Wind Turbine Nacelle Market - Growth, Trends And Forecast (2020 - 2025)
The wind turbine nacelle market is expected to grow at a CAGR of more than 1.8% during the forecast period. 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 rooftop or in residential areas is expected to restrain the growth of the market over the forecast period.
- The wind turbine nacelle for the offshore installation is expected to witness the fastest growth owing to large number of offshore wind projects coming up considering the enormous wind potentials in offshore sites.
- The growing demand for the additions of renewable capacity in Middle-East and Africa is likely to provide an opportunity for the growth of the market in the near future.
- Asia-Pacific is has dominated the market in 2018 and is expected to continue its dominance in the coming years owing to the upcoming wind power projects in China, and India.
Key Market Trends
Increasing Demand for Offshore Wind Installations
- The offshore wind energy market is dominated by the United Kingdom, Germany, and China, which cumulatively accounted for approximately 81% of total offshore wind turbine capacity in 2018.
- New-build offshore wind has witnessed the fastest cost fall of any renewable energy source, reaching an average price of USD 78/MWh, a decrease of approximately 32% as compared to cost in 2018. The drop in prices can be attributed to the increase in production of offshore turbines and the R&D activities leading to technological advancements.
- The technological advancements are expected to further increase the efficiency and decrease the production costs of wind turbines. With declining production costs, the market for offshore wind turbines in countries, such as the United States, China, India, and South Korea, is gaining momentum as the offshore wind turbines are becoming economically competitive with onshore wind turbines.
- This trend of increasing investments in offshore wind turbine power generation is expected to continue during the forecast period, which, in turn, is expected to drive the demand for wind turbine nacelle in offshore sector in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the wind turbine nacelle market during the forecast period. As the environmental regulations regarding carbon emissions are becoming more stringent, the Asia-Pacific region with the largest share of carbon emission globally is expected to turn to the renewable source for energy generation purpose. This, factor, in turn, is expected to boost the wind power installed capacity in the region in the coming years.
- As of 2019, China holds the largest wind power generation capacity in the world. However, China's decision to end subsidies for onshore wind power by 2021 is likely to restrain the growth of the market after 2021.
- India holds the fourth largest wind power installed capacity in the world. These projects are majorly spread in the Northern, Southern and Western parts of the country. With the policies and investment in research and development, the government has been successful in reducing the cost of wind power owing to which wind power has become an attractive market for the investors.
- Through intense R&D activities and increased supportive government policies the wind energy cost is definitely going to come down during the forecast period, in turn, boosting the number of turbines installed. This is also expected to increase the demand for wind turbine nacelles for the new installations in the region.
The wind turbine nacelle market is moderately fragmented. Some of the major companies operating in the market include Siemens Gamesa Renewable Energy, S.A., Vestas Wind Systems A/S, General Electric Company, Suzlon Energy Limited, and Nordex SE.
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- 1 INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD million, until 2025
- 4.3 Installed Onshore Wind Capacity in GW, till 2018
- 4.4 Installed Offshore Wind Capacity in GW, till 2018
- 4.5 Key Offshore Wind Projects
- 4.6 Recent Trends and Developments
- 4.7 Government Policies and Regulations
- 4.8 Market Dynamics
- 4.8.1 Drivers
- 4.8.2 Restraints
- 4.9 Supply Chain Analysis
- 4.10 Porter's Five Forces Analysis
- 4.10.1 Bargaining Power of Suppliers
- 4.10.2 Bargaining Power of Consumers
- 4.10.3 Threat of New Entrants
- 4.10.4 Threat of Substitutes Products and Services
- 4.10.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 Location of Deployment
- 5.1.1 Onshore
- 5.1.2 Offshore
- 5.2 Turbine Capacity
- 5.2.1 Less than 1.5 MW
- 5.2.2 1.5 to 2 MW
- 5.2.3 2 to 2.5 MW
- 5.2.4 Greater than 2.5 MW
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
- 6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Molded Fiber Glass Companies
- 6.3.2 Hexcel Corporation
- 6.3.3 Vestas Wind Systems A/S
- 6.3.4 Siemens Gamesa Renewable Energy, S.A.,
- 6.3.5 General Electric Company
- 6.3.6 Nordex SE
- 6.3.7 Suzlon Energy Limited
- 6.3.8 ENERCON GmbH
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS