Wind Turbine Nacelle Market to Reach $40.3 billion, Globally, by 2033 at 6.3% CAGR: Allied Market Research

The global demand for renewable energy has increased in recent years, driven by mounting concerns over climate change and the need to transition away from fossil fuels. This surge in demand for renewable energy has notably propelled the growth of the wind energy sector. As part of this expansion, there has been a significant development of offshore wind farms, particularly in regions with abundant offshore wind resources, which is a major factor that contributes to the growth of wind turbine nacelle market.

PORTLAND, Ore., April 30, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Wind Turbine Nacelle Market by Capacity (2 MW to 4 MW, Less than 2 MW, and Above 4 MW), Deployment (Onshore and Offshore), End Use (Utilities and Industrial), and Component (Gearbox, Generator, Electronic Systems, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "wind turbine nacelle market" was valued at $22.3 billion in 2023, and is estimated to reach $40.3 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.

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Prime determinants of Wind turbine nacelle market growth

The global wind turbine nacelle market has experienced growth due to several factors such as surge in demand for renewable energy and development of offshore wind farms. However, the high initial cost of investment hinders market growth to some extent. Moreover, focus on sustainability and environmental impact reduction presents additional opportunities for wind turbine nacelle. The incorporation of digitalization and IoT into nacelle design enhances remote monitoring and control functions that help operators to access and manage wind turbines from any location with internet connectivity. This remote monitoring functionality facilitates real-time performance optimization, enabling operators to adjust operating parameters, such as rotor speed and blade pitch, to maximize energy production and adapt to changing environmental conditions. All these factors are anticipated to offer new growth opportunities for the wind turbine nacelle market during the forecast period.

Report coverage & details:

Others segment maintains its dominance by 2033

By component, the others segment held the highest market share in 2023, accounting for nearly two-fifths of the global wind turbine nacelle market revenue and is estimated to maintain its leadership status throughout the forecast period. The other segment includes yaw system components, blade pitch system, sensors, and ventilation systems. The yaw system components, responsible for orienting the turbine rotor into the wind, are crucial for maximizing energy capture and optimizing turbine performance. As wind conditions change, the yaw system must swiftly and accurately adjust the nacelle's orientation to ensure the rotor is facing the wind direction, thereby maximizing energy extraction. In addition, blade pitch systems play a vital role in regulating the angle of wind turbine blades to optimize power generation and respond to fluctuating wind speeds and directions.

2 MW to 4 MW segment is expected to lead the trail by 2033

By capacity, the 2 MW to 4 MW segment held the highest market share in 2023, accounting for nearly half of the global wind turbine nacelle market revenue and is estimated to dominate during the forecast period. The increase in demand for renewable energy and the growing emphasis on decarbonization have spurred the need for larger wind turbines with higher capacities. According to the Global Wind Energy Council, wind power helped to avoid approximately 1.1 billion tons of CO2 emissions in 2022. Wind energy has become a mainstream source of electricity generation globally, driven by environmental concerns, energy security, and the declining costs of wind power. Furthermore, economies of scale play a significant role in driving the adoption of larger wind turbine nacelles.

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Onshore segment maintains its dominance by 2033

By deployment, the onshore segment held the highest market share in 2023, accounting for more than three-fourths of the global wind turbine nacelle market revenue and is estimated to maintain its leadership status throughout the forecast period. Onshore wind energy is more cost-effective to install and maintain compared to offshore alternatives. The absence of complex offshore installation procedures, such as seabed preparation and marine logistics, reduces upfront capital costs. In addition, onshore wind farms have easier access to existing electricity infrastructure, minimizing transmission costs. This cost efficiency makes onshore wind turbine nacelles an attractive option for both developers and investors, contributing to their widespread adoption.

Utilities segment is expected to lead the trail by 2033

By end use, the utilities segment held the highest market share in 2023, accounting for more than four-fifths of the global wind turbine nacelle market revenue and is estimated to dominate during the forecast period. The scalability and modular design of wind turbine nacelles make them well-suited for utility-scale deployment. Wind farms are scaled up by adding additional turbines and nacelles as needed that allows utilities to flexibly expand their renewable energy capacity to meet growing demand or regulatory requirements. This scalability enables utilities to optimize their energy generation portfolios by integrating wind power with other renewable and conventional energy sources, enhancing grid stability and reliability.

Asia-Pacific is expected to grow faster throughout the forecast period

By region, Asia-Pacific is the fastest growing region in terms of revenue in 2023 representing 6.8% of the CAGR. The abundant wind resources in the Asia-Pacific region present a opportunity for wind energy development. Countries such as China, India, Australia, and Japan have vast areas with strong and consistent wind speeds suitable for harnessing wind energy. As a result, there is a growing interest in exploiting these resources to diversify the energy mix and reduce reliance on fossil fuels. According to the International Energy Agency, Asia Pacific of energy demand and emissions is 50% and 60%, respectively, between 2022 and 2050. In addition, technological advancements and cost reductions in wind energy technology makes wind power increasingly competitive with conventional energy sources in the Asia-Pacific region.

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Leading Market Players: -

• Vestas
• Goldwind
• GE VERNOVA
• Siemens Gamesa Renewable Energy
• NORDEX SE
• Envision Group
• ENERCON Global GmbH
• Suzlon Energy Limited
• Mingyang Smart Energy Group
• Windey Energy Technology Group Co., Ltd.

The report provides a detailed analysis of these key players in the global wind turbine nacelle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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