Burlingame, March 28, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global wind turbine nacelle market is estimated to be valued at US$ 6.4 billion in 2021 and is expected to exhibit a CAGR of 8.41% during the forecast period (2023-2030).
Analysts’ Views on Global Wind Turbine Nacelle Market:
During the forecast period, the global market for wind turbine nacelles is also anticipated to be hindered by expanding government policies that favor solar and gas power infrastructures. For instance, the U.S. government announced in December 2020 that the Investment Tax Credit would be extended to provide a tax credit of 26% for solar PV systems installed from 2020 to 2022 and 22% for systems installed in 2023. The expansion of the market is likely to be stifled as a result of this government support for solar PV projects.
Global Wind Turbine Nacelle Market– Driver
Increase in investments and number of upcoming projects is anticipated drive the market
During the forecast period, the global market for wind turbine nacelles is anticipated to expand driven by an increase in investments and the number of upcoming projects. Because of developing interests in wind power projects, the breeze power area is extending all around the world prompting developing interest for wind turbine nacelle. For instance, the European Wind Energy Association (WindEurope) reports that in 2020, the wind energy sector in Europe will see investments totaling more than US$ 86.21 billion, with US$ 46.34 billion going toward the construction of brand-new wind farms.
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The global market for wind turbine nacelles is also expected to expand during the forecast period as a result of the ongoing decline in the cost of wind energy. The use of larger and taller wind turbines has led to a significant drop in the price of wind energy over the past few years. The cost of wind energy used to be high because the wind industry relied heavily on steel and aluminum components for large wind turbines. For instance, the International Renewable Energy Agency reports that between 2010 and 2020, the weighted-average of newly commissioned projects for offshore wind decreased by 48%, falling from US$ 0.162 per kWh to US$ 0.084 per kWh.
Environmental factors acting as drivers for the global wind turbine nacelle market
The need to reduce greenhouse gas emissions and shift towards renewable energy sources has made wind energy an increasingly important part of the energy mix. Wind turbine nacelles are a key component in generating this clean energy. The environmental impact of the manufacturing and disposal of nacelles is also a driving factor, with manufacturers seeking to reduce waste, emissions, and resource use
Wind Turbine Nacelle Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2021: | US$ 6.4 Bn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 8.41% | 2030 Value Projection: | US$ 13.24 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Molded Fiber Glass Companies, Hexcel Corporation, BFG International, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Suzlon Energy Limited, and ENERCON GmbH | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Wind Turbine Nacelle Market- Restraint
Adaption of clean power source anticipated to drive the market growth
The worldwide adoption of alternative and clean power sources is rising, which is anticipated to impede the global wind turbine nacelle market's expansion during the forecast period. The wind power industry continues to face constraints as a result of alternative sources of clean power generation. Solar power and gas power are the two main types of alternative sources. These sources offer cleaner methods of energy age, their reception is expanding around the world, which is thwarting the breeze power interest.
During the forecast period, the global market for wind turbine nacelles is also anticipated to be hampered by expanding government policies that favor solar and gas power infrastructures. For instance, October 2020, Boris Johnson the prime minister of UK announced to increase the governments offshore wind target to 40 gigawatts of energy by 2030. But the restrictions that Boris Johnson did not took into account which was going to restrict the development of the project. The restriction was the requirement of clear local support and these was the restriction which was almost impossible to meet.
Global Wind Turbine Nacelle Market- Opportunity
Market is anticipated to benefit from the rising interest of untapped and emerging markets in offshore wind energy.
During the forecast period, market participants in the global wind turbine nacelle market are anticipated to benefit from a variety of growth opportunities brought about by the rising interest of untapped and emerging markets in offshore wind energy. The worldwide search for renewable energy sources is intensifying the development of offshore wind power. As a result, the power source is anticipated to play a promising role in power generation in the future. For instance, According to data provided by the World Bank, in June 2022, Azarbijan has a technical offshore wind resource of around 157GW – over 20 times the country’s current installed energy capacity, according to the World Bank.
During the forecast period, the global market for wind turbine nacelles is anticipated to benefit from a variety of growth opportunities brought about by evolving technological developments in wind turbine materials. Glass composites, for example, are one example of a material designed to reduce installation and maintenance costs for wind turbines. Contemporary glass composites are utilized for building parts that are more affordable, more modest, and quick and simple to set up and convey. As a result, installation and maintenance costs are reduced, likely supporting market expansion.
