New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wind Turbine Nacelle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06192771/?utm_source=GNW
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.
Key Highlights
In terms of location, onshore segment has dominate the market in 2020 and is expected to dominate the market during the forecast period as well.
The growing demand for the additions of renewable capacity in the 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 2020 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
Onshore Segment is expected to Dominate the Market
Onshore wind turbines are relatively mature technology when compared to offshore turbines. As onshore wind turbines must tolerate lesser environmental stresses than offshore turbines, onshore wind turbines are relatively cheaper and designed to operate at lower tolerance levels. As of 2020, 86.9 GW of onshore wind projects were commissioned globally.
However, due to challenges like abrasion damage from airborne dust and sand particles, onshore wind turbine nacelles must implement novel designs to reduce the impact of environmental forces.
Onshore nacelle manufacturing facilities are mostly concentrated in the United States, the European Union, and China, the biggest markets for onshore wind energy. However, nacelle manufacturing companies are rapidly expanding their presence in India, Brazil and ASEAN countries, where onshore wind deployment has been proliferating in recent years.
In June 2021, Sulzon group announced to develop a 252 MW onshore wind power project in Gujarat. The company will install approximately 120 units of S120-140m wind turbine generators (WTGs) consisting of a hybrid lattice tubular tower, with a rated capacity of approximately 2 MW each and the project is expected to be commissioned by 2022.
Further, projects like Baron Winds onshore wind farm in the United States is expected to boost the sector during the forecast period. The project is expected to be completed by 2022.
Thus, with the increasing investments and upcoming wind turbine projects are anticipated to increase demand for wind turbine nacelle in this segment.
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 emissions globally is expected to turn to a renewable source for energy generation purposes. This factor, in turn, is expected to boost the wind power installed capacity in the region in the coming years.
As of 2020, China holds the largest wind power generation capacity in the world. However, China’s decision to end subsidies for onshore wind power in 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.
Competitive Landscape
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.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192771/?utm_source=GNW
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