At 13.2% CAGR, Europe Wind Turbine Generator Market is Projected to be Worth US$ 2,635.44 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Europe wind turbine generator market was valued at US$ 975.33 million in 2022 and is expected to reach US$ 2,635.44 million by 2030, registering a CAGR of 13.2% from 2022 to 2030. Government initiatives to promote wind energy and rising wind farms are among the critical factors attributed to the Europe wind turbine generator market expansion.

The rise in demand for renewable energy and its advantages in protecting the environment are expected to promote wind energy projects globally. Governments of various countries are supporting the construction of wind energy projects in terms of policies and investments. For instance, the German government is also planning to introduce a bill to accelerate wind energy expansion. In April 2022, the German government announced its plan to deploy new wind turbines of around 10 GW per year from 2025. Through these initiatives, renewable energy sources are expected to cover 80% of the country’s electricity demand by 2030. In addition, the European Union is working on framing the incentives for offshore wind projects. This will increase the adoption and construction of offshore wind turbines in the region, raising the demand for wind turbine components. For instance, in December 2021, the UK government opened bidding for the fourth round of funding in the Contracts for Difference (CfD) scheme, aiming to secure 12 GW of electricity capacity. Under this, the government will provide US$ 376.9 million to develop green energy projects. Also, under the Autumn budget 2021, the UK government announced an investment of US$ 272 million for offshore wind projects.

Thus, as various countries are taking initiatives for the adoption of wind energy, the demand for wind turbine components for the construction of wind projects is projected to increase. This will further push the component manufacturers to produce more efficient components to cater to the growing market demand, thus creating a lucrative opportunity for the wind turbine generator and other components market growth.

On the contrary, dependence on Chinese wind turbine component manufacturers hampers the growth of Europe wind turbine generator market.

Based on type, the Europe wind turbine generator market is bifurcated into direct current and AC synchronous. The AC synchronous segment held 70.9% share of the Europe wind turbine generator market in 2022, amassing US$ 691.74 million. It is projected to garner US$ 1,961.08 million by 2030 to expand at 13.9% CAGR during 2022–2030.

In terms of deployment type, the Europe wind turbine generator market is bifurcated into onshore and offshore. The onshore segment held 77.5% share of the Europe wind turbine generator market in 2022, amassing US$ 755.39 million. It is projected to garner US$ 1,816.83 million by 2030 to expand at 11.6% CAGR during 2022–2030.

Based on country, the Europe wind turbine generator market is categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe held 42.9% share of Europe wind turbine generator market in 2022, amassing US$ 418.09 million. It is projected to garner US$ 1,337.65 million by 2030 to expand at 15.6% CAGR during 2022–2030.

Key players operating in the Europe wind turbine generator market are Envision Energy USA Ltd, Mingyang Smart Energy Group Co, Nordex SE, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co Ltd, Vestas Wind Systems AS, General Electric Co, Suzlon Energy Ltd, and ENERCON GmbH, among others.

• In September 2023, The Nordex Group has been offered two contracts to supply and install 20 Delta4000 series turbines for two projects in Italy. The wind farms, which will include 7 N163/6.X turbines, 4 N163/5.X turbines, and 9 N163/6.X machines, will be developed in the Region of Apulia.
• In January 2022, Siemens Gamesa has made another first with long-term partner Iberdrola by supplying its industry-leading 5. X platform turbines to the 94 MW Iglesias wind farm near Burgos, Spain. This is the first turbine in the country to be installed, and it is the most powerful Onshore turbine on the market today, using cutting-edge technology. This will also be the most powerful turbine Iberdrola has ever erected in a wind farm in Spain. Just one of these turbines will be able to deliver clean energy to around 5,000 families.

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