Report : Europe 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 7.5% CAGR, Europe Wind Turbine Nacelle Market is Projected to be Worth US$ 11,446.18 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe wind turbine nacelle market was valued at US$ 6,433.60 million in 2023 and is projected to reach US$ 11,446.18 million by 2031, registering a CAGR of 7.5% from 2023 to 2031. Rising demand for sustainable energy sources and growing investments in floating offshore wind projects are among the critical factors attributed to drive the Europe wind turbine nacelle market growth.
Offshore wind farms are thought to be more efficient than onshore wind farms due to higher wind speeds, greater consistency, and a lack of physical interference from land or man-made things. Offshore wind speeds are typically higher than that of land. Small changes in wind speed result in substantial gains in energy production: a turbine operating in a 15-mph wind can produce twice as much energy as a turbine operating in a 12-mph wind. Faster offshore wind speeds mean that significantly more energy can be generated. Offshore wind speeds are more consistent than on land. A more consistent supply of wind means a more dependable source of energy. Investments in offshore wind farms are increasing owing to higher efficiency compared to onshore wind farms. In 2023, UK-based Octopus Energy announced plans to invest US$ 20 billion in offshore wind by 2030. In addition, EnBW, a German utility, announced a definitive commitment to construct its US$ 2.6 billion offshore wind farm. Such investments are anticipated to propel the adoption of offshore wind farms, ultimately generating lucrative opportunities for the wind turbine nacelle market. In addition, floating wind farms are gaining notable traction owing to their higher efficiency. In May 2022, the UK government announced the opening of the US$ 192.09 million Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) for expressions of interest from manufacturers and private investors. In addition, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel semi substructures that accelerate technology development for floating offshore wind. Such investments are expected to fuel the demand for offshore wind farms in the future, ultimately generating lucrative opportunities for the wind turbine nacelle market.
On the contrary, high investment and maintenance cost hamper the growth of the Europe wind turbine nacelle market.
Based on plant capacity, the Europe wind turbine nacelle market is bifurcated into less than 10 MW and above 10 MW. The above 10 MW segment held 96.9% market share in 2023, amassing US$ 6,233.35 million. It is projected to garner US$ 11,004.86 million by 2031 to register 7.4% CAGR during 2023-2031.
Based on deployment type, the Europe wind turbine nacelle market is bifurcated into onshore and offshore. The onshore segment held 80.1% market share in 2031, amassing US$ 5,153.38 million. It is projected to garner US$ 8,366.34 million by 2031 to register 6.2% CAGR during 2023-2031.
Based on country, the Europe wind turbine nacelle market is categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 40.4% share of Europe wind turbine nacelle market in 2031. It was assessed at US$ 2,597.87 million in 2023 and is likely to hit US$ 4,551.56 million by 2031, registering a CAGR of 7.3% during 2031-2031.
Key players operating in the Europe wind turbine nacelle market are 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.
- In January 2024, Vestas wanted to become a leader in offshore wind, supporting Europe's build-out of offshore wind parks, and we are excited to announce our plans to establish a new blade factory in Szczecin, Poland. The factory is planned to produce blades for Vestas' flagship offshore wind turbine, the V236-15.0 MW, and is expected to start operations in 2026, creating more than 1,000 direct jobs. Together with Vestas' previously announced plans to establish an assembly factory for offshore nacelles in Szczecin, Vestas' manufacturing footprint could increase with more than 1,700 direct jobs by 2026.
- In November 2023, the first model of ENERCON's new E-nacelle was transported out of the prototype building and into the plant test station at the Aurich site in Germany. Here, the E-nacelle will be undergoing intensive measurement in the setting of the factory acceptance test (FAT) shortly before shipment to the prototype construction site. The nacelle can then be delivered to the construction site plug-and-play ready, where it can be installed at once. This renders time-consuming and costly functional checks on-site obsolete.
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