NORTH CANTON, OH —The Timken Company, anindustrial leader in engineered bearings and power transmission products, has helped power growth for solar energy customers over the last three years. Timken entered the solar energy market with the acquisition of Cone Drive in 2018. Under Timken, Cone Drive has continued to build momentum with the world's leading solar energy original equipment manufacturers (OEMs) and, as a result, has tripled its solar revenue in the past three years1, outpacing underlying market growth by a significant margin. In 2020, the company generated more than $100 million in solar energy revenue. As demand for solar energy continues to increase, Timken expects double-digit revenue growth in the sector over the next three to five years.
"Our teams established a reputation for quality and reliability early on with solar energy OEMs and created positive momentum that continues to build," said Carl D. Rapp, Timken group vice president. "We work as a trusted technical partner with the largest manufacturers in the world to develop individual, customized solutions for each solar installation. Our application engineering expertise and innovative solutions stand out as distinct competitive advantages."
Cone Drive's high-precision drives provide tracking and positioning capabilities for both photovoltaic (PV) and concentrated solar power (CSP) applications. These engineered products improve stability and enable systems to handle higher torque loads with lower backlash and anti-back driving capabilities – strong attributes for solar applications. All Cone Drive facilities are ISO-certified and its solar products are manufactured with robust quality controls.
Since 2018, Timken has played a role in more than one-third of the world's utility-scale solar projects2, such as the Al Maktoum Solar Park in Dubai, where the power tower installation utilizes Cone Drive's precision solar tracking technology. The solar park will have capacity to generate 600 MW of clean energy using CSP technology and an additional 2,200 MW from PV technology. Earlier this year, China-based solar tracker OEM Arctech Solar awarded Cone Drive a multi-million dollar contract to provide a custom engineered slewing drive system for PowerChina's Jiangxi Electric power project. It is reportedly the largest drive project of its kind in the world.
Timken has invested heavily in research and development and has built strong manufacturing, engineering, and testing capabilities in both the United States and China to reinforce its leadership position in solar energy. The company is also making targeted investments to increase production capacity, broaden its product range and improve productivity for precision drives used in the solar energy industry. In 2020, renewable energy, which consists of wind and solar, became Timken's single-largest end-market sector, representing 12 percent of total company sales.
The Timken Company designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $3.5 billion in sales in 2020 and employs more than 17,000 people globally, operating from 42 countries.
1 Based on the 12 months ended June 30, 2021, compared to the 12 months ended June 30, 2018. Timken acquired Cone Drive in the third quarter of 2018.
2 Based on company estimates and IHS Markit and Wood Mackenzie data.