The global Wind Turbine Nacelle Market is estimated to be valued at US$ 7.52 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The wind turbine nacelle houses crucial components like generator, gearbox, and control systems. A nacelle protects these components from harsh weather conditions and allows them to rotate 360 degrees for maximum wind capture. Growing demand for renewable energy sources is driving the need for wind turbines which in turn is promoting the growth of the wind turbine nacelle market.
Market key trends:
One of the key trends driving the market growth is the increasing offshore wind power installations. Offshore wind farms experience higher wind speeds, which results in greater energy production than onshore installations. However, offshore nacelles face harsher environments and require corrosion resistance, quality materials, and low maintenance. Key players are developing technologically advanced nacelles that can withstand extreme weather conditions and saltwater corrosion in offshore environments, thereby fueling the demand.
Segment Analysis
The global wind turbine nacelle market is segmented by type, component, application, and geography. By type, the market is classified into onshore and offshore. The onshore segment dominates the market and accounts for over 75% share owing to lesser installation and maintenance cost compared to offshore wind turbines. By component, the market is bifurcated into yaw system, hydraulics system, electrical system, and others. The electrical system dominates owing to high demand for efficient and reliable components that increase the wind turbine's energy yield. By application, the market is divided into utilities, and commercial and industrial. The utilities segment accounts for the largest share as wind energy is widely used for power generation by utility companies across regions.
Key Takeaways
The Global Wind Turbine Nacelle Market Size is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing deployment of renewable sources of energy for power generation.
Regional analysis - Europe dominates the market and holds over 35% share driven by presence of leading players and huge renewable integration targets by governments in countries like Germany, UK, France and increasing offshore wind installations. Asia Pacific exhibits the fastest growth due to ongoing capacity additions in China and India.
Key players operating in the 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. The market is competitive in nature owing to presence of international and domestic players focussing on new product developments and mergers & acquisitions to gain competitive edge.
The global wind turbine nacelle market size for 2023 is US$ 7.52 Bn. Europe dominates with over 35% market share owing to policy support for renewable energy sources, huge installed wind energy capacity and presence of major OEMs. Asia Pacific exhibits fastest growth with CAGR of around 10% due to ongoing capacity additions in China and India. Key players include Molded Fiber Glass Companies, Hexcel Corporation, BFG International, Siemens Gamesa Renewable Energy SA, General Electric Company focusing on new product developments.
Read More: https://www.ukwebwire.com/wind-turbine-nacelle-market-size-share-and-growth-forecast-2023-2023/
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