Wind Turbine Nacelle Market is Estimated To Witness High Growth Owing To Increasing Trends in Wind Energy Installations

Wind Turbine Nacelle Market


The 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 market comprises products such as gearboxes, generators, control systems, and electronic controls. It protects sensitive turbine components and transmits the load from the blades and rotor hub to the utility structures. With advancements in components, nacelles are enabling higher rotor efficiency, reduced downtime, improved performance, and compact designs.

Market key trends:
One of the key trends propelling the growth of the wind turbine nacelle market is the increasing installation of onshore and offshore wind farms globally. Countries worldwide are focusing on renewable energy integration to meet growing power demand and tackle climate change. For instance, cumulative installation of wind power capacity in Europe rose by 15.4 GW in 2021 to reach 230 GW. Advancements in lightweight materials and 3D printing technologies are also enabling more compact and durable nacelle designs suitable for large wind turbines. This is helping increase energy output and reducing transportation and installation costs of wind projects.

Porter's Analysis

Threat of new entrants: The high capital requirement and need for technical expertise poses a moderate threat of new entrants. Bargaining power of buyers: Large scale buyers such as utility companies have significant bargaining power over suppliers due to the concentrated nature of demand. Bargaining power of suppliers: Suppliers of raw materials and components such as steel, fiberglass, and electronics have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Alternative energy sources such as solar PV are emerging as substitutes but wind currently has cost advantages. Competitive rivalry: Intense competition exists among existing players to gain market share.

SWOT Analysis

Strengths: Growing focus on renewable energy globally and decline in LCOE enhances demand.

Weaknesses: High dependence on weather conditions and subsidies.

Opportunities: Expanding offshore wind market and growing investements in developing economies.

Threats: Environmental concerns related to noise and effect on wildlife. Periodic policy changes affect growth.

Key Takeaways

Global Wind Turbine Nacelle Market Size is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing investments in renewable energy expansion to meet climate targets.

Europe currently dominates the market followed by Asia Pacific. The European region is expected to grow at a CAGR of around 6% due to large installed base and favorable policies for wind energy development in countries such as Germany, France, UK and Norway. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rapid installations of new wind projects across China, India and other Southeast Asian nations.

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. Major players are focusing on partnerships, mergers and acquisitions to strengthen their foothold. They are also investing in R&D to develop optimized designs tailored for various applications and terrains.
 

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