LEWES, Del. -- This growth was primarily due to the increasing number of installations that are expected to be made in the forecast period. The average cost of a gearbox unit is also expected to have declined by 2020, due primarily to the technological improvements made to gearbox equipment. Against this backdrop, the value of the global wind turbine gearbox market is expected to reach $7 billion by 2020, equivalent to growth at a CAGR of 7.8% between 2013 and 2020. Offshore and onshore wind turbine gearboxes are expected to contribute respective totals of $1.7 billion and $5.3 billion in 2020.
The global wind turbine gearbox market, which includes independent suppliers and in-house manufacturers, is dominated by Winergy and China High Speed Transmission Equipment. The two companies account for a combined 60% share of global gearbox production for wind turbines in 2013. Winergy leads global wind turbine gearbox production, accounting for a 31% share, followed closely by China High Speed Transmission Equipment with 29%, ZF Wind with 12% and Bosch Rexroth with 5%. Gamesa Corporacion Tecnologica (Gamesa) and Moventas account for respective shares of 5% and 2%.
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