Saturday, 25 May 2024

Wind Turbine Nacelle Market is expected to reach US$ 44,500.80 million by 2030

Published: Monday, 26 Feb 2024 by The Insight Partners Share on :

Mounting Focus on Clean Energy and Growing Number of Wind Farms Drives Wind Turbine Nacelle Market Growth

According to our latest market study on "Wind Turbine Nacelle Market Forecast to 2030 – Global Analysis – by Plant Capacity and Deployment Type," the wind turbine nacelle market size is expected to grow from US$ 23,000.58 million in 2022 to US$ 44,500.80 million by 2030. It is expected to register a CAGR of 8.6% from 2022 to 2030.

The market size is likely to surge by 2030 owing to the growing focus on mitigating carbon emissions and the rising utilization of clean energy resources. Geographically, the scope of the wind turbine nacelle market report is divided into North America (the US, Canada, and Mexico), Europe (France, Italy, Germany, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific), Middle East & Africa (Saudi Arabia, South Africa, Egypt, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). The mounting number of onshore and offshore wind farms is having a positive impact on the demand for nacelles, boosting the application of nacelles worldwide. Moreover, the rising demand for floating wind technology due to the increasing technological advancements, advantages combined with floating wind technology, and turnkey solutions offered by service providers are expected to contribute to the growing wind turbine nacelle market size.

Wind Turbine Nacelle Market Share — by Region, 2022

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Source: The Insight Partners Analysis

Countries such as Germany, China, Japan, the UK, Belgium, France, and Denmark are witnessing rising adoption of wind energy. The increasing awareness regarding clean energy in numerous countries is also driving the demand for offshore wind power, thereby boosting the market. Several financial investments are made in offshore and floating wind turbine projects by the governments of numerous countries. For instance, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel SEMI substructures that accelerate technology development for floating offshore wind. In addition, in May 2022, the UK government announced the opening of the US$ 192.09 million Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) for expressions of interest from manufacturers and private investors. Also, in September 2022, the Department of Energy launched a floating offshore wind farm design project. Under this project, the National Renewable Energy Laboratory will develop various modeling tools to optimize designs for floating offshore wind farm arrays and several reference array designs for the US floating offshore wind farm sites. Thus, as the demand for offshore and floating offshore wind farms is strengthening globally, the requirement for wind turbine components will most likely augment, fueling the wind turbine nacelle market.

The onshore segment accounted for 80.4% of the global wind turbine nacelle market share in 2022, and it is anticipated to maintain its dominance during the forecast period. Factors such as the rising demand for renewable energy and its role in protecting the environment are projected to propel wind energy projects globally. Favorable government policies and mandates for supporting wind power development are also acting as major driving factors for the wind turbine nacelle market worldwide. The rising demand for clean energy sources, as they reduce greenhouse gas emissions, decrease dependency on imported fuels, and diversify the energy supply, is also anticipated to benefit the wind turbine nacelle market growth.

Currently, China, India, Australia, the US, Germany, France, and Italy are major markets for wind turbine nacelle. The global growth in energy demand, mostly compelled by population growth, is boosting the wind turbine nacelle market. In addition, energy security is a major factor driving the global expansion of wind energy. Various countries are leaning toward renewable resources for power supply and are also focusing on dependable energy sources to decrease their dependence on fossil fuels. Wind energy is a feasible renewable energy source that is fueling the demand for wind turbine nacelle worldwide.

Owing to stringent government regulations, growing investment in wind power projects, encouraging policies, and decreased costs of wind energy, the wind industry across the Asia Pacific region is projected to register significant growth. With the increasing awareness of climate change and the function of renewable energy, the demand for wind turbine nacelle is projected to grow during the forecast period.

In terms of revenue, Asia Pacific dominated the wind turbine nacelle market share in 2022. Asia Pacific wind turbine nacelle market analysis is segmented into China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific accounted for 48.9% of the total wind turbine nacelle market globally in the year 2022 and is projected to maintain its dominance during the forecast period. In Asia Pacific, China leads the wind energy market and is the largest onshore market, with 21.2 GW of new capacity additions. Furthermore, the encouraging government policies and funding made China a favorable spot for investment. Also, according to the Global Wind Energy Council (GWEC) report, Asia Pacific is set to become a leader in offshore wind, with a growth in its share from ~25% in 2020 to ~42% by 2025. The ongoing projects of capacity addition of wind farms are rushing wind power generation. The addition of wind energy capacity would also increase India's existing 39.2 GW wind capacity by 50%, paving the way for incremental growth. Thus, the increasing investment in ongoing wind farms is augmenting the wind energy generation capacity, further strengthening the wind turbine nacelle market.

For instance, in Asia Pacific, the Karara Wind Farm has invested US$ 183 million for the construction of a 103 MW wind farm, which is expected to be completed in Q4 2024. The Golmud Dongtai Wind Farm involves in the construction of a 100 MW wind farm with an investment of US$ 156 million. Thus, the expanding addition of wind power capacity in Asia Pacific, coupled with noteworthy investment to achieve the determined clean energy target, is anticipated to boost the demand for wind turbine components, such as nacelle. Further, the adverse effects of global warming and climate change have made companies develop more sustainable products. The requirement for a newer and cleaner energy source is stimulating the demand for wind energy, which boosts the wind turbine nacelle market share.

Contributions and market initiatives of the key players such as 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. And EEW Group are influencing the wind turbine nacelle market. In addition, several other important wind turbine nacelle market players have been studied and analyzed during the study to get a holistic view of the wind turbine nacelle market and its ecosystem.

The wind turbine nacelle market report also emphasizes key factors such as the growing focus on net zero carbon emission and increasing utilization of renewable energy sources in the overall power mix. The wind turbine nacelle market trends include the scope of wind power in future energy transition, which is projected to be one of the major sources of electricity generation in the future.

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