Wind Turbine Nacelle Market Trends, Growth, Size by 2031

The Wind Turbine Nacelle Market size is projected to reach US$ 46,646.02 million by 2031 from US$ 31,656.31 million in 2023. The market is expected to register a CAGR of 5.0% in 2023–2031. Increasing focus on renewable energy and sustainability are likely to remain key Wind Turbine Nacelle Market trends.

Wind Turbine Nacelle Market Analysis

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 Turbine Nacelle Market Overview

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.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Wind Turbine Nacelle Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Wind Turbine Nacelle Market Drivers and Opportunities

Rising Demand for Sustainable Energy Sources

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.

Growing Investments in Floating Offshore Wind Projects

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.

Wind Turbine Nacelle Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Wind Turbine Nacelle Market analysis are plant capacity, and deployment type.

• Based on plant capacity, the Wind Turbine Nacelle Market is divided into Less than 10 MW

Above 10 MW. The above 10 MW segment held a larger market share in 2023.

• By deployment type, the market is segmented into onshore and offshore. The onshore segment held the largest share of the market in 2023.

Wind Turbine Nacelle Market Share Analysis by Geography

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.

Wind Turbine Nacelle Market News and Recent Developments

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:

• In 2023, Siemens Gamesa and Repsol have strengthened their commercial ties with the signing of two new contracts for the supply of 40 SG 5.0-145 onshore turbines for six wind farms in Spain, totaling 200 MW. Following this agreement, Repsol will have eight wind farms employing Siemens Gamesa technology, reaching a total of 324 MW. The installation of these six wind farms will have a positive effect on the wind industry in Spain, as all the components of the 40 turbines that make up these farms - towers, blades, and nacelles - will be manufactured in different plants in Spain.
• In 2022, GE Renewable Energy and Hyundai Electric announced that they have signed a strategic partnership agreement as the next step in their efforts to work together to serve the South Korean offshore wind market. The latest agreement outlines plans for the establishment of a factory in South Korea for producing the nacelles and the generators used in Haliade X turbines, with potential to also leverage the South Korea base for exporting generator components.

Wind Turbine Nacelle Market Regional Insights

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.

Wind Turbine Nacelle Market Report Scope

Wind Turbine Nacelle Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. "Siemens Gamesa Renewable Energy, S.A
2. General Electric Company
3. Suzlon Energy Limited
4. Nordex SE
5. ENERCON GmbH
6. Vestas Wind Systems A/S

Disclaimer: The companies listed above are not ranked in any particular order.

Wind Turbine Nacelle Market Report Coverage and Deliverables

The “Wind Turbine Nacelle Market” Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles