The global wind turbine gear oil market accounted for US$. 150.1 Mn in 2018 and is expected to grow at a CAGR of 6.6% during the forecast period 2019 - 2027, to account to US$ 264.6 Mn by 2027

NEW YORK, Dec. 16, 2019 /PRNewswire/ --

The global wind turbine gear oil market accounted for US$. 150.1 Mn in 2018 and is expected to grow at a CAGR of 6.6% during the forecast period 2019 - 2027, to account to US$ 264.6 Mn by 2027. Wind turbine gear oil is capable of withstanding extreme contact pressures and temperatures while protecting metal parts from wear and tear due to friction. The turbine components such as turbine gear boxes are subject to heavy loads and working temperatures. They are also exposed to process debris, water, dust, and dirt. Gear oil used in wind turbine applications, therefore, needs to be specifically formulated to address high pressures and temperatures as well as eliminate contamination while remaining chemically stable. The main constituents in wind turbine gear oils are base oil, oxidant inhibitors, corrosion inhibitors, demulsifiers, and defoamants. Base oil constitutes ~97% of the total volume of the wind turbine gear oil formula. Wind turbine gear oil is used in wind turbines to lubricate turbine gear boxes, blade bearings, generator bearings, yaw and pitch drives, main shaft bearings, and hydraulic systems which is estimated to create a significant opportunity for the wind turbine gear oil market all over the globe.

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Based on the product, the wind turbine gear oil market has been segmented into synthetic gear oil, mineral gear oil, and others.In 2018, synthetic gear oil accounted for the largest share of the global wind turbine oil market.

Synthetic gear oil products are preferred over mineral gear oil products as they confer better chemical stability and excellent lubrication properties in extreme temperatures, and facilitate longer oil change cycles.They also prevent the formation of sludge in the gearbox and hydraulic equipment and hence are increasingly used as lubricants in the wind turbine industry.

The growing use of synthetic gear oil in turbine gear boxes to increase the gear efficiency is expected to drive the sales of synthetic gear oil and has been estimated to create an upsurge in the wind turbine gear oil market in coming years.

Growing number of wind turbine installations is driving the growth of the wind turbine gear oil market.The demand for wind turbine gear oil is dependent on factors such as new wind turbine installations and frequency of oil change.

Gear oil used in wind turbines reduces friction between the meshing gears; it also helps in improving gear efficiency, dissipating heat, and protecting metal surfaces from corrosion.The growing demand for wind turbine gear oil can be attributed to installations of new wind turbines in offshore and onshore projects, and periodic change of oil in the gear boxes and other turbine components.

The growing capacity of wind farms and surge in the number of wind farm projects globally are expected to drive the market for wind turbines, and consequently generate significant demand for wind turbine gear oil. It would subsequently lead to the growth of the wind turbine gear oil market growth all over the globe.

Some of the players present in global wind turbine gear oil market are AMSOIL INC., BP p.l.c. (Castrol Limited), Chevron Corporation, Exxon Mobil Corporation, Freudenberg Group, FUCHS Group, HollyFrontier Corporation (Petro?Canada Lubricants LLC), Royal Dutch Shell Plc., Schaeffer Manufacturing Co., TOTAL S.A. among others. These players are involved in the growth of wind turbine gear oil market across the globe.

The overall global wind turbine gear oil market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the wind turbine gear oil market.

Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the wind turbine gear oil market.

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