Sales of wind turbine rotor blades is expected to be valued at more than US$ 7,000 Mn by 2017 end and is anticipated to register a CAGR of 21.2% and be valued at nearly US$ 33,000 Mn by the end of 2025. Asia Pacific – led by China and India – will account for a major share of the global wind turbine rotor blade market between 2017 and 2025.
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- 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
Increasing levels of wind power generation aiding the market for wind turbine rotor blades
Generation of electricity from wind is now firmly established as a mainstream source for power generation. Capacity of wind power has significantly increased across the world, as wind turbines have become more powerful, efficient and affordable for power producers in the last decade. These factors will create a positive impact on the demand for wind turbine rotor blades, as they are an essential component in wind power projects.
Wind energy is a relatively large single source (around 50%) of all increase in electricity generation globally. To give an example of the importance and growing clout of wind energy, wind energy accounted for around 40% of Denmark’s total power generation, 23% of Portugal and Ireland, and 19% of Uruguay. In South Australia, wind power contributes to around 40% of the total power generation.
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Climatic benefits with zero emissions – the main advantages of wind energy
In the Paris Climate Change Conference of the Parties (COP21), the long term target adopted by 186 countries that attended this conference is to make the power sector 100% emission free by 2050. This strengthens the position of wind energy as a major portion of renewable power will be supplied by wind energy, along with solar energy. China and the United States are the major producers of renewable energy.
As the generation of electricity from wind creates no emissions, wind energy will play a major role in helping the two countries meet their commitments under the COP21 agreement. This will create a big boost in the sales of wind turbine rotor blades in the coming years.
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Technological competition with solar panels may limit the market for wind turbine rotor blades
Technological innovation since the last decade has created significant improvements in terms of wind power generation, but this innovation has come at the cost of increasing the length of wind turbine blades. Hence, the limits related to maximum operable length may put on hold new installations, due to problems associated with transportation and on-site installation of large rotor blades.
However, on the other hand, solar panels are shrinking in size, due to improvements in their technological efficiency. Being an important source of renewable energy with no moving parts and no noise pollution, solar panels may pose a threat to the wind turbine rotor blade market on a large scale.
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Offshore wind system installations – a growing opportunity
Generation of renewable and clean sources of energy from offshore wind is a relatively new technology and has just taken off in many countries of the world. The rotor blades required for such harsh offshore environments require more technological advancements in terms of design and build. As of now, offshore wind power installations are mainly concentrated across Europe. However, countries such as China, Japan, South Korea, India, Taiwan and the United States have approved many offshore projects, which are under development and are expected to be operational in the near future.
Global Wind Turbine Rotor Blade Market Attractiveness Analysis by Blade Length
Among the blade length segments, the 45-60 meters segment is estimated to be the largest segment, accounting for 65.9% share in terms of revenue in the global wind turbine rotor blade market by 2017 end. This will be followed by the Above 60 meters segment. The 45-60 meters segment is expected to retain its dominance over the forecast period, registering a CAGR of 19.1% in terms of value. The Below 45 meters segment is expected to hold a market value share of 12.1% by 2017 end.
By Blade Length
By Blade Material