Wind Turbine Generator Market Size to Hit $8.77 Billion, Globally, by 2030 | Exclusive Report by The Insight Partners
Wind Turbine Generator Market is growing at a CAGR of 12.2% from 2022 to 2030.
Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Wind Turbine Generator Market Forecast to 2030 –Global Analysis – Type (Direct Current and AC Synchronous); Deployment Type (Onshore and Offshore), and Geography,” the market is expected to grow from US$ 3.48 billion in 2022 to US$ 8.77 billion by 2030; it is anticipated to grow at a CAGR of 12.2% from 2022 to 2030.
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Wind Turbine Generator Market: Competitive Landscape and Key Developments
Siemens Gamesa Renewable Energy S.A.; ENVISION Group; Mingyang Smart Energy; Nordex SE; Xinjiang Goldwind Science & Technology Co., Ltd.; Vestas Wind Systems AS; General Electric; Zhejiang Windey Co., Ltd.; Suzlon Energy Limited; and Enercon GmbH are among the key wind turbine generator market players profiled during this market study. In addition, several other essential wind turbine generator market players were also studied and analyzed to get a holistic view of the global market and its ecosystem.
Global Wind Turbine Generator Market Scope:
|Market Size Value in||USD 3.48 Billion in 2022|
|Market Size Value by||USD 8.77 Billion by 2030|
|Growth rate||CAGR of 12.2% from 2022 to 2030|
|Segments covered||Type, Deployment Type, Geography|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Favorable Government Policies and Initiatives for Wind Energy is Driving the Wind Turbine Generator Market Growth
There is an increase in demand for a clean energy source as it eliminates greenhouse gases, reduces dependence on imported fuels, and diversifies the energy supply. This is fueling government investments in the construction of wind farms globally. In 2021, nearly ten of the largest wind farm projects were completed in the US, including Texas Gulf Wind Repower (Texas), Las Majadas Wind Project (Texas), Milligan I Wind Project (Nebraska), Deuel Harvest Wind Farm (South Dakota), Frontier Windpower II Project (Oklahoma), Isabella Wind Project (Michigan), Jordan Creek Wind Farm (Indiana), and Maverick Creek Wind Project (Texas).
Wind power is one of the largest sources of renewable electricity in the UK, which is expected to further grow in the coming years. According to the Office for National Statistics, the electricity generation from wind power has increased by 715% from 2009 to 2020 in the UK. Also, according to the National Grid, in 2020, Britain recorded high levels of wind energy generation, making it the greenest year on record. Furthermore, various new wind farm construction activities are going on in the UK to increase electricity generation through wind energy. For instance, in September 2022, Danish energy firm Orsted announced that the Hornsea 2 offshore wind farm, the world’s biggest offshore wind farm, started its operation. The wind farm consists of 165 turbine sets, which can help to provide power to more than 1.4 million UK homes.
The Global Wind Energy Council is working on a net zero target by 2050. It is seen that the international offshore wind capacity has grown from 34.4 GW in 2020 to 64.3 GW in 2023 due to the new installations and developments in China and the US. Such factors drive the growth of wind turbine generator market in the offshore platform category.
Significant investments are being made globally for the new construction and expansion of wind farms to achieve the target of net zero emissions by 2050. As the investment in wind farms is rising, the demand for various wind turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch system is also increasing, thereby catalyzing the wind turbine generator market growth.
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Wind Turbine Generator Market Analysis: Deployment Type Overview
Based on deployment type, the wind turbine generator market is bifurcated into onshore and offshore. In 2022, the onshore segment acquired a larger share of the global wind turbine generator market owing to factors such as lower gaseous emissions and low maintenance costs compared to offshore farms. Further, onshore wind farms can be assembled in months, allowing wind farm owners to generate revenue at the earliest. Further, public and private investments in renewable energy, especially in onshore wind, have driven the onshore wind turbine generators market.
Raw material suppliers, component manufacturers, and end users are among the major stakeholders in the global wind turbine generator market ecosystem. Increased demand for wind turbine generators has positively affected the total number of suppliers that are offering a wide range of raw materials. The raw material suppliers play a crucial role in the supply chain of the wind turbine generator market as it contributes to the revenue of the market growth. The raw materials that are used for the manufacturing of the wind turbine generator need to be of the highest quality, as the quality of these materials directly affects the performance of the wind turbines. Spahr Metric, Inc; Akzo Nobel N.V.; Von Roll; Leeco Steel; Prysmian Group; NSK Ltd.; NTN-SNR; and NUCOR are a few major raw material suppliers.
Go through further research published by The Insight Partners:
Wind Turbine Components Market– Global Analysis and Forecast to 2028
Offshore Wind Turbine Foundation Market– Global Analysis and Forecast to 2030
Wind Turbine Lighting Market– Global Analysis and Forecast to 2030
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