Wind Turbine Nacelle Global Market Report 2024

The wind turbine nacelle market size has grown strongly in recent years. It will grow from $6.73 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth witnessed in the historical period can be ascribed to the economic viability of wind power, the global transition toward renewable energy, the expansion of wind energy capacity, government targets for renewable energy, and the optimization of the supply chain.

The wind turbine nacelle market size is expected to see strong growth in the next few years. It will grow to $9.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to the integration of energy storage, increased market competitiveness, the development of grid infrastructure, reductions in lifecycle costs, and heightened public awareness and acceptance. Major trends expected in the forecast period involve digitalization and smart technologies, substantial investments in research and development, advancements in turbine technology, the adoption of modular and transportable designs, as well as sustainability and recycling initiatives.

The wind turbine nacelle market is poised for growth, driven by the increasing utilization of renewable energy sources. Renewable energy, derived from naturally replenishing resources, offers sustainability and reduced greenhouse gas emissions, contributing to a cleaner and more sustainable energy future. Wind power, a popular renewable energy solution, aims to minimize emissions and transition to cleaner energy systems. Wind turbines, crucial for harvesting wind energy and converting it into electricity, utilize nacelles to house essential components such as generators, gearboxes, and control systems. According to the International Energy Agency, in April 2021, renewable energy witnessed a 3% increase in 2020, with a notable 7% growth in electricity generation from renewable sources, raising the global share of renewables in electricity generation from 27% in 2019 to 29% in 2020. Hence, the adoption of renewable energy sources is a key driver for the growth of the wind turbine nacelle market.

The wind turbine nacelle market is also expected to benefit from strong government support. Governments worldwide are endorsing the energy sector to develop innovative solutions and enhance industry service. For example, the UK government announced plans to quadruple offshore wind capacity to 50 GW by 2030, with a goal of achieving net-zero power generation by 2035. Additionally, the US government committed $369 billion to stimulate investments in renewable energy in February 2023. Germany and Denmark jointly announced a €9,000 million investment in a 3 GW wind power plant in August 2022. This strong government support is anticipated to increase the demand for the energy industry, consequently driving the wind turbine nacelle market.

Product innovation is a prominent trend in the wind turbine nacelle market, with major companies introducing new products to maintain their market position. Vestas, a Danish wind turbine manufacturer, launched the V162-6.8 MW in November 2021, a turbine that enhances power output and market applicability on the EnVentus platform. This platform leverages proven technology from smaller and larger turbines for easy customization through advanced modularity. The V162-6.8 MW, suitable for global use, offers increased power and improved performance in low to medium wind conditions, expanding its site applicability.

Plant expansions are also a notable trend in the wind turbine nacelle market, with major companies investing in facilities to manufacture offshore wind turbine components. Siemens Gamesa, in February 2023, announced plans to build a significant factory in New York to produce parts for wind turbines, contingent on the selection of their turbines by New York authorities. The factory aims to contribute to the development of 9 GW of offshore wind energy by 2035, playing a crucial role in achieving renewable energy goals and creating jobs.

In August 2022, Pearce Renewables, a US-based IT services and consulting company, acquired MFG Energy Services, a move that enhances Pearce Renewables' composite repair and inspection services for wind turbine components. This acquisition solidifies Pearce Renewables' position as a leading Independent Service Provider in the renewable energy services market.

Major companies operating in the wind turbine nacelle market report are Hyundai Motor Company, Reliance Industries Ltd., Hitachi Ltd., General Electric Corporation, Phoenix, Shanghai Electric Group Company Limited, Vestas Wind Systems AS, Doosan Corporation, Siemens Gamesa Renewable Energy S.A, Nordex SE, WEG S.A., Suzlon Energy Limited, Ming Yang Smart Energy Group Co. Ltd., Hexcel Corporation, Senvion S.E, Corporacion Acciona Energias Renovables SA, Xinjiang Goldwind Science & Technology Co. Ltd., Envision Energy Ltd., BFG International Private Limited, Enercon GmbH, Molded Fiber Glass Companies, ReGen Powertech Private Limited, Inox Wind Limited, Wind World Limited, Scott Bader Pvt. Ltd., Vensys Energy AG, Doosan Heavy Industries & Construction Co. Ltd., GBT Composites Technology Ltd., Indutch Composites Technology Private Limited, and BlueWind Technology LLC.

Asia-Pacific was the largest region in the wind turbine nacelle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wind turbine nacelle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wind turbine nacelle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary locations for deploying wind turbine nacelles include onshore and offshore. Onshore wind energy involves placing wind turbines on land, typically in areas such as open plains, hills, or coastal regions. The diverse turbine capacities range from less than 1.5 MW, 1.5 to 2 MW, 2 to 2.5 MW, to greater than 2.5 MW, with applications in residential, utility, industrial, and commercial settings.

The wind turbine nacelle market research report is one of a series of new reports that provides wind turbine nacelle market statistics, including wind turbine nacelle industry global market size, regional shares, competitors with a wind turbine nacelle market share, detailed wind turbine nacelle market segments, market trends and opportunities, and any further data you may need to thrive in the wind turbine nacelle industry. This wind turbine nacelle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wind turbine nacelle market consists of sales of generator systems, gearbox systems, control systems, cooling systems, and Yaw systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.