Cross Sectional Analysis of Global Wind Turbine Nacelle Market:
Over the course of the forecast period, North America is anticipated to hold the highest market share in the global market for wind turbine nacelles. This region has expanded as a result of government support for increasing domestic energy production in nations like the U.S. For example, on February 13, 2023, Siemens Gamesa, a renewable energy company, announced its intention to construct a significant offshore nacelle manufacturing facility in New York state, subject to the New York authorities selecting the company's wind turbines in their third offshore wind solicitation.
Global Wind Turbine Nacelle Market Segmentation:
The report on the global market for nacelles for wind turbines is broken down by region, turbine capacity, and location of deployment.
The market is divided into onshore and offshore segments according to the deployment location. Due to the increased use of onshore wind turbines and their widespread availability, the onshore segment is anticipated to dominate the global market over the forecast period.
Due to increasing investments in the offshore sector and increasing power generation capacity from offshore wind turbines, the offshore segment is also anticipated to experience significant growth in the near future.
The market is divided into four categories based on turbine capacity: less than 1.5 MW, 1.5 MW to 2 MW, 2 MW to 2.5 MW, and more than 2.5 MW. Due to its low cost, low maintenance, and dependable alternative energy generators, the less than 1.5 MW segment is anticipated to dominate the global market over the forecast period. As a result, farms, households, telecommunications, and agriculture will make extensive use of these small wind turbines with less than 1.5 MW capacity.
1.5MW to 2 MW portion is likewise expected to observe critical development sooner rather than later, attributable to the developing reception of wind turbines with a limit going from 1.5 MW to 2 MW for utility-scale and business activities and essential arrangement in coastal tasks. For example, in June 2021, Suzlon Energy a renewable energy solutions provider, declared the improvement of its venture of 252 MW wind power in Gujarat, India, in which almost 120 units of S120-140m breeze turbine with almost 2 MW limit will be introduced.
Global Wind Turbine Nacelle Market: Key Developments
In June 2020, Leosphere, a Vaisala company, launched a lidar that attaches to wind turbines and measures wind conditions. The only lidar that can provide rapid data that meets the power performance testing (PPT) requirements of the largest wind turbines and has a range of 700 meters, WindCube Nacelle.
In December 2021, Hexcel Corporation, an American public industrial materials company and METYX, a textiles company formed a partnership to develop high-performance carbon pultrusion technology for the wind energy market using unidirectional carbon fiber and polyurethane resin.
In May 2020, Siemens Gamesa, a Renewable Energy solutions provider announced that it would expand the Taichung NACELLE assembly facility to establish a regional offshore wind NACELLE industrial hub with local suppliers.
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Key Market Takeaways:
The onshore segment within the location of deployment is gaining traction in the market, which is expected to propel the growth of the global wind turbine nacelle market during the forecast period. The global wind turbine nacelle market is expected to exhibit a CAGR of 8.41% during the forecast period. For instance, In October 2020, Vestas, a manufacturer of wind turbines introduced its low-wind turbine in India. According to GWEC's projections, the Indian government will add approximately 100GW to the predominantly low-wind market by 2030.
Due to increasing investments in the offshore sector and increasing power generation capacity from offshore wind turbines, the offshore segment is also anticipated to experience significant growth in the near future. For instance, Greenboats and Sicomin, a manufacturer of advanced epoxy systems, have produced a nacelle a windturbine which is made from natural fibers in the harbour of Rotterdam this spring.
1.5MW to 2 MW segment is also expected to witness significant growth in the near future, owing to the growing adoption of wind turbines with capacity ranging from 1.5 MW to 2 MW for utility-scale and commercial operations and primary deployment in onshore operations. For instance, in June 2021, Sulzon group announced the development of its project of 252 MW wind power in Gujarat, India, in which nearly 120 units of S120-140m wind turbines with nearly 2 MW capacity will be installed.
Competitive Landscape:
Key players operating in the global wind turbine nacelle market are Molded Fiber Glass Companies, Hexcel Corporation, BFG International, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Suzlon Energy Limited, and ENERCON GmbH.
Market Segmentation:
- Global Wind Turbine Nacelle Market, By Location of Deployment:
- Onshore
- Offshore
- Global Wind Turbine Nacelle Market, By Turbine Capacity:
- Less than 1.5 MW
- 5MW to 2 MW
- 2MW to 2.5 MW
- Greater than 2.5 MW
- Global Wind Turbine Nacelle Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Europe
- By Country:
- Germany
- Italy
- U.K.
- France
- Russia
- Rest of Europe
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East and Africa
- By Country/Region:
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- By Country/Region:
- North America
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