Global Gear Oil Market 2020-2024 | Growing Demand for Gear Oil From Wind Turbine Applications to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Jan 31, 2020--
The global gear oil market is expected to post a CAGR of almost 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global gear oil market 2020-2024 (Graphic: Business Wire)
Synthetic gear oil offers several added benefits and advantages compared to conventional gear oil. Synthetic gear oil is comprised of advanced additives and lubricants that offer superior protection against wear and tear and can sustain extreme pressure, temperature, and high loads. They also enhance gear life by combating sludge and carbon deposit build-up within the gearsets. Many such benefits are driving their demand in various industrial applications. This is one of the key factors contributing to the growth of the global gear oil market.
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As per Technavio, the growing demand for gear oil from wind turbine applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Gear Oil Market: Growing Demand for Gear Oil from Wind Turbine Applications
Governments across the world are promoting the adoption of renewable energy sources to reduce carbon emissions. In addition, the availability and affordability of renewable technologies such as wind turbines has increased over recent years due to technological advances and price reduction. These factors have led to the growth in the number of installation bases for wind turbine towers across the world. This has increased the consumption of gear oil for the maintenance of gearboxes and other components in wind turbines. Therefore, the rising demand for gear oil from wind turbine applications is expected to boost the growth of the global gear oil market during the forecast period.
“Digitalization leading to the integrated value chain and the development of advanced gear oil will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Gear Oil Market: Segmentation Analysis
This market research report segments the global gear oil market by end-user (transportation, and industrial) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the gear oil market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth. This is due to the strong presence of several manufacturing facilities that use a wide range of machines comprising differential gear systems.
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Some of the key topics covered in the report include:
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Technavio Research
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PUB: 01/31/2020 08:30 AM/DISC: 01/31/2020 08:30 AM