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Global Gear Oil Market 2020-2024 | Growing Demand for Gear Oil From Wind Turbine Applications to Boost Growth | Technavio

January 31, 2020 GMT
Global Gear Oil Market 2020-2024 | Growing Demand for Gear Oil From Wind Turbine Applications to Boost Growth | Technavio
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.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40872

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.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200131005285/en/

CONTACT: Technavio Research

Jesse Maida

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UK: +44 203 893 3200

Email:media@technavio.com

Website:https://www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 01/31/2020 08:30 AM/DISC: 01/31/2020 08:30 AM

http://www.businesswire.com/news/home/20200131005285/en