The EMEA and Americas markets for planetary gearboxes are forecast to experience an annual growth of almost eight per cent by 2009, reaching $1,812 million and $459 million respectively. One of the main reasons for this growth is the increasing demand within the wind energy sector for high-torque planetary gearboxes used in wind turbines. This increase in demand is the direct result of the recent high levels of investment in this sector as an alternative energy source to oil, driven by rising oil prices and sustained concerns about global warming.
The energy sector, of which wind energy is a significant proportion, accounted for over forty per cent of the total EMEA planetary gearbox market, and over one-quarter of the Americas' planetary market in 2005. Whilst EMEA has been steadily building up a large installed wind turbine capacity for over twenty years, comparable levels of investment have been more recent in the Americas, catalysed by increasing international demand for oil and rising energy costs. This has resulted in a smaller market for these products in America.
Market Analyst Rob Carter says: "Continued financial incentives provided by the 2001 EU Directive on the promotion of electricity from renewable energy sources for Europe, and America's wind energy production tax credit, will encourage further investment in the wind energy sector over the next few years as these regions strive to meet green energy targets. This is expected to result in the high torque planetary gearbox market growing annually by around ten percent in both regions."
