmented into 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.

By Application Type

“The gearbox primarily relies on bearings”.

The wind energy bearing market is segmented into gearbox, main shaft, electric generator, and others. Among these, the gear box has a major use of bearings. Gearbox’s reliability has improved remarkably in the past years due to a better understanding of bearing loads.

Regional Analysis

“Asia Pacific is expected to remain the largest market for wind energy bearings during the forecast period”.  

In terms of region, Asia Pacific is anticipated to maintain its position as the largest market for wind energy bearings. 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, 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. 

North America and Europe also hold key positions in the market, driven by increasing investment towards the clean source of energy, favorable policies, and the presence of key players across the supply chain such as Timken, SKF, Schaeffler Group, Siemens Gamesa, Vestas, and GE.

Key Players

With the presence of established international and regional players, the global wind energy bearing market is highly consolidated but remains competitive.

The following are the key players in the Wind Energy Bearings Market (arranged alphabetically)

• Iljin
• JTEKT Corporation
• LYC Bearings
• NSK Ltd.
• NTN Corporation
• Schaeffler Group
• SKF
• The Timken Company
• TMB Group
• ZWZ Group

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Wind Energy Bearings market realities and future market possibilities for the forecast period. After a continuous interest in our automotive bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the Wind Energy Bearings market in order to provide the most crystal-clear picture of the market.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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