Power & Energy

Global Wind Turbine Rotor Blades Market

March 22, 2022
ID: SR/PE-19
Format:Pdf
Pages:220

Global Wind Turbine Rotor Blades Market By Type (Carbon Fiber and Fiberglass), By Location (Onshore and Offshore), By Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa)-Global Forecast to 2028.

Description

Wind Turbine Rotor Blades Market Overview

Wind Turbine Rotor Blades Market size was estimated at USD 12.43 Billion in 2021 and is anticipated to achieve USD 48.66 Billion by 2028, growing at a CAGR of 19.90% from 2022 to 2028. Wind turbines are presently the most repeatedly utilized equipment for transforming wind energy into electrical energy, with the blades pushing to power an electricity generator. The worldwide wind turbine rotor blade demand is caused by increasing demand for renewable energy sources and an increase in offshore wind turbines.

What is Wind Turbine Rotor Blades?

Wind turbine blades are airfoil blades that utilize wind energy and move the wind turbine rotor. The airfoil-shaped structure (which induces a lift in a fixed-wing aircraft) lets the blades exert lift in the opposing direction of the wind. This energy vector operates on the rotor and delivers the wind turbine’s driving force. Every wind turbine’s highly stressed and necessary component is the wind turbine rotor blades. Their function is to contain the kinetic power of the wind and turn this energy about a major hub into a rotational movement. While the center seat of the blades may rotate gently about the wind, the blade tips rotate considerably quicker, and the more extended the blade, the quicker the tip turns, specifically for propeller-type blade formatting.

Growth Drivers

A favorable political environment and the falling price of wind power generation enable the development of wind turbine rotor blades. Various environmental concerns and economic benefits have led governments worldwide to help the renewable energy industry. Although the charges of producing wind power have declined over the years, the investment costs of placing up a running wind project stay high. In expansion to the construction and installation of wind turbines, costs can also increase, depending on the wind turbines’ load and capacity factors, which vary depending on the project location and the wind resource quality.

Opportunities

Encouragement by Private and Government Association

The material of the turbine rotor blades is of significant importance as it delivers the expected characteristics of stiffness, density and opposition to exhaustion of wind turbines. When selecting materials, dependability, low material cost, and lightweight elements are critical. The slats are normally made of glass-reinforced plastic, and this movement is expected to continue during the foreseen period. Carbon fiber strengthened plastic and composites are anticipated to gain popularity in the coming years by reducing weight and costs. Additionally, the economic advantages of wind turbines and advancements in rotor blades are encouraging governments and private organizations to invest in the deployment of wind turbine technologies in emerging economies. Another factor is supposed to largely donate to the Worldwide Rotor Blades market development during the assumption period.

Restraints

High Costs in Installation and Transportation

High costs associated with R&D and transportation problems are the major elements determining the worldwide market for wind turbine rotor blades. Further, the availability of alternative conceptions of power generation, such as solar power and fuel, are different elements that are likely to hinder the global wind turbine rotors blade market’s growth during the forecast period.

Pre Covid-19 Impact on Global Wind Turbine Rotor Blades Market

Before the covid-19 period, the growing electricity demand and the rising demand to reduce carbon footprints fuel the adoption of wind energy. Increasing wind turbine structures drive the growth of the wind turbine rotor blade. Rising wind turbine installations guide the growth of the wind turbine rotor blade. It is one of the critical wind turbine rotor blade market movements.

Covid-19 Impact on Global Wind Turbine Rotor Blades Market

During the covid-19 period, a pandemic in Q1 of 2020 moderately impacted the development of the wind turbine rotor blade market. Prominent countries such as China, the United States, and Germany have faced disruptions in manufacturing and supplying the rotor blades due to random lockdowns. As a consequence, the commissioning of the wind schemes was paused. Since the industry is bargaining with several challenges that are forcing a decrease in electricity consumption, especially from the industrial and commercial sectors, furthermore, this pandemic hurts the global renewable energy sector since most governments are reliant on other nations for the import and export of raw materials and elements necessary for the start-up of renewable energy production conceptions.

Post Covid-19 Impact on Global Wind Turbine Rotor Blades Market

After the covid-19 period, the market participants also extremely leverage external demand drivers such as decreasing LCOE of wind energy to perform growth possibilities. However, elements such as competitors from alternative sources of energy will challenge the growth of the market participants. To make the most of the possibilities and retrieve from the post-covid-19 impact, market traders should concentrate more on the growth possibilities in the fast-growing segments while holding their places in the slow-growing segments.

