Wind Turbine Brakes Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Wind Turbine Brakes Market was worth US$ 286.1 Mn and is expected to grow at a CAGR of 7.2% over the forecast period. The market is expected to hit US$ 573.4 Mn by 2032 end.
Due to the cleaner and more affordable electricity that wind turbines produce compared to fossil fuels, demand for wind turbines has been growing internationally. The gearbox that lowers the rotating speed of the blade assembly is close to the wind turbine brakes. In the event of power transmission maintenance, power generator rest, and in an emergency, the brakes prevent the blade from rotating.
DEMAND FOR RENEWABLE ELECTRICITY FUELS THE MARKET
The increase in industrialization and urbanization worldwide has expanded the market for wind turbine brakes. Global energy demand is increasing as a result of this. Around the world, investments in offshore wind energy have also been growing quickly.
Shortly, it is also projected that increased government measures to promote renewable energy in rural regions may increase demand for wind turbine brakes. The increasing demand for electricity from wind energy is driving the need for wind turbine brakes.
The coronavirus outbreak has hampered the supply chain for the market for wind turbine brakes. The epidemic has limited the market’s availability of labor and raw supplies. Due to a workforce shortage, ongoing renewable energy initiatives are halted, while new ones are postponed. The majority of firms are concentrating on the use of unique tactics to update their business methods.
Market Segments Covered in Report
By Region and Country:
Which application segment of Wind Turbine Brakes is projected to dominate the market?
Onshore application segments are economically viable and widely used; they are anticipated to dominate the market.
Why is the retrofit segment expected to experience the fastest growth during the forecast period?
Retrofitting describes integrating new features or technologies into an outdated system. It assists in lowering capital expenses while gaining access to unique technological advantages and lowering maintenance costs. During the anticipated period, the retrofit category is expected to expand considerably.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Many businesses emphasize organic growth initiatives, including new launches, product approvals, patents, and events. Acquisitions, partnerships & collaborations are examples of inorganic growth tactics observed in the market.
These actions have allowed market participants to grow their consumer bases and operations. With the growing demand for wind turbine brakes, market participants are projected to benefit from attractive growth prospects in the coming years.
Some of the key developments that have taken place in the Wind Turbine Brakes Market include:
A list of some of the key suppliers present in the market are:
Global Wind Turbine Brakes Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material, Application, Installation, Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.2%.
Some of the drivers propelling the growth of the worldwide wind turbine brakes market include the increased demand for wind energy, government programs to encourage the use of renewable energy sources, and expanding public awareness of the advantages of wind turbines.
Major global Wind Turbine Brakes Market players are Alian Huarui Heavy Industry India Company Private Limited, ICP Wind, ANTEC, Dellner Bubenzer Group, W.C. Branham, Inc, Industrial Clutch Parts, PINTSCH BUBENZER GmbH, iZanda Portable Machines Tools S.L, COHORT Manufacturing Ltd, KTR Systems GmbH, Altra Industrial Motion Corp and KOR-PAK Corporation.
The market for wind turbine brakes may have growth restraints due to production costs.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Wind Turbine Brakes market.
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