Thursday 2 October 2014, AmsterdamThe value of the global gearbox market increased from an estimated $1.9 billion in 2006 to $4.0 billion in 2013 at a Compound Annual Growth Rate (CAGR) of 10%. This growth was primarily due to the increasing number of installations that are expected to be made in the forecast period. The average cost of a gearbox unit is also expected to have declined by 2020, due primarily to the technological improvements made to gearbox equipment. Against this backdrop, the value of the global wind turbine gearbox market is expected to reach $7 billion by 2020, equivalent to growth at a CAGR of 7.8% between 2013 and 2020. Offshore and onshore wind turbine gearboxes are expected to contribute respective totals of $1.7 billion and $5.3 billion in 2020.