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The global wind turbine bearing market is expected to grow by USD 7.22 billion during 2020-2024, as per Technavio. Healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 11%.
The market is driven by the decreasing levelized cost of electricity (LCOE) of wind energy. In addition, advancements in onshore wind energy technology are anticipated to boost the growth of the wind turbine bearing market.
Technological advances such as increased hub height and the decline in total installation costs have led to a surge in the number of wind power installations across the world. Besides, the decreasing operating and maintenance costs, increasing heights of wind infrastructure, low costs of financing, and the rising supply of turbines have resulted in a decline in the LCOE of wind power generation. As a result of these factors, wind energy is emerging as one of the most cost-effective sources of electricity production. For instance, in 2017, the electricity generation from new onshore wind power plants costed less than new gas power plants. Also, governments across the world are offering subsidies to encourage the installation of small-scale wind turbines for residential and commercial applications. These factors are increasing the number of wind turbine installations across the world, which is driving the growth of the global wind turbine bearing market.
Major Five Wind Turbine Bearing Companies:
AB SKF
AB SKF operates its business through segments such as Industrial and Automotive. The company offers spherical roller bearing designed explicitly for wind turbine main shafts.
Dalian Metallurgical Bearing Co. Ltd.
Dalian Metallurgical Bearing Co. Ltd. operates its business through the Bearing products segment. The company offers taper roller ball bearings and cylindrical roller ball bearings in various sizes for wind turbine applications.
JTEKT Corp.
JTEKT Corp. operates its business through segments such as Steering Business, Driveline Business, Bearing Business, and Machine Tools and Mechatronics Business. The company offers a wide range of wind turbine bearings such as main shaft bearings, step up bearings, and insulated ceramic bearings for generators.
LYC Bearing Corp.
LYC Bearing Corp. operates its business through the Bearing products segment. The company offers slewing bearings and spherical roller bearings in various sizes for wind turbines.
NSK Ltd.
NSK Ltd. operates its business through segments such as Industrial machinery and Automotive. The company offers tapered roller bearings in various sizes for wind turbines.
