At 2.8% CAGR, Asia Pacific Wind Turbine Nacelle Market is Projected to be Worth US$ 24,976.04 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific wind turbine nacelle market was valued at US$ 20,093.51 million in 2023 and is projected to reach US$ 24,976.04 million by 2031, registering a CAGR of 2.8% from 2023 to 2031. Rising demand for sustainable energy sources and supportive government policies for wind power generation are among the critical factors attributed to drive the Asia Pacific wind turbine nacelle market growth.

Energy derived from fossil fuels is unsustainable due to limited, depleting supply and the environmental impact. As a result, the trend of sustainable and clean energy production is growing. The development of the wind energy sector requires substantial support from the government in terms of funds, incentives, and tax credits. Investments in wind energy projects help diversify the global energy mix, protect power grids from the instability of other conventional sources such as fossil fuels, and reduce energy costs.

Many developed countries, such as China, are taking initiatives to solve the energy crisis issues. In 2023, the Indian Ministry of New and Renewable Energy announced a new auction process for wind power generation plants. Under a new auction mechanism, the government will invite bids for 8 GW wind power projects per year from 2023 to 2030 to boost the renewable energy sector. At the United Nations Biodiversity Conference 2023, the government of China also announced plans to build 400 GW of wind and solar energy plants. Thus, such government initiatives and investments drive the wind turbine nacelle market.

On the contrary, high investment and maintenance cost hamper the growth of the Asia Pacific wind turbine nacelle market.

Based on plant capacity, the Asia Pacific wind turbine nacelle market is segmented into less than 10 MW and above 10 MW. The above 10 MW segment held 99.9% market share in 2023, amassing US$ 20,065.87 million. It is projected to garner US$ 24,896.54 million by 2031 to register 2.7% CAGR during 2023-2031.

Based on deployment type, the Asia Pacific wind turbine nacelle market is segmented into onshore and offshore. The onshore segment held 74.1% market share in 2031, amassing US$ 14,880.96 million. It is projected to garner US$ 18,518.92 million by 2031 to register 2.8% CAGR during 2023-2031.

Based on country, the Asia Pacific wind turbine nacelle market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 89.9% share of Asia Pacific wind turbine nacelle market in 2031. It was assessed at US$ 18,061.38 million in 2023 and is likely to hit US$ 20,821.60 million by 2031, registering a CAGR of 1.8% during 2031-2031.

Key players operating in the Asia Pacific wind turbine nacelle market are BFG International Group, 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 December 2022, GE Renewable Energy and Hyundai Electric announced that they have signed a strategic partnership agreement as the next step in their efforts to work together to serve the South Korean offshore wind market. The latest agreement outlines plans for the establishment of a factory in South Korea for producing the nacelles and the generators used in Haliade X turbines, with potential to also leverage the South Korea base for exporting generator components.
• In September 2022, Siemens Gamesa announced an expansion of its successful offshore nacelle facility in Taichung, Taiwan. The ceremony marked the company's long-term commitment to growing Taiwan as its offshore wind power hub for the entire fast-growing Asia-Pacific region. The Siemens Gamesa offshore nacelle plant in Taichung is the largest production facility of its kind in Taiwan. The expansion will more than triple the plot area up to 90,000 square meters and more than triple the number of Siemens Gamesa people working locally. Among new elements, the expansion will broaden the production scope, creating two new production halls and a new warehouse on the extended plot.

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