Wind Turbine Rotor Blades Market 2022
The global wind turbine rotor blade market is expected to surpass US$ 7 Bn in revenues by 2017-end. The market is anticipated to grow at a CAGR of 21.2% during the period 2017-2025 and reach nearly US$ 33 Bn in revenues.
Wind turbine rotor blades are one of the most important and expensive components of a wind turbine. They are also one of the most complex. The blades must be very strong to withstand the high winds and torque they experience, while also being as light as possible to minimize the load on the rest of the turbine. They must also be aerodynamic so that they produce as much power as possible in spite of the drag caused by moving through the air. Finally, they must be made from a material that is both strong and lightweight.
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Key Companies-
- TPI Composite
- Nordex SE
- Vestas Wind Systems A/S
- Senvion S.A.
- LM Wind Power
- Enercon GmbH
- Siemens Wind Power
- Carbon Rotec GmbH & Co. KG
- Sinomatech Wind Power Blade Co.
- GE Renewable Energy
- China National Building Material
- MFG Wind
- Kemrock Industries & Export Ltd
- Tecsis Ltd
- HT Blade
- Others
There are a number of materials that have been used for wind turbine rotor blades over the years. Early designs used metal alloys such as aluminum and steel, but these were heavy and expensive. More recent designs have switched to composite materials made from fiberglass or carbon fiber reinforced plastics (CFRP). These materials are strong and lightweight, but can be expensive. A new type of blade made from graphene-reinforced plastic may provide an even better solution. Graphene is a very strong and lightweight material made from carbon atoms that has recently been discovered. It is still in development, but could eventually provide a much better option for wind turbine rotor blades than CFRP composites
Increasing emphasis on wind power generation, combined with favorable government policies and assistance are also contributing to steady adoption of wind turbine rotor blades. Feed-in-tariffs and generation-based incentives enticing venture capitalists to invest in this fledgling market. According to PMR’s report, wind energy harnessing was concentrated in developed regions; however, it is now being steadily adopted in emerging regions of Asia, Africa, and Latin America. Emphasis on wind energy is also expected to receive a fillip from the long-term target adopted by Climate Change Conference of the Parties (COP21).
Although PMR maintains a positive outlook on the global wind turbine rotor blade market, technological competition with solar panels, combined with public issues surrounding wind project management can impede growth in the long-term. The key opportunities identified by Persistence Market Research include offshore wind system installations and development of carbon composite wind turbine rotor blades.
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Key trends shaping the global wind turbine rotor blade market include,
- Growing preference for long rotor blades: Operators are looking to maximize energy output, as a result of which, demand for long rotor blades is growing significantly.
- Manufacturers are aiming at uniformity and quality control; due to this, demand for modular blade design is gaining traction.
- In a bid to deal with extreme conditions on offshore farms, foldable rotor blades, ones that mimic palm trees, are steadily witnessing an uptick in demand.
By blade length, the global wind turbine rotor blade market has been segmented into,
- Below 45 meters
- 45-60 meters
- Above 60 meters
Among these, demand for 45-60 meters rotor blades is the highest, with this segment accounting for nearly 66% revenue share. In terms of revenue, the 45-60 meter rotor blades are expected to grow at 19.1% CAGR to reach US$ 18.93 Bn in revenues.
By blade material, the global wind turbine rotor blade market has been segmented into glass fiber and carbon composite. Currently, glass fibers outsell carbon composites, and the trend is expected to remain so during the forecast period. According to Persistence Market Research, glass fibers segment accounted for 95.5% revenue share of the market.
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Key Questions Answered in the Wind Turbine Rotor Blades Market Report
How is the Wind Turbine Rotor Blades market expected to grow over the projected period?
What direction is the Wind Turbine Rotor Blades market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Wind Turbine Rotor Blades market in future?
What are the key market drivers in the Wind Turbine Rotor Blades market?
What are significant opportunities and improvement areas for Wind Turbine Rotor Blades manufacturers?
What are the key developments and trends taking over the Wind Turbine Rotor Blades market?
Which are the emerging countries that are expected to create significant growth opportunities in the Wind Turbine Rotor Blades market?
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