By Type Segmental Analysis

The market is segmented into Carbon Fiber and Fiberglass based on type segmental analysis. The use of carbon fiber is anticipated to grow fast as the trend for larger blade sizes takes firm maintenance in the global market. Carbon fiber has well-known advantages for decreasing wind turbine blade mass because of its extremely enhanced stiffness and strength compared to fiberglass. “Controlling blade mass is critical to allowing additional growth in rotor size and decrease in the Levelized expense of wind energy.

By Location Segmental Analysis

The market is segmented into Onshore and Offshore based on location segmental analysis. The offshore segment holds the highest share in the global wind turbine rotor blades market. Offshore wind speeds grow to be faster than on land. Small growths in wind speed yield large boosts in energy production: a turbine in a 15-mph wind can affect twice as much energy as a turbine in a 12-mph wind. Faster wind speeds offshore mean they can cause much more additional energy.

By Regional Segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. In the Asia-Pacific, China has the largest established wind energy capacity and has over one-third of the world’s ability. China has the world’s largest onshore wind farm. Germany stands third in wind energy production and has the world’s largest offshore wind facility. India is the fourth-largest producer of electricity harnessing the winds. Spain, the UK, France, and Italy are ranked fifth, sixth, seventh and tenth, respectively, amongst the world’s biggest wind energy producers. Canada rates eighth while Brazil ranks ninth in the top 10 wind energy producer list.

Competitors Analysis

The companies include Blade Dynamics, Kemrock Industries and Export Limited, LM Wind Power Group, Moog Inc., SGS SA, Siemens AG, TANG Energy, Vestas Wind Energy Systems A/s, Enercon GmbH, Siemens Gamesa Renewable Energy SA and other prominent players in the global wind turbine rotor blades market.

Key Stakeholders

Recent Developments

In March 2021, GE Renewable Energy revealed its plans to create a further blade manufacturing establishment in Teesside in the North East of England. LM Wind Power, a unit of GE Renewable Energy, uses this plant and desires to construct 107-meter- long offshore wind turbine blades.
In May 2020, Siemens Gamesa Renewable Energy, SA declared supplying SG 14-222 Direct Drive offshore wind turbines to the 2,640-MW Dominion Energy Coastal Virginia Offshore Wind commercial project. The project will deliver enough clean energy to power 650,000 homes and is planned for commercial operation in 2026.
In December 2019, Mexico anticipated having ten other operational wind power plants to create electricity. It is anticipated to expand the installed capacity of Mexico by 800 MW to 1.2 GW.
In August 2019, major Turkish wind power plant investor Borusan EnBW Energy declared plans to create ten new renewable energy plants in Sivas, Malatya, Hatay, Mersin, Edirne, Afyon and Manisa of Turkey, raising its total capacity by 600 megawatts approximately.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 12.43 Billion
The revenue forecast in 2028	USD 48.66 Billion
Growth Rate	CAGR of 19.90% % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Blade Dynamics, Kemrock Industries and Export Limited, LM Wind Power Group, Moog Inc., SGS SA, Siemens AG, TANG Energy, Vestas Wind Energy Systems A/s and Enercon GmbH, and Siemens Gamesa Renewable Energy SA are the key players.

Market Modelling

By Type

Carbon Fiber
Fiberglass

By location

Onshore
Offshore

By Region

North America
Europe
Asia-Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

At what CAGR global wind turbine rotor blades market is growing?

The global wind turbine rotor blades market is growing at a CAGR of 19.90% during the forecast period of 2022-2028.

Who are the key market players in the global wind turbine rotor blades market?

The Companies includes Blade Dynamics, Kemrock Industries and Export Limited, LM Wind Power Group, Moog Inc., SGS SA, Siemens AG, TANG Energy, Vestas Wind Energy Systems A/s and Enercon GmbH, and Siemens Gamesa Renewable Energy SA are the key players in the global wind turbine rotor blades market.

What are the opportunities in the global wind turbine rotor blades market?

The economic advantages of wind turbines and advancements in rotor blades encourage governments and private organizations to invest in the deployment of wind turbine technologies in emerging economies. Another factor is supposed to largely donate to the Worldwide Rotor Blades market development during the assumption period.

What is the restraint in the global wind turbine rotor blades market?

Increased costs associated with R&D and transportation problems are the major elements determining the worldwide market for wind turbine rotor blades. Further, the availability of alternative conceptions of power generation, such as solar power and fuel, are different elements that are likely to hinder the global wind turbine rotors blade market’s growth.

Which region is expected to have the largest share in the global wind turbine rotor blades market?

Asia-Pacific region is expected to have the largest share in the global wind turbine rotor blades market.

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Global Wind Turbine Rotor Blades Market