The growing application of various wind turbine components in onshore and offshore wind power plants drives the development of the renewable energy sector. In addition, the increasing number of offshore wind power projects is propelling the usage of renewable energy in power generation. Increasing investments in wind farms and the growing proliferation of green and sustainable approaches for mitigating environmental pollution and reducing carbon emissions drive the wind turbine nacelle market growth globally.
Wind energy is currently witnessing strong growth and development globally. The growing government initiative for adopting wind energy for electricity generation is creating lucrative opportunities for the wind turbine nacelle market. The rising demand for floating wind technology for offshore wind turbines is projected to favor the growth of the market during the forecast period. The technology will help in the development of offshore wind turbines where the water is very deep. The wind turbine nacelle market outlook continues to be positive since this component is well-positioned to serve the growing requirements of wind farms. The acceptance of wind energy as a renewable and sustainable energy source has intensified over the years. Power generation is one of the major application areas of wind energy, specifically to increase energy security in times of geopolitical disturbances. Countries such as France, Italy, and the UK are majorly focusing on wind power as an alternative source of energy in order to reduce reliance on any neighbouring country for energy.
Factors such as population growth, urbanization, and rapid industrialization have surged the demand for sustainable energy sources for power generation. Wind power can offer a significant portion of the electricity required to support the growing energy demand and can contribute to the proper energy supply. Several nations are looking for alternative and sustainable energy sources to lower their dependency on fossil fuels, ensuring a constant energy supply.
The international offshore wind capacity surged from 34.4 GW in 2020 to 64.3 GW in 2023, owing to the new installations and developments in China and the US. The Global Wind Energy Council is putting efforts to achieve a net zero target by 2050. Substantial investments are being made globally for the new assembly and expansion of wind farms in order to achieve the net zero targets. Furthermore, the rising financing aid for wind farms has surged the demand for wind turbine components such as nacelle, gearbox, rotor blades, generator, pitch system, and tower.
As per the International Renewable Energy Agency (IREA), wind energy has developed rapidly since 2000, owing to constant R&D and reduction in operational costs. For instance, onshore wind capacity increased from 178 GW in 2010 to 699 GW in 2020, whereas offshore wind capacity increased from 3.1 GW in 2010 to 34.4 GW in 2020. As per the International Energy Agency, in 2022, electricity generation from wind increased by almost ~265 TWh, which is 14% up from 2021. Thus, the rising demand for electricity and increased preferences for clean energy have positively surged the number of onshore and offshore wind energy projects, ultimately driving the wind turbine nacelle market.
Offshore wind farms are thought to be more efficient than onshore wind farms due to higher wind speeds, greater consistency, and a lack of physical interference from land or man-made things. Offshore wind speeds are typically higher than that of land. Small changes in wind speed result in substantial gains in energy production: a turbine operating in a 15-mph wind can produce twice as much energy as a turbine operating in a 12-mph wind. Faster offshore wind speeds mean that significantly more energy can be generated. Offshore wind speeds are more consistent than on land. A more consistent supply of wind means a more dependable source of energy. Investments in offshore wind farms are increasing owing to higher efficiency compared to onshore wind farms. In 2023, UK-based Octopus Energy announced plans to invest US$ 20 billion in offshore wind by 2030. In 2023, the government of the US approved the fourth offshore wind project. This announcement marked another step toward the US' aim of deploying 30 GW of offshore wind energy capacity by 2030.
Key segments that contributed to the derivation of the Wind Turbine Nacelle Market analysis are plant capacity, and deployment type.
Above 10 MW. The above 10 MW segment held a larger market share in 2023.
The geographic scope of the Wind Turbine Nacelle Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific has dominated the Wind Turbine Nacelle Market. The Asia Pacific wind turbine nacelle market is classified into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the market due to supportive government initiatives and a rise in investment in wind energy projects. The market development in Asia Pacific is primarily attributed to increasing investment in the renewable industry, rapid growth in industrialization and urbanization, and the growing need for energy. Middle East and Africa is anticipated to grow with the highest CAGR in the coming years.
The Wind Turbine Nacelle Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for wind turbine nacelle:
The regional trends and factors influencing the Wind Turbine Nacelle Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wind Turbine Nacelle Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 31,656.31 Million |
| Market Size by 2031 | US$ 46,646.02 Million |
| Global CAGR (2023 - 2031) | 5.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Plant Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wind Turbine Nacelle Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wind Turbine Nacelle Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “Wind Turbine Nacelle Market” Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Wind Turbine Nacelle Market
Siemens Gamesa Renewable Energy, S.A, General Electric Company, Suzlon Energy Limited, Nordex SE, ENERCON GmbH, Vestas Wind Systems A/S, Goldwind, Shanghai Electric, Hitachi Ltd., EEW Group are the key market players operating in the global wind turbine nacelle market.
Key role of wind power in future energy transition is anticipated to stimulate the wind turbine nacelle market growth in the coming years.
Regions such as Asia-Pacific, Europe and North America will boost the growth of the wind turbine nacelle market during the forecast period. This growth is owing to the rise in investment on construction of wind power plant facilities in the regions.
Rise in demand for power generation from zero carbon emitting sources, rise in establishment of wind power plants, rise in awareness towards energy security are contributing to the growth of the wind turbine nacelle market.
Ongoing research and innovation on advanced wind turbine component types in potential countries such as U.S., France, India, Brazil, Japan, and China where the adoption of the above-mentioned technology is maturing at a significant rate is expected to be the key opportunity in the market.