The global demand for renewable energy has increased in
recent years, driven by mounting concerns over climate change and
the need to transition away from fossil fuels. This surge in demand
for renewable energy has notably propelled the growth of the wind
energy sector. As part of this expansion, there has been a
significant development of offshore wind farms, particularly in
regions with abundant offshore wind resources, which is a major
factor that contributes to the growth of wind turbine nacelle
market.
PORTLAND, Ore., April 30, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Wind Turbine Nacelle
Market by Capacity (2 MW to 4 MW, Less than 2 MW, and Above 4 MW),
Deployment (Onshore and Offshore), End Use (Utilities
and Industrial), and Component (Gearbox, Generator,
Electronic Systems, and Others): Global Opportunity Analysis and
Industry Forecast, 2024-2033". According to the report, the
"wind turbine nacelle market" was valued at $22.3 billion in 2023, and is estimated to reach
$40.3 billion by 2033, growing at a
CAGR of 6.3% from 2024 to 2033.
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Prime determinants of Wind turbine nacelle market
growth
The global wind turbine nacelle market has experienced growth
due to several factors such as surge in demand for renewable
energy and development of offshore wind farms. However, the
high initial cost of investment hinders market growth to some
extent. Moreover, focus on sustainability and environmental impact
reduction presents additional opportunities for wind turbine
nacelle. The incorporation of digitalization and IoT into nacelle
design enhances remote monitoring and control functions that help
operators to access and manage wind turbines from any location with
internet connectivity. This remote monitoring functionality
facilitates real-time performance optimization, enabling operators
to adjust operating parameters, such as rotor speed and blade
pitch, to maximize energy production and adapt to changing
environmental conditions. All these factors are anticipated to
offer new growth opportunities for the wind turbine nacelle market
during the forecast period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$22.3
billion
|
Market Size in
2033
|
$40.3
billion
|
CAGR
|
6.3 %
|
No. of Pages in
Report
|
250
|
Segments
Covered
|
Component, Capacity,
Deployment, End Use, and Region.
|
Regional
Scope
|
North America, Europe,
Asia Pacific, LAMEA
|
Country
Scope
|
U.S., Canada; Mexico;
Germany; UK; Sweden; France; Finland; Spain; China; Japan; India;
South Korea; Australia; Brazil; Saudi Arabia; South Africa;
UAE
|
Drivers
|
Rise in demand for
renewable energy
Surge in development of
offshore wind farms
|
Opportunity
|
Focus on sustainability
and environmental impact reduction
|
Restraint
|
High initial cost of
investment
|
Others segment maintains its dominance by 2033
By component, the others segment held the highest market share
in 2023, accounting for nearly two-fifths of the global wind
turbine nacelle market revenue and is estimated to maintain its
leadership status throughout the forecast period. The other segment
includes yaw system components, blade pitch system, sensors,
and ventilation systems. The yaw system components, responsible for
orienting the turbine rotor into the wind, are crucial for
maximizing energy capture and optimizing turbine performance. As
wind conditions change, the yaw system must swiftly and accurately
adjust the nacelle's orientation to ensure the rotor is facing the
wind direction, thereby maximizing energy extraction. In addition,
blade pitch systems play a vital role in regulating the angle of
wind turbine blades to optimize power generation and respond to
fluctuating wind speeds and directions.
2 MW to 4 MW segment is expected to lead the trail by
2033
By capacity, the 2 MW to 4 MW segment held the highest
market share in 2023, accounting for nearly half of the global wind
turbine nacelle market revenue and is estimated to dominate during
the forecast period. The increase in demand for renewable energy
and the growing emphasis on decarbonization have spurred the need
for larger wind turbines with higher capacities. According to the
Global Wind Energy Council, wind power helped to avoid
approximately 1.1 billion tons of CO2 emissions in 2022. Wind
energy has become a mainstream source of electricity generation
globally, driven by environmental concerns, energy security, and
the declining costs of wind power. Furthermore, economies of scale
play a significant role in driving the adoption of larger wind
turbine nacelles.
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Onshore segment maintains its dominance by 2033
By deployment, the onshore segment held the highest market share
in 2023, accounting for more than three-fourths of the global wind
turbine nacelle market revenue and is estimated to maintain its
leadership status throughout the forecast period. Onshore wind
energy is more cost-effective to install and maintain compared to
offshore alternatives. The absence of complex offshore installation
procedures, such as seabed preparation and marine logistics,
reduces upfront capital costs. In addition, onshore wind farms have
easier access to existing electricity infrastructure, minimizing
transmission costs. This cost efficiency makes onshore wind turbine
nacelles an attractive option for both developers and investors,
contributing to their widespread adoption.
Utilities segment is expected to lead the trail by
2033
By end use, the utilities segment held the highest market share
in 2023, accounting for more than four-fifths of the global wind
turbine nacelle market revenue and is estimated to dominate during
the forecast period. The scalability and modular design of wind
turbine nacelles make them well-suited for utility-scale
deployment. Wind farms are scaled up by adding additional turbines
and nacelles as needed that allows utilities to flexibly expand
their renewable energy capacity to meet growing demand or
regulatory requirements. This scalability enables utilities to
optimize their energy generation portfolios by integrating wind
power with other renewable and conventional energy sources,
enhancing grid stability and reliability.
Asia-Pacific is expected to
grow faster throughout the forecast period
By region, Asia-Pacific is the
fastest growing region in terms of revenue in 2023 representing
6.8% of the CAGR. The abundant wind resources in the Asia-Pacific region present a opportunity for
wind energy development. Countries such as China, India,
Australia, and Japan have vast areas with strong and
consistent wind speeds suitable for harnessing wind energy. As a
result, there is a growing interest in exploiting these resources
to diversify the energy mix and reduce reliance on fossil fuels.
According to the International Energy Agency, Asia Pacific of energy demand and emissions is
50% and 60%, respectively, between 2022 and 2050. In addition,
technological advancements and cost reductions in wind energy
technology makes wind power increasingly competitive with
conventional energy sources in the Asia-Pacific region.
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Leading Market Players: -
- Vestas
- Goldwind
- GE VERNOVA
- Siemens Gamesa Renewable Energy
- NORDEX SE
- Envision Group
- ENERCON Global GmbH
- Suzlon Energy Limited
- Mingyang Smart Energy Group
- Windey Energy Technology Group Co., Ltd.
The report provides a detailed analysis of these key players in
the global wind turbine nacelle market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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