North America 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)

North America 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 North America wind turbine nacelle market was valued at US$ 2,898.82 million in 2023 and is expected to reach US$ 6,550.21 million by 2031; it is estimated to register a CAGR of 10.7% from 2023 to 2031.

Rising Demand for Sustainable Energy Sources Fuels North America Wind Turbine Nacelle Market

Factors such as population growth, urbanization, and rapid industrialization have surged the demand for sustainable energy sources for power generation. Wind power can offer a significant portion of the electricity required to support the growing energy demand and can contribute to the proper energy supply. Several nations are looking for alternative and sustainable energy sources to lower their dependency on fossil fuels, ensuring a constant energy supply.

The international offshore wind capacity surged from 34.4 GW in 2020 to 64.3 GW in 2023, owing to the new installations and developments in the US. The Global Wind Energy Council is putting efforts to achieve a net zero target by 2050. Substantial investments are being made globally for the new assembly and expansion of wind farms in order to achieve the net zero targets. Furthermore, the rising financing aid for wind farms has surged the demand for wind turbine components such as nacelle, gearbox, rotor blades, generator, pitch system, and tower.

As per the International Renewable Energy Agency (IREA), wind energy has developed rapidly since 2000, owing to constant R&D and reduction in operational costs. For instance, onshore wind capacity increased from 178 GW in 2010 to 699 GW in 2020, whereas offshore wind capacity increased from 3.1 GW in 2010 to 34.4 GW in 2020. As per the International Energy Agency, in 2022, electricity generation from wind increased by almost ~265 TWh, which is 14% up from 2021. Thus, the rising demand for electricity and increased preferences for clean energy have positively surged the number of onshore and offshore wind energy projects, ultimately driving the wind turbine nacelle market.

North America Wind Turbine Nacelle Market Overview

The North America wind turbine nacelle market is segmented into the US, Canada, and Mexico. The North American wind industry is expected to register remarkable growth owing to supportive government regulations, favorable policies, increasing investment in wind power projects, and reduced cost of wind energy. In North America, the growing consumer awareness toward sustainability goals and the role of renewable energy and wind energy are expected to increase wind power installations.

Wind energy in the US grew at a record growth in the last five years, which represents the largest source of new additions to the US electric-generating capacity. Wind power provides ~10% of electricity in 16 states and over ~30% in Iowa, Kansas, Oklahoma, South Dakota, and North Dakota. The performance of wind energy technologies, coupled with the production tax credit and lower cost of power generation, accelerated the addition of wind energy capacity. Thus, a rise in investment toward building wind power projects in North America is expected to drive the growth of the wind turbine nacelle market from 2023 to 2031.

The Canadian government is investing in renewable energy and working with indigenous partners to build major projects. For instance, in May 2022, the Minister of Natural Resources announced an investment of ~US$ 50 million for the Burchill Wind Limited partnership between Wolumseket and Natural Forces Development to deploy renewable energy and grid modernization technologies. In March 2022, Canada announced its plans to invest US$ 7.2 billion in wind and solar projects to meet carbon emissions reduction targets by 2030.

The government of Mexico has invested a significant amount in the construction of wind turbines in the country. According to the Asociación Mexicana de Energía Eólica (AMDEE), an investment of ~US$ 1.3 billion has been allocated to develop the Mexican wind energy sector. Thus, all the above factors are fueling the growth of the North America wind turbine nacelle market.

North America Wind Turbine Nacelle Market Revenue and Forecast to 2031 (US$ Million)

North America Wind Turbine Nacelle Market Segmentation

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

Based on plant capacity, the North America 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 North America wind turbine nacelle market is segmented into onshore and offshore. The onshore segment held a larger market share in 2023.

By country, the North America wind turbine nacelle market is segmented into the US, Canada, and Mexico. The US dominated the North America wind turbine nacelle market share in 2023.

BFG International Group, ENERCON GmbH, General Electric Co, Hitachi Energy Ltd, Nordex SE, 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 North America wind turbine nacelle market.

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