Middle East and Africa Wind Turbine Components Market Size Expanding at Steady CAGR of 5.11% to Reach USD 2.56 Billion by 2030

Published | 04 April 2024

Middle East and Africa Wind Turbine Components Market is flourishing because of the growing demand for clean energy and supportive government policies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Wind Turbine Components Market size at USD 1.78 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Wind Turbine Components Market size to expand at a CAGR of 5.11% reaching a value of USD 2.56 billion by 2030. Growing energy demand and increased investment in the renewable energy industry are two of the main development drivers for the Middle East and Africa Wind Turbine Components Market. Furthermore, over the forecast period, technical advances and innovations in wind turbine components would give the Middle East and Africa wind turbine components market attractive expansion opportunities.

Opportunity: Rising demand for wind turbine components from wind farm developers

Based on end user, the Middle East and Africa Wind Turbine Components Market is bifurcated into wind farm developers and original equipment manufacturers (OEMs) segments. The wind farm developers segment holds the largest share in the Middle East and Africa Wind Turbine Components Market by end user. The segment's dominance is mainly attributed to the significant presence of large developers, such as Alcazar Energy, Masdar, ENEL Group, and Lekela Power, in the MEA region. The original equipment manufacturers (OEMs) segment is also expanding at a substantial rate owing to governments’ supportive initiatives to boost the wind energy sector.

Middle East and Africa Wind Turbine Components Market

Segmental Coverage

Middle East and Africa Wind Turbine Components Market – By Application

Based on application, the Middle East and Africa Wind Turbine Components Market is segmented into residential, utility, industrial, and commercial. The industrial segment accounts for the highest market share. The use of wind energy grants government subsidies to industries as well as helps them achieve ‘green business’ targets in the market. Furthermore, adopting wind energy also allows businesses to stabilize their energy costs and supplies. However, the residential segment is forecast to register a high growth rate during the period in analysis.

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Middle East and Africa Wind Turbine Components Market – By Country

The in-depth research report on the Middle East and Africa Wind Turbine Components Market covers the regional market in a number of major countries, including Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and rest of MEA. Saudi Arabia dominates the Middle East and Africa Wind Turbine Components Market owing to the high investments in the wind energy sector. The Kingdom has been substantially launching various wind projects, such as the 700 MW Yanbu Wind Farm in Al Madinah, the 600 MW Al-Ghat Wind Farm in Riyadh, and the 500 MW Waad Al Shamal Wind Farm in the Northern Borders region. These projects are expected to directly boost the demand for wind turbine components in Saudi Arabia.

Competitive Landscape

Major players operating in the Middle East and Africa Wind Turbine Components Market include Siemens Gamesa Renewable Energy, Vestas Wind Systems, General Electric (GE) Renewable Energy, Nordex Group, Suzlon Energy Limited, Senvion GmbH, Envision Energy, Goldwind, Ming Yang Smart Energy, and Dongfang Electric Corporation.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Middle East and Africa Wind Turbine Components Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East and Africa Wind Turbine Components Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Wind Turbine Components Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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