Asia Pacific Wind Turbine Nacelle Market Forecast to 2031 - Regional Analysis - by Plant Capacity (Less than 10 MW and Above 10 MW) and Deployment Type (Onshore and Offshore)

Asia Pacific Wind Turbine Nacelle Market Forecast to 2031 - Regional Analysis - by Plant Capacity (Less than 10 MW and Above 10 MW) and Deployment Type (Onshore and Offshore)

The Asia Pacific wind turbine nacelle market was valued at US$ 20,093.51 million in 2023 and is expected to reach US$ 24,976.04 million by 2031; it is estimated to register a CAGR of 2.8% from 2023 to 2031.

Growing Investments in Floating Offshore Wind Projects Boosts Asia Pacific Wind Turbine Nacelle Market

Offshore wind farms are thought to be more efficient than onshore wind farms due to higher wind speeds, greater consistency, and a lack of physical interference from land or man-made things. Offshore wind speeds are typically higher than that of land. Small changes in wind speed result in substantial gains in energy production: a turbine operating in a 15-mph wind can produce twice as much energy as a turbine operating in a 12-mph wind. Faster offshore wind speeds mean that significantly more energy can be generated. Offshore wind speeds are more consistent than on land. A more consistent supply of wind means a more dependable source of energy. Investments in offshore wind farms are increasing owing to higher efficiency compared to onshore wind farms.

India has also set an ambitious goal of constructing 30 gigatons (GW) of offshore wind capacity by 2030. Such investments are anticipated to propel the adoption of offshore wind farms, ultimately generating lucrative opportunities for the wind turbine nacelle market. In addition, floating wind farms are gaining notable traction owing to their higher efficiency. 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. Such investments are expected to fuel the demand for offshore wind farms in the future, ultimately generating lucrative opportunities for the wind turbine nacelle market.

Asia Pacific Wind Turbine Nacelle Market Overview

The Asia Pacific wind turbine nacelle market is classified into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the wind turbine nacelle market due to supportive government initiatives and a rise in investment in wind energy projects. The wind turbine nacelle market development in Asia Pacific is primarily attributed to increasing investment in the renewable industry, rapid growth in industrialization and urbanization, and the growing need for energy.

In Asia Pacific, China dominates the wind energy sector and holds the largest share of the onshore market. The onshore wind market added 68.8 GW globally in 2022, with China contributing ~52% in the capacity addition. The supportive government policies and incentives made China a favorable hotspot for investment. Also, according to the Global Wind Energy Council (GWEC) report, Asia Pacific is set to become a leader in offshore wind, with a growth in its share from ~25% in 2020 to ~42% by 2025.

Various global manufacturers have manufacturing facilities in Asia Pacific, where they develop various components. In September 2022, Siemens Gamesa announced the expansion of their offshore nacelle facility in Taichung, Taiwan. This facility will be tripled in size to ~90,000 square meters, where the manufacturing of SG 14-222 DD offshore wind turbines will take place. Thus, such expansion by the global players in Asia Pacific is expected to fuel the growth of the wind turbine nacelle market during the forecast period.

Asia Pacific Wind Turbine Nacelle Market Revenue and Forecast to 2031 (US$ Million)

Asia Pacific Wind Turbine Nacelle Market Segmentation

The Asia Pacific wind turbine nacelle market is categorized into plant capacity, deployment type, and country.

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 a larger market share in 2023.

Based on deployment type, the Asia Pacific wind turbine nacelle market is segmented into onshore and offshore. The onshore segment held a larger market share in 2023.

By country, the Asia Pacific wind turbine nacelle market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific wind turbine nacelle market share in 2023.

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 are some of the leading companies operating in the Asia Pacific wind turbine nacelle market.

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