Global Wind Turbine Rotor Blade Market 2018-2023: Key Players, Evolving Technology, Trends, Industry Analysis and Growth Opportunity Research Report
Driven by advancements in technologies and the significant reduction in the cost of generation and associated risks, the use of wind energy as a source of electricity generation has witnessed increased demand across regions. In 2017, the total wind power installation capacity reached above 50 gigawatts (GW), with Europe and Asia-Pacific experiencing a record high. The governments across the globe, are trying to increase the share of wind in the renewable energy mix, which is likely to supplement the demand for wind turbines. The market for rotor blades is expected to increase significantly, during 2018-2023 (the forecast period), as it is directly dependent on the demand of wind turbines.
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Offshore Wind Farms - To Increase Demand for Carbon fiber
Technological advancements have significantly reduced the associated risks and the cost of electricity generation from offshore wind farms, which in turn, has attracted interest globally. The global installed capacity of offshore wind capacity has reached approximately 14,384 megawatts (MW) in 2016. The European region accounts for approximately 90% of the all offshore wind installations and is expected to invest further in the same, during the forecast period. The governments outside of the European region, such as in the country of China, Japan, South Korea, Taiwan, and the United States, have set ambitious targets for the installation of offshore wind farms in their territorial waters, which is expected to further supplement the demand for wind turbines. Low cost carbon fiber materials, which offers reduced weight and better performance, is expected to witness increased demand for turbines to be installed in the offshore waters. Numerous other countries are also expected to increase their investment for offshore wind farms, during the forecast period, which in turn, is expected to offer enormous potential for growth, for wind turbine’s rotor blade manufacturers and suppliers.
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Asia-Pacific - To Register High Growth
The Asia-Pacific region is ramping up its wind energy production, to meet up with its growing energy needs, limit smog-causing pollution from coal plants, and act on climate change. In 2016, China overtook Europe, as the world’s largest regional wind market, installing half of all the new wind capacity additions worldwide. Similarly, in India, it is anticipated that the wind power capability to be ramped up to 185 GW — an eight-fold increase over 15 years from 2015, and to contribute approximately 14% of India’s renewable energy use. Similar huge investments are also expected to be scaled up in countries, such as South Korea and Japan, which would further supplement the demand for wind turbine installation in the region, during the forecast period.
United States - To Witness High Demand
Wind power capacity in the United States endured strong growth in 2016. The United States added 8,203 MW of new wind power capacity in 2016, representing 27% of all energy capacity additions in 2016, and is expected to register similar growth during the forecast period. Similarly, the country added its first commercial offshore wind farm in 2016. Factors, such as stronger state policy commitments, coupled with decreasing offshore wind farms installation costs and risks, are expected to be a significant morale booster for the US offshore wind market players, and in turn, would supplement the numbers of offshore wind farm projects. The growing focus on the deployment of both onshore and offshore wind farms, in the United States, is expected to strengthen the demand for wind turbines significantly, and in turn, supplement the need for wind turbine rotor blades, during the forecast period.
Key Developments in the Market
October 2017: LM Wind (a GE Renewables Company) signed an agreement to develop a 71.8-meter blade for Chinese offshore leader Envision.
April 2017: TPI Composites Inc. signed a multiyear supply agreement with Vestas Wind Systems A/S, to provide blades from two manufacturing lines for the V136 wind turbine for markets in Central and South America.
The major players include -TPI Composites Inc., Senvion SA, General Electric Company, Nordex SE, Siemens Gamesa Renewable Energy SA, and Aeris Energy, amongst others
Reasons to Purchase This Report
Current and future of the global wind turbine rotor blades market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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TPI Composites Inc., Senvion SA, General Electric Company, Nordex SE, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, CARBON ROTEC GmbH & Co KG, Molded Fiber Glass Companies (MFG), Tecsis GmbH, Sinomatech Wind Power Blade Co. Ltd, and Aeris Energy
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