Market Size of Wind Turbine Nacelle Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wind Turbine Nacelle Market Analysis
The wind turbine nacelle market is expected to grow at a CAGR of more than 6.1%, to USD 9.12 billion by 2027 as compared to USD 6.30 billion in 2020. With the COVID-19 pandemic in 2020, the market witnessed no major negative impact, with increased wind power capacity globally. For instance, the North American region increased wind power capacity by around 16% as compared to 2019. The major factors driving the market are increasing demand for wind energy due to environmental concerns and the reducing cost of wind energy. However, the increasing rate of solar rooftop adoption due to its advantages over the wind which can not be installed at the rooftop or in residential areas is expected to restrain the growth of the market over the forecast period.
- Onshore wind energy segment has dominate the market in 2020 and is expected to dominate the market during the forecast period as well.
- The rapid development of offshore wind power suggests that the power source is likely to play a significant role in power generation in the near future, which is likely to create several opportunities for wind turbine nacelle market in the future.
- Asia-Pacific is has dominated the market in 2020 and is expected to continue its dominance in the coming years owing to the upcoming wind power projects in China, and India.
Wind Turbine Nacelle Industry Segmentation
The wind tower turbine nacelle market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
| Turbine Capacity | |
| Less than 1.5 MW | |
| 1.5 to 2 MW | |
| 2 to 2.5 MW | |
| Greater than 2.5 MW |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Wind Turbine Nacelle Market Size Summary
The wind turbine nacelle market is poised for significant growth, driven by the increasing demand for wind energy due to environmental concerns and the decreasing cost of wind energy production. Despite the challenges posed by the COVID-19 pandemic, the market has shown resilience, with regions like North America expanding their wind power capacity. The onshore wind energy segment has been a dominant force, benefiting from its relatively mature technology and cost-effectiveness compared to offshore turbines. However, the market faces competition from the growing adoption of solar rooftop systems, which offer advantages in residential areas. The Asia-Pacific region, led by China and India, is expected to maintain its dominance in the market, supported by upcoming wind power projects and favorable government policies aimed at reducing carbon emissions.
The market landscape is moderately fragmented, with key players such as Siemens Gamesa Renewable Energy, General Electric Company, and Suzlon Energy Limited actively participating. Innovations like modular nacelle designs and new manufacturing facilities in regions like Taiwan are expected to enhance operational efficiency and support the growing demand for wind turbine nacelles. The offshore wind power segment is also gaining traction, presenting new opportunities for market expansion. As environmental regulations tighten and wind energy costs continue to decline, the market is anticipated to experience robust growth, particularly in the Asia-Pacific region, which is projected to be the largest and fastest-growing market during the forecast period.
Wind Turbine Nacelle Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, until 2027
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1.3 Installed Onshore Wind Capacity in GW, till 2020
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1.4 Installed Offshore Wind Capacity in GW, till 2020
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1.5 Key Offshore Wind Projects
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1.6 Recent Trends and Developments
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.2 Restraints
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1.9 Supply Chain Analysis
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1.10 Porter's Five Forces Analysis
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1.10.1 Bargaining Power of Suppliers
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1.10.2 Bargaining Power of Consumers
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1.10.3 Threat of New Entrants
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1.10.4 Threat of Substitutes Products and Services
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1.10.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Turbine Capacity
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2.2.1 Less than 1.5 MW
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2.2.2 1.5 to 2 MW
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2.2.3 2 to 2.5 MW
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2.2.4 Greater than 2.5 MW
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Wind Turbine Nacelle Market Size FAQs
What is the current Wind Turbine Nacelle Market size?
The Wind Turbine Nacelle Market is projected to register a CAGR of greater than 6.10% during the forecast period (2024-2029)
Who are the key players in Wind Turbine Nacelle Market?
Siemens Gamesa Renewable Energy, S.A, General Electric Company, Suzlon Energy Limited, Nordex SE and ENERCON GmbH are the major companies operating in the Wind Turbine Nacelle Market.
