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.
Key Drivers and Restraints of Wind Turbine Nacelle Market
- 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.
COVID-19 Impact Analysis on Power Demand
- 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.
Wind Turbine Nacelle Market Segmentation
- 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.
Wind Turbine Nacelle Market: Regional Segmentation
- 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.
Key Players Operating in Global Market
- ReGen Powertech
- Siemens Gamesa Renewable Energy
- General Electric
- Molded Fiber Glass Companies
- Suzlon Energy Limited
- AVANTIS Energy Group
- Bora Energy
- INOX WIND
- NORDEX SE
- Hexcel Corporation
Global Wind Turbine Nacelle Market: Research Scope
Global Wind Turbine Nacelle Market, by Turbine Capacity
- Less Than 02 MW
- 02 MW – 04 MW
- More than 04 MW
Global Wind Turbine Nacelle Market, by Location
Global Wind Turbine Nacelle Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.