According to a new market report published by Credence Research, Inc., “Global Wind Turbines Rotor Blades Market (By Material (Glass Fiber, Carbon Fiber), By Blade Length (Less than 30m, 30m-60m, More than 60m), By Installation (Onshore, Offshore) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global wind turbine rotor blades market is expected to touch US$ 45.67 Bn in 2027, witnessing a growth of 12.64% CAGR across the forecast period of 2019 to 2027.
Globally, there is rising number of wind turbines installations due to favorable government policies and growing inclination towards renewable energy. Stable government policies have attracted huge investment from private sector in wind turbine industry. In addition, increasing awareness about environmental benefits of renewable energy and its growing demand from masses to reduce the impact of global warming too are major factors pushing the adoption of wind energy. Increasing investment in R&D for improving performance parameters such as increasing capacity, longer rotor diameter & blade length further helps to reduce the overall cost of wind energy in return. This will further influence the wind turbine rotor blades market during the forecast period.
Based on material types, wind turbine rotor blades market was dominated by glass fiber segment in 2018. Glass fiber has the ability to mold in any complex shape. With combination of material such as resin, properties of glass fiber can be alter which results into a stronger, non-corrosive, lightweight and dimensionally stable composite material. Since the turbine blades are constantly exposed to varying climate on both offshore and onshore locations, blade material has to be non-corrosive. Moreover, glass fiber is less expensive than carbon fiber, thereby supporting the segment growth.
In terms of geography, Asia Pacific was the largest market for the wind turbine rotor blades market in 2018. China and India were the major contributors to the market growth. Chinese government’s introduction of auction in energy sector based on competitive pricing and low curtailment risks factors has significantly helped increasing the number of installations of wind turbines. In 2018 alone, China had installed more than 20 GW of wind turbine capacity, thereby setting positive opportunities for wind turbine rotor blades market. With the new projects announcements and favorable government policies it is expected to follow similar growth during the forecast period.
Some of the major players profiled in the wind turbine rotor blades market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, LM Wind Power, ACCIONA S.A., Enercon GmbH, Nordex SE, General Electric Company, Aeris Energy, TPI Composites, Sinoi GmbH etc. among others. These companies are upgrading their blade length and investing more in R&D for capturing larger market share. Also, players are partnering with other companies to reduce cost and improve blade efficiency.
For instance, in April 2019, Siemens Gamesa Renewable Energy and Vattenfall, a Swedish power company collaborated to install the new SG 10.0-193 DD turbine at Hollandse Kust Zuid project in Dutch waters. This new turbine with 10 MW capacity can provide high performance and low risk with its direct drive platform. With its 193 m rotor diameter and 94 m long blades, its annual energy production is 30% higher than its predecessor SG 8.0-167 DD.
Similarly, in April 2019, LM Wind Power unveiled the world’s longest wind blade – LM 107.0 P, having blade length of 107 m. This new blade will be installed in GE Haliade-X 12 MW offshore wind turbine, which is the most powerful wind turbine up to date. This blade will give the company experience in handling, transportation and technological innovation to further increase the blade length and turbine capacity.
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