New York, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The drive train and other tower-top parts are located inside a wind turbine's nacelle. It pivots in reaction to changes in wind direction using a yaw bearing. For maintenance and cleaning, the nacelle must be reachable. Ladders and a tower elevator are typically used to obtain access. According to Straits Research, “The global wind turbine nacelle market size was valued at USD 5.95 billion in 2022. It is projected to reach USD 9.88 billion by 2031, growing at a CAGR of 5.80% during the forecast period (2023-2031).” The increase in investments accelerates the market's overall expansion. Offshore wind farms are expected to play a significant role in assisting the expansion of installed infrastructure in a future age based on renewable energy sources. These elements will significantly support the market's momentum during the expected period.
Declining Cost of Wind Energy Drives the Global Market
The cost of wind energy has significantly dropped during the last ten years. The key reason for the price drop is the use of higher and more giant wind turbines. In the past, the wind industry's pillars were parts made of steel and aluminum. These materials are heavy and risk breaking if utilized to create large wind turbine blades. Polymers and fiberglass composites are modern, more robust, lighter materials developed by the wind industry.
Additionally, modern wind towers are constructed of steel and concrete, allowing the manufacturers to build large towers, as opposed to the past when the wind industry only used steel to construct enormous towers. Better bearing materials are being used in the gearbox for wind turbines. In addition, over the past few years, there have been significant improvements in designs and production methods. These innovations have allowed manufacturers of wind turbines to build powerful wind turbines at a comparatively low cost.
Report Scope
| Study Period | 2019-2031 | CAGR | 5.80% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 5.95 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 9.88 Billion |
| Largest Market | Asia Pacific | Fastest Growing Market | North America |
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Mounting Technological Advancements Creates Tremendous Opportunities
In addition, in the forecast period of 2023 to 2031, technological advancements in the design of wind turbine components, such as glass composites, to lower the cost of maintenance and installation will further extend lucrative opportunities to market players. Modern glass composites build components and transport that are more compact, affordable, and easily accessible. The installation and repair of these components are simple. As a result, installation and maintenance costs are decreased, promoting market expansion.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 7.2% during the forecast period. Before the current wind turbine generator (WTG) was invented in 1891, China had already seen the promise of wind energy technology as a dependable way to bring electricity to isolated and rural locations. China's installed wind capacity will have expanded from just 4 MW in 1990 to 281.99 GW by the end of 2020 due to legal modifications, targeted R&D initiatives, new finance strategies, and stated goals in the most recent Five-Year Plans. By 2020, China will have the most installed and newly created capacity. China is predicted to control the onshore wind power market by 2050, with more than 50% of all installations taking place there. It is anticipated that the nation's high population density and high electricity demand will promote the growth of wind energy.
The American government is actively promoting the wind power sector as part of its America First program, which aims to boost domestic energy production. The offshore wind energy sector is viewed as a significant development area because of the country's vast coastline available for leasing. The Texas onshore wind boom, which is still going strong, is the primary cause of the market's appreciable increase in total installed wind generating capacity, said the American Wind Energy Association. Moreover, a quarter of all wind-generating capacity in the country is located in Texas. Future challenges for the US wind energy market could include the long-standing structural subsidy, the Production Tax Credit, fierce solar and natural gas competition, and severe transmission congestion in crucial development regions. Expanding wind capacity has received much attention from the government, primarily for environmental reasons.
Key Highlights
- Based on the location of deployment, the global wind turbine nacelle market is bifurcated into onshore and offshore. The onshore segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.54% during the forecast period.
- Based on turbine capacity, the global wind turbine nacelle market is bifurcated into less than 1.5 MW, 1.5MW to 2 MW, 2MW to 2.5 MW, and greater than 2.5 MW. The less than 1.5 MW segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.34% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 7.2% during the forecast period.
Competitive Players
The global wind turbine nacelle market’s major key players 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 News
- In September 2022, tripling in Taiwan: Siemens Gamesa massively expanded offshore nacelle manufacturing activities.
- In November 2022, molded Fiber Glass Companies, the California fishing industry, and offshore wind groups formed a corporation.
Global Wind Turbine Nacelle Market: Segmentation
By Location of Deployment
- Onshore
- Offshore
By Turbine Capacity
- Less than 1.5 MW
- 1.5MW to 2 MW
- 2MW to 2.5 MW
- Greater than 2.5 MW
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/wind-turbine-nacelle-market/segmentation
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