Wind Turbine Generators Market is Expected To Reach US$ 35.4 Billion By 2032

Wind Turbine Generator Market is set to top US$ 35.4 billion by 2032, increasing at a CAGR of over 5.4%. Onshore wind turbine generators lead the market.

ROCKVILLE, MARYLAND, UNITED STATES, September 13, 2023/EINPresswire.com/ -- The global wind turbine generator market reached US$ 21 billion in 2022 and is set to top US$ 35.4 billion by 2032, increasing at a CAGR of around 5.4% over the next ten years. Demand for wind turbine generators across the world stood at around US$ 19.7 billion in valuation in 2021, accounting for a 6% share of the global wind turbine market in terms of value.

The wind turbine generator market has been on a steady upward trajectory, driven by the increasing demand for clean and sustainable energy sources. Wind power has emerged as one of the most viable and cost-effective alternatives to fossil fuels, and wind turbine generators are at the forefront of this transition. The market has witnessed substantial investments in research and development, resulting in technological advancements and more efficient turbine designs.

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Global Growth

The global wind turbine generator market has seen substantial growth, with several key regions leading the charge. Europe has been a pioneer in wind energy adoption, with countries like Germany, Denmark, and Spain investing heavily in wind power infrastructure. The Asia-Pacific region, led by China and India, has also seen remarkable growth, driven by their expanding energy needs and commitment to reducing carbon emissions.

"Direct Drive Wind Turbine Generators Experience Surging Demand"

Direct-drive wind turbine generators have emerged as a focal point in the wind turbine generator market. The evolving requirements in the renewable energy sector emphasize the significance of wind generators that can efficiently adapt their generator speed to meet the specific needs of wind energy production.

Geared drive generators, characterized by the inclusion of additional gear stages, are witnessing declining demand within the wind turbine generator market.

The market is witnessing a mounting preference for direct-drive wind turbine generators, primarily due to their lower maintenance requirements and reduced costs associated with related services. This translates to cost savings for businesses while maintaining high efficiency and performance levels.

In 2022, the market value of direct drive wind turbine generators is projected to reach an impressive US$ 7.5 billion, with expectations of their demand surging 2.3 times over the forecast period."

Competitive Landscape

Fact.MR's report includes profiles of key wind turbine generator companies, showcasing their prominent presence in the industry.

These companies include Acciona, Bergey Windpower Co., CRRC Wind Power Co., Ltd, Doosan Heavy Industries & Construction, Enercon GmbH, Eocycle Technologies Inc, General Electric, Hitachi Ltd, HYOSUNG HEAVY INDUSTRIES, Hyundai Heavy Industries Co., Ltd, MAPNA Group, Ming Yang Wind Power Group Limited, Mitsubishi, Nordex SE, RRB Energy Limited, SANY Group, Shanghai Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., and Vestas Wind Systems A/S.

These leading wind turbine generator manufacturers continually innovate their product designs to address contemporary challenges, especially concerning component placement in demanding environmental conditions.

Companies are forging strategic partnerships and collaborations with end-use industries and governmental entities to leverage the high demand for wind turbines, thereby expanding their product portfolios. Market participants are allocating substantial resources and capital to research and development initiatives while concurrently pursuing geographical expansion.

In July 2020, Mitsubishi Heavy Industries (MHI) and Copenhagen Infrastructure Partners (CIP) made a significant announcement regarding their joint venture, aimed at developing offshore wind projects in Hokkaido, Japan.

Furthermore, in August 2021, Ming Yang Wind Power Group Limited introduced the MySE 16.0-242, a cutting-edge wind turbine designed for high-wind IEC IB hybrid drive applications.

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Current Industry News and Trends

Continued Growth of Offshore Wind: One of the most prominent trends in the wind turbine generator market is the rapid growth of offshore wind projects. Offshore wind farms are being developed in various regions worldwide, taking advantage of stronger and more consistent wind conditions at sea. The installation of larger and more powerful turbines designed for offshore use is driving this trend, and countries like the United Kingdom and China are at the forefront of offshore wind development.

Increasing Turbine Size and Capacity: Wind turbine generators are becoming larger and more powerful. Manufacturers are producing turbines with higher capacity ratings, which means each turbine can generate more electricity. This trend improves the efficiency and cost-effectiveness of wind energy production, as fewer turbines are needed to achieve the same power output.

Advancements in Wind Turbine Technology: Ongoing research and development efforts are resulting in technological advancements in wind turbine design and performance. Innovations such as aerodynamic enhancements, intelligent control systems, and the use of lightweight materials are improving turbine efficiency and reducing maintenance costs.

Energy Storage Integration: Wind energy is intermittent, and its availability depends on wind conditions. To address this issue, the integration of energy storage systems, such as batteries, with wind farms is becoming more common. Energy storage allows excess energy generated during periods of high wind to be stored and used when the wind is calm, enhancing grid stability and reliability.

Hybrid Systems: Hybrid renewable energy systems, combining wind and solar power, are gaining popularity. These systems provide a more reliable and consistent energy supply by harnessing the complementary nature of wind and solar resources. Hybrid projects are being deployed in various parts of the world to ensure a continuous and stable power supply.

Digitalization and Data Analytics: The wind industry is embracing digitalization and data analytics to optimize operations and maintenance. Predictive maintenance and real-time monitoring using sensors and data analytics platforms help reduce downtime, improve turbine performance, and lower maintenance costs.

Key Segments Covered in Wind Turbine Generator Industry Research

By Generator Type :

Direct Current Generators
Alternating Current Asynchronous Generators
Fixed Speed Induction Generators (FSIG) / Squirrel Cage Induction Generators (SQIG)
Doubly Feed Induction Generators
Alternating Current Synchronous Generators
Permanent Magnets Synchronous Generators (PMSG)
Electrically Excited Synchronous Generators (EESG)
Switched Reluctance Generators

By Capacity :

Up to 1 MW Wind Turbine Generators
1-5 MW Wind Turbine Generators
5-10 MW Wind Turbine Generators
Above 10 MW Wind Turbine Generators

By Drive :

Direct Drive Wind Turbine Generators
Geared Drive Wind Turbine Generators

By Speed :

Fixed Wind Turbine Generators
Variable Wind Turbine Generators

By Deployment :

Onshore Wind Turbine Generators
Offshore Wind Turbine Generators

By Region :

North America
Latin America
Europe
East Asia
South Asia and Oceania

Explore More Related Studies Published by Fact.MR Research:

Wind Turbine Materials Market: Global wind turbine materials market is estimated to be valued US$ 5,012 Million by 2019 end and is forecast to witness a significant growth of around 7% CAGR during the forecast period.

Portable Inverter Generator Market: Portable inverter generator market is expected to accelerate at a 9.7% CAGR, reaching US$ 7.7 Bn. Japan will likely accelerate at a CAGR of 9.5% through 2032.

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