North America Wind Turbine Generator Market Forecast to 2030

North America Wind Turbine Generator Market Forecast to 2030

North America Wind Turbine Generator Market Forecast to 2030 – Regional Analysis – by Type (Direct Current and AC Synchronous) and Deployment Type (Onshore and Offshore)

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Description

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; it is estimated to record a CAGR of 16.2% from 2022 to 2030.

Increasing Product Launches Fuel North America Wind Turbine Generator Market

According to the Global Wind Energy Council (GWEC), as of 2022, a total of 906 GW of wind capacity has been installed globally, of which 93% is onshore and 7% offshore. It is expected that the wind energy markets will grow fourfold in the coming 20 years, further raising the demand for advanced wind turbine components. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch systems. This has compelled the market players to boost their investment in developing new and innovative products. Various wind turbine generator manufacturers are working on deploying advanced products to cater to the growing customer needs.

Such advancements in wind turbine components, supported by high investments from global manufacturers and government policies for climate control to enhance their product portfolio, are fueling the growth of the wind turbine generator market. Also, the rising demand for recyclable components to protect the environment is pushing manufacturers to develop more recyclable components. In addition, manufacturers are coming up with more efficient components, which will help produce more electricity from wind turbines by reducing turbine downtime. Thus, the growing product innovation as per the changing customer requirements is driving the growth of the wind turbine generator market.

North America Wind Turbine Generator Market Overview

In the North American region, 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 was planned to develop the Mexican wind energy sector. Thus, this investment made the country enter the top 3 most attractive wind energy producers in Latin America. This allocated fund will be invested in 11 wind energy projects in Coahuila, Yucatan, and Tamaulipas. Thus, all the above factors are fueling the growth of the North America wind turbine generator market.

Further, the government of the US has also set their respective goals to deploy 30 GW of offshore wind capacity by the end of 2030 and 110 GW of capacity by 2050 in offshore deployments. Such initiatives are set to generate the electricity equivalent to the power required for running more than 10 million homes across the US with clean energy. Thus, such upcoming projects, growing initiatives to achieve ambitious targets, and increasing power requirements are raising the demand for wind turbine generators in the US. In addition, the presence of various component manufacturers such as General Electric, Vestas, and Siemens Gamesa Renewable Energy in the US, which are developing more innovative generators, will further fuel the market growth.

Such factors are driving the growth of wind turbine industry across different regions. Also, the different targets set by the government authorities of different countries for deployment of renewable sources of power generation are likely to drive the demand for wind turbine generator market during the forecast period.

North America Wind Turbine Generator Market Revenue and Forecast to 2030 (US$ Million)

North America Wind Turbine Generator Market Segmentation

The North America wind turbine generator market is segmented based on type, deployment type, and country.

Based on type, the North America wind turbine generator market is bifurcated into direct current and AC synchronous. The AC synchronous segment held a larger North America wind turbine generator market share in 2022.

In terms of deployment type, the North America wind turbine generator market is bifurcated into onshore and offshore. The onshore segment held a larger North America wind turbine generator market share in 2022.

Based on country, the North America wind turbine generator market is segmented into the US, Canada, and Mexico. The US dominated the North America wind turbine generator market in 2022.

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 are some of the leading companies operating in the North America wind turbine generator market.

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At 16.2% CAGR, North America Wind Turbine Generator Market is Speculated to be Worth US$ 1,167.50 Million by 2030, says the Research Team

