Report : Middle East & Africa Wind Turbine Nacelle Market Forecast to 2031 - Regional Analysis - by Plant Capacity (Less than 10 MW and Above 10 MW) and Deployment Type (Onshore and Offshore)
At 13.9% CAGR, Middle East & Africa Wind Turbine Nacelle Market is Projected to be Worth US$ 1,475.12 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa wind turbine nacelle market was valued at US$ 521.75 million in 2023 and is projected to reach US$ 1,475.12 million by 2031, registering a CAGR of 13.9% from 2023 to 2031. Rising demand for sustainable energy sources and supportive government policies for wind power generation are among the critical factors attributed to drive the Middle East & Africa wind turbine nacelle market growth.
Factors such as population growth, urbanization, and rapid industrialization have surged the demand for sustainable energy sources for power generation. Wind power can offer a significant portion of the electricity required to support the growing energy demand and can contribute to the proper energy supply. Several nations are looking for alternative and sustainable energy sources to lower their dependency on fossil fuels, ensuring a constant energy supply.
The Global Wind Energy Council is putting efforts to achieve a net zero target by 2050. Substantial investments are being made globally for the new assembly and expansion of wind farms in order to achieve the net zero targets. Furthermore, the rising financing aid for wind farms has surged the demand for wind turbine components such as nacelle, gearbox, rotor blades, generator, pitch system, and tower.
As per the International Renewable Energy Agency (IREA), wind energy has developed rapidly since 2000, owing to constant R&D and reduction in operational costs. For instance, onshore wind capacity increased from 178 GW in 2010 to 699 GW in 2020, whereas offshore wind capacity increased from 3.1 GW in 2010 to 34.4 GW in 2020. As per the International Energy Agency, in 2022, electricity generation from wind increased by almost ~265 TWh, which is 14% up from 2021. Thus, the rising demand for electricity and increased preferences for clean energy have positively surged the number of onshore and offshore wind energy projects, ultimately driving the wind turbine nacelle market.
On the contrary, high investment and maintenance cost hamper the growth of the Middle East & Africa wind turbine nacelle market.
Based on plant capacity, the Middle East & Africa wind turbine nacelle market is segmented into less than 10 MW and above 10 MW. The above 10 MW segment held 99.9% market share in 2023, amassing US$ 521.31 million. It is projected to garner US$ 1,472.21 million by 2031 to register 13.9% CAGR during 2023-2031.
Based on deployment type, the Middle East & Africa wind turbine nacelle market is segmented into onshore and offshore. The onshore segment held 100.00% market share in 2031, amassing US$ 521.75 million. It is projected to garner US$ 1,475.12 million by 2031 to register 13.9% CAGR during 2023-2031.
Based on country, the Middle East & Africa wind turbine nacelle market is categorized into Saudi Arabia, Egypt, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that South Africa captured 45.2% share of Middle East & Africa wind turbine nacelle market in 2031. It was assessed at US$ 235.63 million in 2023 and is likely to hit US$ 456.39 million by 2031, registering a CAGR of 8.6% during 2031-2031.
Key players operating in the Middle East & Africa wind turbine nacelle market are BFG International Group, ENERCON GmbH, General Electric Co, Hitachi Energy Ltd, Nordex SE, Shanghai Electric Group Co Ltd, Siemens Gamesa Renewable Energy SA, Suzlon Energy Ltd, Vestas Wind Systems AS, and Xinjiang Goldwind Science & Technology Co Ltd, among others.
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