Increasing Installation Of Wind Turbines Coupled With Increasing Government Regulations To Support Renewable Energy Sources Is Likely To Stimulate Demand.
The Global Lubricants Market Is Projected To Grow At A Cagr Of 8.16% In The Forecast Period, According To A New Report By Reports And Data. Increased Adoption Of Wind Energy Globally Is A Key Factor Affecting Market Growth. This Can Be Mainly Associated With Increased Efficiency Of Renewable Energy Sources Coupled With Growing Awareness Towards Ghg Emissions And Energy Security.
Additionally, Advancements In Wind Technology Have Also Led To An Increase In The Adoption Of Wind Turbines. There Has Been An Improvement In Wind Turbines And The Related Technology Has Evolved Over Time. For Instance: Countries Have Been Focusing On Increasing The Size Of Their Turbines. Along With This, The Average Capacity Factors Of The Turbines Have Also Increased. This Can Be Mainly Associated With Larger Rotors And Improved Design. Thus, Countries Have Started Shifting To Wind Energy For Power Generation. Thus, With Increase In Wind Turbines And Turbine Size, The Demand For Lubricants Will Also Significantly Increase.
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Top Companies: Castrol, Kluber Lubrication, Dow Corning, Shell, Indian Oil Corporation, Exxonmobil And Amsoil. Exxonmobil Is A Key Player In The Lubricants Market. With A Global Presence In America, Europe, Mea And Asia Pacific, The Company Offers A Wide Range Turbine Oils.
Key Companies In The Market Include:
- Gear Oils Is Projected To Be The Fastest Growing Lubricant Type With A Cagr Of 8.1% In The Forecast Period. The Demand For Gear Oil Lubricants Is Expected To Witness An Upward Trend Due To The Increase In Contact Pressures And Expected Increase In The Oil Life Span. Gear Box Is Considered To Be The Critical Component In Terms Of Downtime And Failure Rates. Almost 70 Percent Of Gear Box Failures Are Caused Due To The Lubricant Degradation, Which Reduces The Life Span Of Wind Turbine Operation.
- European Market Is Forecasted To Grow Significantly In The Coming Years. Rising Demand For The Latest Turbine Technologies Is A Key Factor Affecting Market Growth In The Region. Space Constraints And Siting Challenges Have Led To An Increase In Demand For Taller Towers In European Markets To Make Use Of Marginal Wind Sites And Existing Forested Land That Available For Development. The Increased Availability Of Opportunities For Repowering In The Eu Is Also Likely To Drive Market Demand. According To Iea, Around 50 Percent Of The Cumulative Wind Capacity In Eu Will Reach The End Of Its Operational Life By 2030.
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Market Segmentation:
Lubricant Type Outlook (Volume, Kilo Tons; 2019-2030 And Revenue, Usd Million; 2019-2030)
- Gear Oil
- Grease
- Hydraulic Fluid
Oil Replacement Cycle Outlook (Volume, Kilo Tons; 2019-2030 And Revenue, Usd Million; 2019-2030)
- 6-12 Months
- 12 Months And Above
Turbine Component Outlook (Volume, Kilo Tons; 2019-2030 And Revenue, Usd Million; 2019-2030)
- Blade
- Rotors
- Jaw
- Gearbox
- Others
Application Outlook (Volume, Kilo Tons; 2019-2030 And Revenue, Usd Million; 2019-2030)
- Onshore
- Offshore
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key Questions Covered In The Global Lubricants Market Report:
- What Is The Expected Market Size Of The Global Lubricants Market During The Forecast Period?
- What Factors Are Expected To Hamper Global Lubricants Market Growth Over The Forecast Period?
- What Key Factors Are Expected To Drive Global Revenue Growth Between 2021 And 2028?
- Which Application Segment Is Expected To Dominate Other Application Segments Over The Forecast Period?
- Which Region Is Expected To Dominate In Terms Of Revenue During The Forecast Period?
- What Are The Key Outcomes Of Porter’s Five Forces Analysis And Swot Analysis?
- Which Leading Players Are Operating In The Global Lubricants Market?
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