PUBLISHER: The Business Research Company | PRODUCT CODE: 1671031
PUBLISHER: The Business Research Company | PRODUCT CODE: 1671031
A wind turbine nacelle is the enclosure or structural housing situated at the top of a wind turbine tower, encompassing essential components crucial for the turbine's functioning. It commonly takes the form of a sizable, box-shaped structure positioned atop the tower, accommodating key elements such as the generator, gearbox, and control systems.
The primary locations for deploying wind turbine nacelles include onshore and offshore. Onshore wind energy involves placing wind turbines on land, typically in areas such as open plains, hills, or coastal regions. The diverse turbine capacities range from less than 1.5 MW, 1.5 to 2 MW, 2 to 2.5 MW, to greater than 2.5 MW, with applications in residential, utility, industrial, and commercial settings.
The wind turbine nacelle market research report is one of a series of new reports from The Business Research Company that provides wind turbine nacelle market statistics, including wind turbine nacelle industry global market size, regional shares, competitors with a wind turbine nacelle market share, detailed wind turbine nacelle market segments, market trends and opportunities, and any further data you may need to thrive in the wind turbine nacelle industry. This wind turbine nacelle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The wind turbine nacelle market size has grown strongly in recent years. It will grow from $7.26 billion in 2024 to $7.86 billion in 2025 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to the economic viability of wind power, global energy transition, increased wind energy capacity, government renewable energy targets, and supply chain optimization
The wind turbine nacelle market size is expected to see strong growth in the next few years. It will grow to $10.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to energy storage integration, market competitiveness, grid infrastructure development, lifecycle cost reductions, public awareness, and acceptance. Major trends in the forecast period include digitalization and smart technologies, investments in research and development, advancements in turbine technology, modular and transportable designs, and sustainability and recycling initiatives.
The adoption of renewable energy sources is anticipated to drive the growth of the wind turbine nacelle market in the future. Renewable energy sources are sustainable and environmentally friendly energy forms derived from naturally replenishing resources. They provide sustainability, lower greenhouse gas emissions, and reduced dependence on finite fossil fuels, making them essential for a cleaner and more sustainable energy future. Wind power is gaining traction as a renewable energy solution aimed at minimizing greenhouse gas emissions and transitioning to cleaner energy systems. Wind turbines, which contain nacelles housing key components such as the generator, gearbox, and control systems, play a vital role in capturing wind energy and converting it into electricity. For instance, in March 2022, the U.S. Energy Information Administration, a government agency in the U.S., reported that renewable energy's share of power generation is projected to nearly triple, rising from 21% in 2021 to 44% by 2050, driven largely by new wind and solar power developments. Thus, the increased use of renewable energy sources is propelling the growth of the wind turbine nacelle market.
The wind turbine nacelle market is also expected to benefit from strong government support. Governments worldwide are endorsing the energy sector to develop innovative solutions and enhance industry service. For example, the UK government announced plans to quadruple offshore wind capacity to 50 GW by 2030, with a goal of achieving net-zero power generation by 2035. Additionally, the US government committed $369 billion to stimulate investments in renewable energy in February 2023. Germany and Denmark jointly announced a €9,000 million investment in a 3 GW wind power plant in August 2022. This strong government support is anticipated to increase the demand for the energy industry, consequently driving the wind turbine nacelle market.
Product innovations represent a significant trend gaining traction in the wind turbine nacelle market. Leading companies in this sector are developing new products to maintain their competitive edge. For example, in November 2023, Suzlon, an Indian renewable energy firm, launched the S144 wind turbine generator, one of the largest in India, with a capacity that can be extended up to 3.15 MW depending on site wind conditions. This turbine is available at hub heights of 140 meters, with plans to extend this to 160 meters, making it the tallest wind turbine in India at that height. The S144 aims to make previously unviable wind sites feasible and enhance energy yield across diverse wind regimes, achieving a 40-43% increase in generation compared to Suzlon's earlier S120 - 2.1 MW turbine. This innovation underscores its ability to optimize wind resources at higher altitudes, thus making low-wind sites more suitable for energy production.
Plant expansions are also a notable trend in the wind turbine nacelle market, with major companies investing in facilities to manufacture offshore wind turbine components. Siemens Gamesa, in February 2023, announced plans to build a significant factory in New York to produce parts for wind turbines, contingent on the selection of their turbines by New York authorities. The factory aims to contribute to the development of 9 GW of offshore wind energy by 2035, playing a crucial role in achieving renewable energy goals and creating jobs.
In August 2022, Pearce Renewables, a US-based IT services and consulting company, acquired MFG Energy Services, a move that enhances Pearce Renewables' composite repair and inspection services for wind turbine components. This acquisition solidifies Pearce Renewables' position as a leading Independent Service Provider in the renewable energy services market.
Major companies operating in the wind turbine nacelle market include Reliance Industries Ltd., Hitachi Ltd., General Electric Corporation, Phoenix, Shanghai Electric Group Company Limited, Vestas Wind Systems AS, Doosan Corporation, Siemens Gamesa Renewable Energy S.A, Nordex SE, WEG S.A., Suzlon Energy Limited, Ming Yang Smart Energy Group Co. Ltd., Hexcel Corporation, Senvion S.E, Corporacion Acciona Energias Renovables SA, Xinjiang Goldwind Science & Technology Co. Ltd., Envision Energy Ltd, BFG International Private Limited, Enercon GmbH, Molded Fiber Glass Companies, ReGen Powertech Private Limited, Inox Wind Limited, Wind World Limited, Scott Bader Pvt. Ltd, Vensys Energy AG, GBT Composites Technology Ltd, Indutch Composites Technology Private Limited, BlueWind Technology LLC.
Asia-Pacific was the largest region in the wind turbine nacelle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wind turbine nacelle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wind turbine nacelle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wind turbine nacelle market consists of sales of generator systems, gearbox systems, control systems, cooling systems, and Yaw systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wind Turbine Nacelle Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wind turbine nacelle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wind turbine nacelle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wind turbine nacelle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.