Report : North America 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 10.7% CAGR, North America Wind Turbine Nacelle Market is Projected to be Worth US$ 6,550.21 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America wind turbine nacelle market was valued at US$ 2,898.82 million in 2023 and is projected to reach US$ 6,550.21 million by 2031, registering a CAGR of 10.7% from 2023 to 2031. Rising demand for sustainable energy sources and energy transition are among the critical factors attributed to drive the North America wind turbine nacelle market growth.
Reducing carbon emissions is notably significant as the world is concentrating on decreasing its dependency on fossil fuel-driven power generation and focusing more on shifting to sustainable energy sources such as wind. Wind power is expected to play an essential role in the future energy transition and overall energy mix. It augments energy security by lowering dependency on imports of fossil fuel in times of geopolitical crisis.
Wind power also offers emission-free electricity and helps in reducing carbon emissions, which makes it a viable alternative to combat climate change. Moreover, wind energy has the potential to meet the growing energy demands globally. Thus, supportive government policies and regulatory assistance, growing adoption of sustainable alternatives, and technological innovations are anticipated to propel the growth of wind energy, thereby driving the wind turbine nacelle market.
On the contrary, high investment and maintenance cost hampers the growth of the North America wind turbine nacelle market.
Based on plant capacity, the North America wind turbine nacelle market is segmented into less than 10 MW and above 10 MW. The above 10 MW segment held 99.6% market share in 2023, amassing US$ 2,887.72 million. It is projected to garner US$ 6,494.34 million by 2031 to register 10.7% CAGR during 2023-2031.
Based on deployment type, the North America wind turbine nacelle market is segmented into onshore and offshore. The onshore segment held 89.9% market share in 2031, amassing US$ 2,607.03 million. It is projected to garner US$ 5,745.87 million by 2031 to register 10.4% CAGR during 2023-2031.
Based on country, the North America wind turbine nacelle market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 87.0% share of North America wind turbine nacelle market in 2031. It was assessed at US$ 2,522.92 million in 2023 and is likely to hit US$ 5,587.21 million by 2031, registering a CAGR of 10.4% during 2031-2031.
Key players operating in the North America wind turbine nacelle market are BFG International Group, ENERCON GmbH, General Electric Cox, Hitachi Energy Ltd, Nordex SE, Siemens Gamesa Renewable Energy SA, Suzlon Energy Ltd, Vestas Wind Systems AS, and Xinjiang Goldwind Science & Technology Co Ltd, among others.
- In May 2023, Governor Kathy Hochul today announced that GE Vernova will invest $50 million to locate an onshore wind nacelle manufacturing operation to Schenectady, creating at least 160 new full-time, renewable energy jobs. This announcement complements New York State's efforts to be a national leader in growing the green economy, reducing greenhouse gas emissions, and combating climate change.
- In February 2023, Siemens Gamesa announced its intention to build a major offshore nacelle manufacturing facility in New York state, subject to the company's wind turbines being selected by the New York authorities in their third offshore wind solicitation. The planned facility will be located at the Port of Coeymans. It would create up to approximately 420 direct jobs, support a significant rise in indirect jobs, and represent an investment of around $500 million in the region.
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