The global wind turbine nacelle market is estimated to account for US$ 6.63 Bn in terms of value by the end of 2022. The nacelle of a wind turbine is the building block of a wind turbine. Its main components are the blades and the tower. These parts are assembled separately. The nacelle can include hatch openings to allow for equipment to be lowered from the tower to the ground or to sea level. The hatch openings can be made from a variety of materials, including steel or composite materials. A wind turbine nacelle can perform three modes of oscillation: torsion around the vertical tower axis, transverse to the rotor axis, and torsion around the rotor axis. These modes can be observed with the help of acceleration sensors, which are sensitive to the transverse direction of the nacelle's axis.
Global Wind Turbine Nacelle Market: Drivers
Multiple benefits of wind energy is expected to propel growth of the global wind turbine nacelle market during the forecast period. There are several benefits of wind energy, this energy source is expanding globally with rapid pace due to which it is significantly impacting rural regions economically, as the most ideal sites are often found in these regions. As wind turbines take only a small portion of the land, they do not cause any hindrance for ranchers and farmers. Moreover, installation of wind turbine offers unlimited energy supply to the landowner plus the rent adds into income of the landowner. Thus, the industry is expanding rapidly.
Global Wind Turbine Nacelle Market: Opportunities
Presence of supportive government policies is expected to create several growth opportunities for market players in the global wind turbine nacelle market during the forecast period. Governments across the world are taking environment-friendly initiatives by offering several perks and incentives on tax due to which, the costs of components are reducing, and this likely to boost the wind turbine market. Thus, increasing number of policies and regulations related initiatives for greener energy and reduction of carbon footprints are likely to create a lucrative environment for growth opportunities in the market.
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Global Wind Turbine Nacelle Market: Restraints
Growing lack of skilled experts is likely to obstruct growth of the global wind turbine nacelle market during the forecast period. Electrical systems face highest failure rates of fixed-base wind turbine components each year due to several technical issues needing skilled experts. The need for professionals and experts is increasing, owing to adaptation of manufacturing methods used currently for improving performance of turbine blades, improvement in analysis methods for combined wave and wind loading on installations of FOWT and rise in need for optimizing power cable connections for deep water offshore activities. Thus, lack of trained specialists is hampering the market growth.
Global Wind Turbine Nacelle Market - Impact of Coronavirus (Covid-19) Pandemic
During the COVID-19 pandemic, government across the globe announced countrywide lockdowns to control the virus outbreak. Due to the stringent lockdown regulations various industrial operations were impacted adversely. Production and demand declined due to lack of manpower and raw material supply. As supply chains and transportations were disrupted in this period, manufacturing activities were hindered. Thus, the COVID-19 pandemic negatively impacted the global wind turbine nacelle market. However, as the pandemic situation has returned to normal in most of the regions, it is likely to support the market growth.
Key Takeaways:
The global wind turbine nacelle market was valued at US$ 6.4 Bn in 2021 and is forecast to reach a value of US$ 13.24 Bn by 2030 at a CAGR of 8.41% between 2021 and 2030.
On shore segment held dominant position in the global Wind Turbine Nacelle market in 2020, accounting for 88.21% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Wind Turbine Nacelle Market Trends:
Increasing technological advancements is a growing trend in the global wind turbine nacelle market, which is expected to fuel the market growth. Due to growing technological advancements, the efficiency of wind turbine components is increasing and the costs of production are decreasing. With declining production costs, the offshore wind turbine market in countries including china, South Korea, India and the U.S. is gaining traction. Offshore turbines are becoming economically affordable with onshore wind turbines due to which investment in offshore wind turbines is increasing. This trend is likely to persist in the global wind turbine nacelle market in the near future.
Key players in the market are increasingly focusing on launch and production of wind turbines and this is expected to augment the market growth. For instance, in January 2022, Siemens Gamesa announced that the company has begun serial production of its offshore wind turbine, SG 11.0-200 DD, and the first serially manufactured nacelle was shipped from factory hall of the company in Cuxhaven, Germany on January 14, 2022.
Global Wind Turbine Nacelle Market: Competitive Landscape
Molded Fiber Glass Companies, Hexcel Corporation, BFG International, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Suzlon Energy Limited, and ENERCON GmbH.
Global Wind Turbine Nacelle Market: Recent Developments
In September 2021, Siemens started its new offshore facility in Taichung, which is the first offshore NACELLE assembly facility of the company outside Europe. The inauguration ceremony of this new plant witnessed attendance of local and central government authorities and wind industry partners.
In October 2021, Siemens Gamesa announced the shipment of the SG 14-222 DD prototype NACELLE to the test site in Osterild from its plant Brande, Denmark. The model is likely to be available commercially in 2024.
