At 16.2% CAGR, North America Wind Turbine Generator Market is Projected to be Worth US$ 1,167.50 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America wind turbine generator market was valued at US$ 351.74 million in 2022 and is expected to reach US$ 1,167.50 million by 2030, registering a CAGR of 16.2% from 2022 to 2030. Rising demand for floating wind technology and rising wind farms are among the critical factors attributed to the North America wind turbine generator market expansion.

In deep water, the offshore wind turbine is mounted on a floating structure, which allows the turbine to generate electricity in the water depths. The floating wind technology is highly efficient in harsh conditions and, thus, capable of producing high power. Further, the demand for floating wind technology is growing in the market due to the increase in technological advancements, advantages associated with floating wind technology, and turnkey solutions provided by service providers. The growing awareness regarding clean energy in various countries is also propelling the demand for floating offshore wind power, thereby boosting the growth of the wind turbine generators and other components market.

Various investments are made in floating wind turbine projects by the governments of different countries. In addition, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel SEMI substructures that accelerate technology development for floating offshore wind. Also, in September 2022, the Department of Energy launched a floating offshore wind farm design project. Under this project, the National Renewable Energy Laboratory will develop various modeling tools to optimize designs for floating offshore wind farm arrays and several reference array designs for the US floating offshore wind farm sites.  Thus, as the demand for floating offshore wind farms is increasing globally, the requirement for wind turbine components will also increase, fueling the wind turbine generators market growth.

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

Based on type, the North America wind turbine generator market is bifurcated into direct current and AC synchronous. The AC synchronous segment held 69.0% share of the North America wind turbine generator market in 2022, amassing US$ 242.58 million. It is projected to garner US$ 848.75 million by 2030 to expand at 16.9% CAGR during 2022–2030.

In terms of deployment type, the North America wind turbine generator market is bifurcated into onshore and offshore. The onshore segment held 90.1% share of the North America wind turbine generator market in 2022, amassing US$ 317.02 million. It is projected to garner US$ 1,018.83 million by 2030 to expand at 15.7% CAGR during 2022–2030.

Based on country, the North America wind turbine generator market is categorized into the US, Canada, and Mexico. The US held 88.1% share of North America wind turbine generator market in 2022, amassing US$ 309.86 million. It is projected to garner US$ 1,058.62 million by 2030 to expand at 16.6% CAGR during 2022–2030.

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

• In July 2023, Ryse Energy acquired US micro wind turbine manufacturer Primus Wind Power. The strategic acquisition strengthens Ryse Energy's position as the most diverse small wind turbine technology player in the world, opens access to new North American markets, and accelerates the production of Ryse Energy wind turbines in the United States.
• In March 2021, G.E. Renewable Energy announced that it had been selected to provide onshore wind turbines for the 1485MW North Central Wind Energy Facilities in Oklahoma, USA. Through this agreement, GE will deliver 492 x 2.X-127s and 39 x 2.X-116 turbines with varying nameplates and hub heights.

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