Rise in offshore installations will significantly augment the global wind turbine gear oil market until 2020, according to Technavio’s latest market research report.
The global wind turbine gear oil market is expected to record a CAGR of more than 13% until 2020, the report says.
Countries across the globe are constantly concentrating on introducing measures such as the deployment of a large number of turbines, effectively handling supply chain challenges, and even encouraging vendor competition to reduce costs in installing and operating offshore wind turbines. In addition to the developed countries in Europe, major countries like the US, China, Japan, South Korea, and India are also expected to increase the number of offshore wind turbine installation projects, which will have a positive impact on the growth of the wind turbine gear oil market in the next four years.
“Offshore wind energy has been present in small numbers. Countries across the world are beginning to invest more in installing offshore wind farms. Though present with some inherent difficulties, such as higher cost of installation, complex and costly maintenance operations, governments across the world have committed to installing more offshore wind power,” said Technavio’s Sayani Roy .
The Global Wind Turbine Gear Oil Market 2016-2020 report analyzes the key players in the global wind turbine gear oil market such as Amsoil, Castrol, Evonik Industries, ExxonMobil, and Shell, and presents a competitive analysis of the market by product type (service fill and factory fill), by application (on-shore and off-shore applications), by formulation (mineral-based and synthetic), and by geography (the Americas, APAC, and EMEA).