Global Wind Turbine Nacelle Market - Segmented by Location, Turbine Capacity, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Although the cumulative total global wind power capacity was up by 11% in 2017 since the previous year (487,279 MW), the annual wind power market was down by 3.8% in 2017 (54,642 MW in 2016). However, the wind power market is expected to gain pace in coming years and is likely to propel the nacelle demand in the wind power industry. The significant factors attributing to the growth are increasing government support initiatives for the development of wind power by several countries across the globe, and the declining cost of wind power. Further, the rapidly growing offshore segment is creating huge opportunities for the market players engaged in nacelle manufacturing business.
Declining Cost of Wind Power - Supplementing the Demand
Wind energy is one of the most affordable forms of electricity, with the average cost of wind power going down by more than 60% during 2012-2017. According to the US National Renewable Energy Laboratory (NREL), the wind energy cost reductions are expected to decline by another 50% by 2030, on account of technological improvements leading to higher capacity factors. Further, for plants commissioned in 2016, the global weighted average cost of electricity from onshore wind was USD 0.07/kWh and from offshore wind was USD 0.152/kWh. This decline in price has made wind power, one of the most preferred options for developing renewable energy sources and is expected to drive the demand for wind turbine nacelle during the forecast period.
Europe to Witness High Growth Rate
For the past decade, the demand for wind energy has witnessed significant growth in Europe. The share of wind energy in Europe has increased from 6% in 2005 to 18% in 2017. Having overtaken coal in 2016, as the second largest form of power generation capacity in the EU, wind power is closely catching up with gas. In 2017, 15,638 MW of wind power capacity was installed in Europe, an increase of 25%, when compared to 2016 annual installations. Furthermore, in 2017, the wind power sector generated 336 TWh of energy that covered an average 11.6% of the EU’s electricity demand. Owing to increasing demand for wind power, Europe is all set to witness a significant rise in deployment of the wind turbine nacelle, with the UK, Germany, France, Turkey, and Finland being the regional hotspot.
US Set to Maintain High Demand
In North America, United States holds the largest installed wind power capacity, registering 89,077 MW of capacity in 2017 and is expected to maintain high demand during the forecast period, as well. The country holds the second largest installed wind power capacity in the world, after China. In 2017, the US increased its installed capacity of wind power by 7,017 MW, an 8.39% increase over 2016 capacity. Further, the country is home to vertically integrated wind power companies like Nordex USA and Siemens Gamesa, which have their well-established nacelle manufacturing and assembly plants in the country.
Key Developments in the Market
February 2018: The first complete D7 nacelle built by Siemens Gamesa Renewable Energy in their new production facility in Cuxhaven (Germany), was rolled out of the manufacturing plant for the 309 MW Rentel Offshore Wind farm
The major players include - Molded Fiber Glass Companies, Hexcel Corporation, Siemens Gamesa Renewable Energy S.A, Vestas Wind Systems A/S, General Electric Co., Nordex SE, and Suzlon Energy Limited, among others.
Reasons to Purchase This Report
Current and future wind turbine nacelle market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support, along with the Market Estimate sheet (in excel)
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