North America Wind Turbine Lubricant Market Forecast to 2028 - Regional Analysis - by Base Oil (Mineral Oil, Synthetic, and Bio-Based) and Product Type (Grease, Gear Oil, Hydraulic Oil, and Others)

The North America wind turbine lubricant Market is expected to grow from US$ 39.10 million in 2022 to US$ 69.50 million by 2028. It is estimated to grow at a CAGR of 10.1% from 2022 to 2028.

Government Initiatives for Development of Wind Energy Sector Fuels the North America Wind Turbine Lubricant Market

A growing focus on reducing carbon dioxide emissions is increasing the utilization of renewable energy sources. Renewable energy offers various advantages, such as less global warming, inexhaustible energy, increased reliability and resilience, etc. Hence, with the increased utilization of renewable energy, wind energy is becoming a vital energy system in many countries. Governments of various countries are taking initiatives for the development of the wind energy sector. For instance, the US Department of Energy has allocated US$ 132 million in fiscal year 2022 for wind energy technologies. Under this initiative, the government aims to develop more wind energy projects in the country. Hence, various government initiatives for the development of the wind energy sector results in more installations of wind turbines, which drives the demand for wind turbine lubricants.

North America Wind Turbine Lubricant Market Overview

The North America wind turbine lubricants market is segmented into the US, Canada, and Mexico. The US is a major contributor to market growth in this region. Government initiatives for development of the wind energy sector and a rapid upsurge in installed wind capacity are the key factors favoring the proliferation of the wind turbine lubricants market in North America. Wind power is the largest source of renewable energy in the US, generating nearly half of the total. Texas has the most wind turbine capacity among other states. Moreover, the wind is the most prevalent source of electricity generation in states such as Iowa and Kansas. The US recorded the historically highest installation of wind turbine capacity in 2020. Moreover, it remained the largest market for new onshore additions, driven by the scheduled phase-out of the full-rate Production Tax Credit (PTC) in 2020.

Canada is one of the prime countries producing and using renewable power. The country invests heavily in new energy storage technologies to support clean energy generation activities. According to the Canadian Renewable Energy Association’s (CanREA) year-end data, the wind energy sector in Canada grew significantly in 2022. The wind and solar industries in the country accounted for ~4,462 person-years of employment in 2022. Various onshore and offshore wind power projects are planned in the country for the next 10 years. Further, the wind energy capacity has rapidly increased over the last decade in Mexico. According to Mexico Energy Partners LLC., the country had a cumulative installed wind capacity of 8.3 GW in 2021, and it represents ~9% of the total electricity generation of the country. Thus, the demand for wind turbine lubricants is increasing with the focus of North American countries on expanding installed capacities and investing in new wind projects.

North America Wind Turbine Lubricant Market Revenue and Forecast to 2028 (US$ Million)

North America Wind Turbine Lubricant Market Segmentation

The North America wind turbine lubricant market is segmented into base oil, product type, and country.

Based on base oil, the North America wind turbine lubricant market is segmented into mineral oil, synthetic, and bio-based. The synthetic oil segment held the largest share of the North America wind turbine lubricant market in 2022.

Based on product type, the North America wind turbine lubricant market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment held the largest share of the North America wind turbine lubricant market in 2022.

Based on country, the North America wind turbine lubricant market is segmented into the US, Canada, and Mexico. The US dominated the North America wind turbine lubricant market in 2022.

TotalEnergies SE, BP Plc, Chevron Corp, Exxon Mobil Corp, Fuchs Petrolub SE, Kluber Lubrication GmbH & Co KG, Phillips 66, Shell plc, The Lubrizol Corp, Afton Chemical Corp, and AMSOIL Inc are some of the leading companies operating in the North America wind turbine lubricant market.