Wind Turbine Nacelle Market to Undertake Strapping Growth by the End 2031

Wind Turbine Nacelle: Introduction

Global demand for energy derived from alternative and renewable sources has been rising at a significant pace since the last few years. Wind turbine produces energy from the incoming wind by converting kinetic energy into electrical energy.
Wind is a sustainable and clean source of fuel. It does not produce any harmful emission. Wind never runs out, as it is constantly replenished by energy from the sun. Wind turbine has the capability to generate electricity in unstable weather conditions and offers various benefits such as low maintenance costs and easy operation.
Major and auxiliary parts of wind turbine include tower, rotor, nacelle, generator, and foundation (base). Nacelle is a part of the wind turbine that houses components such as hub, gearbox, inverters, hydraulics, and bearings. These components of the nacelle are responsible for transforming wind’s kinetic energy into mechanical energy.
The frame of the nacelle is made of two parts. The main part, which holds the gearbox, yaw system, and main shaft, is made from cast steel, while the rear part that houses the transformer, generator, and electrical cabinets is made from formed and welded steel. A fiberglass upper housing is installed to cover all components.

Production of sustainable sources of energy, such as wind energy, has been increasing significantly across the globe in order to reduce the adverse impact of global warming. According to the Global Wind Energy Council (GWEC), the wind industry is anticipated to bring total global wind power capacity nearly to 1000 GW by the end of 2024 with new installation of 348 GW capacity between 2020 and 2024. Thus, rising awareness about ill effects of carbon dioxide emission and use of renewable energy sources is projected to drive the wind turbine nacelle market in the near future.
Technological innovation with respect to design of wind turbine materials such as glass composites to lower the maintenance and installation cost is expected to drive the global wind turbine nacelle market during the forecast period. Smaller components made of modern glass composites are cheaper, and easy to transport and assemble. Furthermore, these components are easy to install and repair. This reduces the installation and maintenance costs. This is also driving the wind turbine nacelle market.

Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, has come to a halt because of lockdowns. This has adversely affected the demand for electricity for commercial & industrial purposes. Private organizations as well as governments of many countries have halted the investments in new wind turbine projects. This has hampered the global wind turbine nacelle market.

The global wind turbine nacelle market can be segmented based on turbine capacity and location
In terms of turbine capacity, the global wind turbine nacelle market can be divided into less than 02 MW, 02 MW – 04 MW, and more than 04 MW
In terms of location, the global wind turbine nacelle market can be segregated into onshore and offshore. The onshore segment is anticipated to dominate the global wind turbine nacelle market during the forecast period due to the presence of large number of onshore wind turbines across the globe. The offshore segment is likely to expand at a rapid pace during the forecast period due to the rise in investments in the offshore sector and increase in power generation capacity of offshore wind turbines.

In terms of region, the global wind turbine nacelle market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
China is expected to dominate the wind turbine nacelle market in Asia Pacific during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Asia Pacific stood at 26, 43,589 GWH in 2018; of this, 13.86% of electricity is generated by wind energy source in China.
The U.S. dominated the market in North America by installing nearly 17 GW new capacity in 2020. According to the Global Wind Energy Council (GWEC), total wind power capacity of North America stood at 136 GW in 2020. The total wind power capacity of Latin America was 34 GW in 2020. Brazil dominated the market in Latin America with installation of nearly 2.3 GW capacity in 2020. North America and Latin America increased wind power installation capacity by 62% in 2020. This helped curb around 250 million tons of carbon dioxide emission annually. Thus, increase in wind power installation capacity is expected to boost the wind turbine nacelle market in these regions.
Germany is expected to dominate the wind turbine nacelle market in Europe during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Europe stood at 12, 97,883 GWH in 2018; of this, 08.47% of electricity is generated by wind energy sources in Germany.