Competitive Landscape of the Wind Turbine Nacelle Market: A Comprehensive Analysis

Wind Turbine Nacelle Market Analysis: Key Insights

As per our recent market intelligence, ' Wind Turbine Nacelle Market Forecast to 2030 – Global Analysis – by Plant Capacity, Deployment Type, and Geography’, the wind turbine nacelle market size is estimated to reach USD 44,500.80 million by 2030, growing from USD 23,000.58 million in 2022; it is expected to register a CAGR of 8.6% in 2022-2030.

One of the major source of renewable electricity across the globe is wind power. The growing trend and need for the renewable energy and the benefits in environmental protection could help to promote the wind energy across the globe. The governments of different countries are participating in the construction of the wind energy projects by providing funding and supportive mandates for the upcoming projects. The turbine is divided into different parts among which the nacelle is one of the major parts which have the components which were getting converted the wind kinetic energy into mechanical energy to run the generator to yield the electricity. The major component of the nacelle are same for all the turbine which can include the rotor, hub, gearbox, inverter, generator, hydraulic and the bearing.

There are more than 1500 small and large parts and the sub system which are retain in the nacelle. Asia Pacific is the major part of the wind turbine nacelle market in 2022 and then expected to be the largest share of market in forecast period. In Asia pacifc China has have the highest share in terms of the wind turbine nacelle deployment and also they are having the worldwide manufacturing of different component or sub composition of the wind turbine . According to the projection of the Wood Makenzie APAC can have the extra 122 Gw of the new wind capacity by the year 2030 in which it will be overpassing the new capacity that the Europe and the US required.

Asia pacific is using 10% of the wind power in their current power capacity mix and at the same time coal took 45% and petrol has 12 % but this will be change in 2050. Wind and solar will take the 50% of power capacity in the region of Asia pacifc. Hence these kind of factors would help the market of the Wind power industry across the globe.

Government mandates, policies, and schemes propel the growth of the wind energy market which in turn proliferates the wind turbine nacelle market. Wind energy is extracted from the kinetic energy of the wind through wind turbines. A wind turbine is a mechanical device installed in such a way that the wind’s kinetic energy can turn the attached blades, similar to how sails on a boat harness wind energy for propulsion. The blades are connected to a low-speed shaft with a gearbox at their base. The gearbox increases its speed for optimum functioning of the generator. In order to harness more wind energy, taller wind turbines are being constructed. This has necessitated the need for bigger and stronger nacelles, thus driving the demand for wind turbine nacelles.

The positive government policies and regulations to promote the wind energy ecosystem are one of the major driving factors behind the high growth of the wind turbine nacelle market on a global scale. The growing focus on improving the usage of wind energy/power in the overall energy mix is boosting the demand for wind turbine nacelle on a global scale. On similar lines, the Government of India is offering financial incentives such as concessional custom duty waiver along with Accelerated Depreciation Benefits on the plants and machinery. Moreover, the products are exempted from any type of customs duty. The Offshore Renewable Energy Regulations (ORER) initiative in Canada would bring forth the implementation of Offshore Renewable Energy Projects and Offshore Power Lines by incorporating modern safety and environmental protection regulations for the ORE Projects and power lines in the offshore areas of Canada. In addition, in January 2022, the People's Bank of China (PBOC) decided to offer short-term loans to finance decarbonization initiatives. Also, Beijing’s current policy initiatives focus on providing tax concessions and low-cost loans for companies that are working on low-carbon projects, power market reforms, and grid improvement. High emphasis on the usage of advanced components in wind energy projects is projected to boost the wind turbine nacelle market.

Wind Turbine Nacelle Market Analysis: Plant Capacity Overview

According to the plant capacity, the market has categorized less than 10 MW and above 10 MW. Amongst these, the above 10 MW segment dominated the wind turbine nacelle market with a 98.8% share in 2022. It is also projected to dominate during the forecast period. Focus on promoting renewable sources to reduce greenhouse emissions acts as a major market trend for the wind turbine nacelle market. For example, the Government of India announced a new auction process for wind power generation plants in 2023. The Government has introduced a new auction mechanism wherein the government will invite tenders for the setting up of 8GW wind power plants for every year between 2023 and 2030 to boost the production of renewable energy sources. The Chinese government announced to build up to 400 GW of wind and solar energy plants at the United Nations Biodiversity Conference 2023. Over that, the first commercial 104 MW wind project was opened in the UAE in the year 2023. Such steps by governments and investment by them in the wind energy sector drive the wind energy industry, thereby fuelling the wind turbine nacelle market.

Wind Turbine Nacelle Market Analysis: Deployment Type Overview

Based on the deployment type, the global wind turbine nacelle market is classified into onshore and offshore.

In 2022, the onshore segment covered 80.4% of the global wind turbine nacelle market share and it is expected to dominate the global wind turbine nacelle market from 2022 to 2030 due to the emission of less gaseous substances and low maintenance cost over offshore farms. Moreover, onshore wind farms are time-saving as compared to offshore farms as these can be erected in months, helping the wind farm owners to generate revenue in a shorter span of time. Apart from this, investments by public and private sectors for renewable energy, especially for onshore wind power, have fueled demand for wind turbine nacelle.

Wind Turbine Nacelle Market: Competitive Landscape and Key Developments

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 have been profiled in detail in the wind turbine nacelle market report, in order to provide a detailed value chain analysis and industry overview. Besides the abovementioned market players, the report also comprises an overview of the competitive analysis of some of the leading stakeholders in the industry. The key stakeholders of the global wind turbine nacelle market include raw material suppliers, component manufacturers, as well as end users. Growing demand for wind turbine nacelle usage in various small and large-sized wind turbines has contributed to the growth of the raw material suppliers.

Raw material suppliers play a crucial role in the market, as they constitute a major share of the wind turbine nacelle market. The report further enumerates the key factors propelling the growth of the wind turbine nacelle market, including the increasing focus on wind energy and galvanizing potential for wind energy in the future transition towards renewable energy.

Contact US: [email protected]