Market Size of Wind Turbine Nacelle Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wind Turbine Nacelle Market Analysis
The wind turbine nacelle market is expected to grow at a CAGR of more than 6.1%, to USD 9.12 billion by 2027 as compared to USD 6.30 billion in 2020. With the COVID-19 pandemic in 2020, the market witnessed no major negative impact, with increased wind power capacity globally. 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.
- Onshore wind energy segment has dominate the market in 2020 and is expected to dominate the market during the forecast period as well.
- The rapid development of offshore wind power suggests that the power source is likely to play a significant role in power generation in the near future, which is likely to create several opportunities for wind turbine nacelle market in the 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.
