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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.
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Wind Turbine Nacelle Market: Strategic Insights
Market Size Value in US$ 23,000.58 million in 2022 Market Size Value by US$ 44,500.80 million by 2030 Growth rate CAGR of 8.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Wind Turbine Nacelle Market: Strategic Insights
| Market Size Value in | US$ 23,000.58 million in 2022 |
| Market Size Value by | US$ 44,500.80 million by 2030 |
| Growth rate | CAGR of 8.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Plant Capacity and Deployment Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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