Lubricants for Wind Turbines Market- By Lubricant Type , By Application , By End-Use Industry (On-shore, & Off-shore) - Global Opportunity Analysis & Industry Forecast, 2024-2030

Lubricants for Wind Turbines Market Overview

lubricants for wind turbines market size is forecast to reach US$330.1 million by 2030, after growing at a CAGR of 7.9% during the forecast period 2024-2030. The wind turbine lubricants market has witnessed significant growth, driven by the increasing adoption of renewable energy sources and the expansion of wind energy installations globally. Lubricants play a crucial role in ensuring the efficiency and longevity of wind turbines by minimizing friction and wear in critical components such as gearboxes, bearings, and hydraulic systems. The market is characterized by the development of high-performance synthetic lubricants that offer superior thermal stability, oxidation resistance, and extended service intervals, thereby reducing maintenance costs and downtime. There is a growing preference for environmentally friendly, bio-based lubricants derived from renewable sources. These lubricants not only reduce the environmental impact but also comply with stringent regulatory standards aimed at promoting sustainability. Secondly, the integration of advanced condition monitoring systems and predictive maintenance technologies is revolutionizing the wind turbine lubricants market. These technologies enable real-time monitoring of lubricant conditions and machinery health, facilitating proactive maintenance and optimizing operational efficiency. By detecting potential issues early, these systems help in extending the lifespan of lubricants and wind turbine components, thereby enhancing overall reliability and performance. Overall, the wind turbine lubricants market is poised for continued growth, driven by technological advancements and the increasing emphasis on sustainability and efficiency in the renewable energy sector.

COVID-19 Impact

Due to the COVID-19 pandemic, the lubricants for wind turbines market declined in the year 2020. The COVID-19 mitigation efforts were a contributing factor in project delays reported in March and April, which were significantly longer than the monthly average for the previous two years. According to the American Wind Energy Association, wind manufacturing plants around the world "face delays due to facility shutdowns and/or a lack of raw material" (AWEA). 

Report Coverage

The report: “Lubricants for Wind Turbines Market Report – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the lubricants for wind turbines industry.

By Lubricant Type: Synthetic (Gear Oil, Grease, and Hydraulic Fluid), Mineral, and Natural (Vegetable, and Animal)

By Oil Replacement Cycle: 6-12 Months, and 12 Months and Above

By Application: Blade, Rotos, Generators, Gearbox, Main Shaft, and Others

By End-Use Industry: On-shore, and Off-shore

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East & Africa (Middle East and Africa)

Key Takeaways

• Europe dominates the lubricants for the wind turbines market. The growing installment of wind power turbines coupled with the increasing trend to expand the existing capacity of the turbines is likely to lead to an increase in the demand for lubricants in Europe.
• The market is anticipated to show huge demand as lubricating oils serve a lot of purposes, including providing surface-wear protection, preventing corrosion of metal surfaces, and cooling the internal parts of the gearbox in the wind energy sector. 
• The wind energy sector is benefiting from an increase in demand for wind energy as a source of electricity due to its environmentally friendly nature (i.e. does not contribute to carbon emissions). This is expected to increase the number of wind turbines installed around the world. As a result, the market for wind turbine lubricants is expected to grow.
• Moreover, governments of various countries are promoting the wind energy industry. Such increasing regulatory support is a key factor influencing lubricants for wind turbines market demand during the forecast period.

Lubricants for Wind Turbines Market Segment Analysis – By Type

The synthetic segment held the largest share in the lubricants for wind turbines market in 2023 and is forecasted to grow at a CAGR of 7.4% during the forecast period 2024-2030. Synthetic lubricants, typically polyalphaolefin-based products, are used in the wind-power industry. Synthetic lubricants are estimated to account for more than 80% of the industry's total lubricant consumption, with gear oils having the highest synthetic penetration. One important factor in reducing costs is the condition of the gearbox in the wind turbine. Gearbox oil's primary function is to reduce friction. It does, however, keep the gearbox clean and prevent corrosion on the metal surfaces. A more reliable gearbox is usually associated with higher-quality gear oil or lubricant. Thus, synthetic lubricants are dominating the market during the forecast period, owing to their importance in the maintenance of the gearbox.

Lubricants for Wind Turbines Market Segment Analysis – By Application

The gearbox segment held the largest share in the lubricants for wind turbines market in 2023 and is forecasted to grow at a CAGR of 8.5% during the forecast period 2024-2030. Many industrial applications require the use of a gearbox. These devices are crucial because they transport mechanical power and change the motor's speed factor. To get the job done properly, gearboxes must work efficiently, and lubrication is critical to this efficiency. The blood system of an industrial gearbox is lubricating oil. The gearbox will most likely fail if the oil levels fall too low. Gearbox failure can result in costly repairs that could have been avoided. Aside from the costs of replacement or repair, the costs of a loss of production could be substantial. Low lubrication on the gear wheel teeth also contributes to surface fatigue. As a result, demand for gearbox lubricants in the wind turbine industry is increasing significantly, contributing to the segment's growth over the forecast period.

Lubricants for Wind Turbines Market Segment Analysis – By Geography

Europe region held the largest share in the lubricants for wind turbines market in 2023 up to 34%, owing to the increasing demand for lubricants from the growing wind energy industry in North America. Driven by increasing electricity demand, the wind energy industry is increasing in North American countries. According to the Government of the Netherlands, in 2023, the total installed capacity of offshore wind power in the Netherlands was 4.5 GW by 2023. The European Commission proposed raising the renewables target from 32 percent to 40 percent, according to WindEurope asbl/vzw. This entails increasing Europe's wind energy capacity from 180 GW today to over 450 GW by 2030, with onshore wind accounting for the majority of this. Furthermore, Government initiatives like these are further accelerating the wind energy market growth in the Europe region. As a result, the growth of the lubricants for wind turbines market in the region is being aided, thereby dominating the market in the European region.

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Lubricants for Wind Turbines Market Drivers

Renewable Energy Targets

The renewable energy targets are increasing globally. This is driven by stronger support from government policies and more ambitious clean energy goals to manage climate change. Saudi Arabia now wants to generate 50% of its energy from renewable sources by 2030. The rough draught of METI's 6th Strategic Energy Plan was presented. The plan aims to achieve Japan's goal of carbon neutrality by 2050, as well as a 46 percent reduction in greenhouse gas emissions by 2030. In the draught, renewable energy would account for 36-38 percent of the energy mix in 2030. (up from 22-24 percent in the current energy mix). 10 percent for hydro, 15 percent for solar, 6 percent for wind, 5 percent for biomass, and 1 percent for geothermal would make up the 36-38 percent renewable energy share. By 2050, the European Union (EU) expects offshore wind projects to generate around 20% of their power, and there are currently 120 offshore wind projects in the EU. By 2030, governments across Europe have pledged to install 111 GW of operational offshore wind capacity. And since lubricants are often used in wind projects, the growing renewable energy targets will drive the lubricants for the wind turbines market.

Increasing Wind Energy Projects

Various regions are picking up their pace in developing offshore as well as onshore wind power projects to help meet the country's decarbonization targets for the coming years. For instance. In an onshore wind power infrastructure auction, the German Federal Network Agency awarded RWE two onshore wind projects. The Grevenbroich wind farm in North Rhine-Westphalia has a total installed capacity of 45MW, while the Bartelsdorf 2 project is in Lower Saxony. The facility, which will be equipped with three 5.7MW Nordex turbines, is expected to be operational by the end of 2022. Dubai has identified an area in Hatta for the UAE's first wind farm, which is expected to have a capacity of 28MW, based on preliminary data. The Bay State Wind Offshore project is a 2,000MW offshore wind farm. It will take place in the Atlantic Ocean, Massachusetts, in the United States. The project is currently awaiting approval. It will go through several stages of development. The project is expected to be commissioned in 2026 once the construction is completed. With the increasing wind energy projects, the demand for lubricants for wind turbines will also exponentially increase, which will aid the market growth, thereby acting as a market driver.

Lubricants for Wind Turbines Market Challenges

Drawbacks Associated with Biodegradable Lubricants

Wind turbine maintenance is difficult in offshore conditions. Biodegradable oils degrade and release acids that attack wind turbine bearings and other copper components. Water can cause serious foaming, degradation, sludge, and corrosion because few lubricants can emulsify it, and even small amounts of water can cause serious foaming, degradation, sludge, and corrosion. Furthermore, biodegradable lubricants have poor oxidative stability and a low pour point. Low oxidative stability means that if left untreated, the oil will oxidize quickly during use, thickening and polymerizing to a plastic-like consistency. This problem can be solved by modifying vegetable oils chemically and/or using antioxidants, but this will raise the cost. Thus, these drawbacks are projected to restrict the usage of biodegradable lubricants for wind turbines in the wind energy industry over the coming years.

Lubricants for Wind Turbines Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global lubricants for the wind turbines market. lubricants for wind turbines market top 10 companies are:

1. Exxon Mobil Corporation
2. Castrol Limited
3. Croda International Plc
4. Klüber Lubrication NA LP
5. The Lubrizol Corporation
6. LUBRITA Europe B.V.
7. Neste Oyj
8. Evonik Industries AG
9. Petro Canada Lubricants Inc.
10. Total S.A.

Recent Developments

• In October 2023, Shell Lubricants has acquired UK-based MIDEL and MIVOLT, enhancing its product portfolio for the power and renewables sectors, including wind turbines. This acquisition aims to strengthen Shell's position in the market by integrating advanced, environmentally friendly lubricants and insulation fluids, promoting efficiency and sustainability in wind energy operations.

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