According to the Research Team’ 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.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America wind turbine generator market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America wind turbine generator market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America wind turbine generator market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Wind Turbine Generator Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of North America Wind Turbine Generator Suppliers
5. North America Wind Turbine Generator Market – Key Industry Dynamics
5.1 North America Wind Turbine Generator Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increasing Product Launches
5.2.2 Rising Wind Farms
5.3 Market Restraints
5.3.1 Dependence on Chinese Wind Turbine Component Manufacturers
5.4 Market Opportunities
5.4.1 Government Initiatives to Promote Wind Energy
5.5 Future Trends
5.5.1 Rising Demand for Floating Wind Technology
5.6 Impact of Drivers and Restraints:
6. Wind Turbine Generator Market – North America Market Analysis
6.1 North America Wind Turbine Generator Market Revenue (US$ Million), 2020 – 2030
6.2 North America Wind Turbine Generator Market Forecast and Analysis
7. North America Wind Turbine Generator Market Analysis -By Type
7.1 Overview
7.1.1 North America Wind Turbine Generator Market, By Type (2022 and 2030)
7.2 Direct Current
7.2.1 Overview
7.2.2 Direct Current: North America Wind Turbine Generator Market Revenue and Forecast to 2030 (US$ Million)
7.3 AC Synchronous
7.3.1 Overview
7.3.2 AC Synchronous: North America Wind Turbine Generator Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Wind Turbine Generator Market Analysis – By Deployment Type
8.1 Overview
8.1.1 North America Wind Turbine Generator Market, By Deployment Type (2022 and 2030)
8.2 Onshore
8.2.1 Overview
8.2.2 Onshore: North America Wind Turbine Generator Market Revenue and Forecast to 2030 (US$ Million)
8.3 Offshore
8.3.1 Overview
8.3.2 Offshore: North America Wind Turbine Generator Market, Revenue and Forecast to 2030 (US$ Million)
9. North America Wind Turbine Generator Market – Country Analysis
9.1 North America
9.1.1 North America Wind Turbine Generator Market Overview
9.1.2 North America Wind Turbine Generator Market Revenue and Forecasts and Analysis – By Country
9.1.2.1 US Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.1.1 US Wind Turbine Generator Market Breakdown by Type
9.1.2.1.2 US Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.2 Canada Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.2.1 Canada Wind Turbine Generator Market Breakdown by Type
9.1.2.2.2 Canada Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.3 Mexico Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.3.1 Mexico Wind Turbine Generator Market Breakdown by Type
9.1.2.3.2 Mexico Wind Turbine Generator Market Breakdown by Deployment Type
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 Envision Energy USA Ltd
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Mingyang Smart Energy Group Co
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Nordex SE
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Siemens Gamesa Renewable Energy SA
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Xinjiang Goldwind Science & Technology Co Ltd
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Vestas Wind Systems AS
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 General Electric Co
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Suzlon Energy Ltd
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 ENERCON GmbH
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
12. Appendix
12.1 About the Research Team

LIST OF TABLES

Table 1. North America Wind Turbine Generator Market Segmentation
Table 2. List of Vendors in the Value Chain
Table 3. North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Table 4. North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 5. North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million) – Deployment Type
Table 6. US Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 7. US Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 8. Canada Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 9. Canada Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 10. Mexico Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 11. Mexico Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
 
 

LIST OF FIGURES

Figure 1. North America Wind Turbine Generator Market Segmentation, By Country
Figure 2. Ecosystem: North America Wind Turbine Generator Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Wind Turbine Generator Market Revenue (US$ Million), 2022 – 2030
Figure 5. North America Wind Turbine Generator Market Share (%) – Type, 2022 and 2030
Figure 6. Direct Current: North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. AC Synchronous: North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. North America Wind Turbine Generator Market Share (%) – Deployment Type, 2022 and 2030
Figure 9. Onshore: North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Offshore: North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. North America Wind Turbine Generator Market Revenue, by Country (2022 ) (US$ Mn)
Figure 12. North America Wind Turbine Generator Market Breakdown by Country (2022 and 2030)
Figure 13. US Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 14. Canada Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 15. Mexico Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
 

1. ENERCON GmbH
2. Envision Energy USA Ltd
3. General Electric Co
4. Mingyang Smart Energy Group Co
5. Nordex SE
6. Siemens Gamesa Renewable Energy SA
7. Suzlon Energy Ltd
8. Vestas Wind Systems AS
9. Xinjiang Goldwind Science & Technology Co Ltd

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