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According to a report by Coherent Market Insights, the global wind turbine nacelle market is estimated to be worth US$ 6.4 billion in 2021 and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 8.41% during the forecast period from 2023 to 2030. By 2030, the market is anticipated to surpass US$ 13.24 billion. The report highlights several key drivers and restraints affecting the market, along with opportunities and challenges that will shape its growth trajectory.
The report states that the increasing number of investments and upcoming projects is expected to drive the growth of the wind turbine nacelle market during the forecast period. The wind power sector is expanding globally, leading to growing demand for wind turbine nacelles. The report also highlights the decreasing cost of wind energy and the need to reduce greenhouse gas emissions as drivers of the market.
However, the report also cautions that government policies that favor solar and gas power infrastructures could hinder the expansion of the wind turbine nacelle market. The adoption of clean power sources is increasing globally, and solar and gas power are becoming more popular alternatives to wind power. Additionally, the market faces environmental challenges as manufacturers seek to reduce waste, emissions, and resource use.
The report further reveals that the North American market is expected to hold the highest market share during the forecast period. The onshore segment within the location of deployment is gaining traction, and the less than 1.5 MW segment is expected to dominate the market over the forecast period.
Several companies are actively investing in the wind turbine nacelle market. For instance, Siemens Gamesa announced plans to construct a significant offshore nacelle manufacturing facility in New York State, subject to the New York authorities selecting the company’s wind turbines in their third offshore wind solicitation.
In conclusion, the wind turbine nacelle market is expected to grow significantly during the forecast period, driven by increasing investments, decreasing wind energy costs, and the need to reduce greenhouse gas emissions. However, government policies favoring alternative clean power sources and environmental challenges could hinder the market’s expansion.