Wind Turbine Rotor Blade Market to be dominated by Onshore segment through 2028
Growing number of offshore and onshore wind energy
installations across the world to drive Global Wind Turbine Rotor Blade Market in
the forecast period, 2023-2028.
According to TechSci Research report, “Wind Turbine Rotor Blade Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, Global Wind Turbine Rotor Blade Market is
anticipated to grow at a 7.26% CAGR in the forecast period, 2024-2028, The wind
power industry has been in demand for cost-effective solutions, and a highly
efficient product has the potential to change the dynamics of the industry.
There were instances where old turbines were replaced, not because of the
damage but due to the availability of more efficient blades in the market.
Hence, technological developments present themselves as opportunities for the
wind turbine rotor blade market.
Browse over XX market data Figures spread through XX
Pages and an in-depth TOC on "Global Wind Turbine Rotor Blade Market.”
Based on Location of Deployment, Global Wind Turbine
Rotor Blade Market is segmented into two segments— On-shore and Off-shore, the
market's largest contribution will be the onshore segment. The onshore wind
energy power generation technology has evolved over the last five years to
maximize electricity produced per megawatt capacity installed and to cover more
sites with lower wind speeds. Besides this, in recent years, wind turbines have
become larger with taller hub heights, broader diameters, and larger wind
turbine blades. According to the Global Wind Energy Council (GWEC), the onshore
wind market added 72.5 GW worldwide in 2021, 18% lower than in 2020, due to a
slowdown in the growth of the onshore wind market in China and the United
States, the world’s two largest wind markets.
However, in 2021, explosive growth was witnessed in
Europe, Latin America, Africa, and the Middle East, where new onshore
installations increased by 19%, 27%, and 120%. India is one of the
fastest-growing wind power generators. According to India’s Ministry of New and
Renewable Energy, as of 2021 the country had the fourth-highest installed wind
energy capacity in the world, with a total installed capacity of 40.08 GW. The
expansion of the wind industry has resulted in a robust ecosystem, project
operation capabilities, and a manufacturing base of about 10,000 MW per annum
in the country. China follows the same trend. According to the National Energy
Administration (NEA), 47.5 GW of wind capacity was grid-connected in 2021, and
the total onshore installed wind capacity registered at 310.62 GW. Due to high
investment and changes in government policy, the onshore segment is expected to
lead the growth of the wind turbine rotor blade market in India and China. According
to the GWEC, the United States' onshore wind sector reported the second-highest
annual new installations in the world in 2021, with around 12.74 GW
commissioned.
The onshore wind installation in the United States was
driven primarily due to the planned Production Tax Credit phase-out as project
developers had to meet their deadline, which also directly aids the onshore
wind turbine rotor blade market. Further, according to Wind Europe, onshore
wind energy will lead the market demand in the European region to achieve
net-zero carbon emissions by 2030. According to GWEC, onshore wind energy
capacity takes up around 90% of wind energy. Strict regulations to reduce carbon
emissions and phase out conventional power systems are expected to drive the
market. Therefore, based on the above-mentioned factors, the onshore wind
turbine rotor blade segment is expected to grow due to declining LCOE and
reduced CAPEX, coupled with high energy demand through clean sources, during
the forecast period.
Based on Region, Asia Pacific region is expected to
dominate the market for Wind Turbine Rotor Blade during the forecast period. Asia-Pacific
is one of the largest regions in the global wind turbine rotor blade market.
Most of the demand is generated from China, India, and Japan. Since the
invention of the modern wind turbine generator (WTG) in 1891, China has
recognized that wind energy technology offers an effective way to provide
electricity to rural and isolated areas. China's installed wind capacity grew
from a mere 4 MW in 1990 to 338.30 GW in 2021 due to policy reforms, dedicated
R&D initiatives, new financing mechanisms, and clear goals in the most
recent Five-Year Plans. Both China's installed capacity and new capacity in
2021 were the largest in the world by a wide margin. According to IRENA, China
is expected to continue to dominate the onshore wind power industry, with more
than 50% of global installations by 2050. Also, due to the high population,
high electricity demand in the country is expected to promote growth in wind
energy. Several multinational corporations, including Chinese firms, are
investing in this sector with the help of federal and provincial governments
across the country.
According to the National Energy Administration (NEA),
China connected 47.5 GW of onshore wind capacity in 2021, boosting its total
onshore installations to 310.62 GW. Further, the Chinese onshore wind market is
expected to grow steadily in the coming years, with rising needs for key
components and materials, not only for the national market but also for
international exports. Besides, in China, nearly 70% of the electricity
produced is from thermal energy sources. As there is increasing pollution from
thermal sources, the country has been focusing on increasing the share of
cleaner and renewable sources in power generation. Furthermore, out of the
total 21.10 GW of newly installed offshore capacity worldwide, 80% (16.90 GW)
of the new installations came from China in 2021, and China's cumulative
offshore wind capacity stood at 27.68 GW. All of this indicates that China is
expected to be the largest market for wind turbine rotor blades market in the
Asia-Pacific region.
Furthermore, India is trying to expand its green
energy portfolio by harnessing the entirely unexploited offshore wind energy
potential along its 7,600-kilometer coastline. The focus on offshore increased
in recent years. The renewable energy ministry has set a target of 30 GW of
offshore wind installations by 2030. Therefore, factors, such as upcoming wind
power projects, along with supportive government policies and regulations in
different countries across the region, are expected to increase the demand for
wind turbine rotor blades in the Asia-Pacific during the forecast period.
Major companies operating in the Global Wind Turbine
Rotor Blade market are:
- TPI
Composites Inc.
- Lianyungang
Zhongfu Lianzhong Composites Group Co. Ltd
- LM
Wind Power (a GE Renewable Energy business)
- Nordex
SE
- Siemens
Gamesa Renewable Energy, S.A.
- Vestas
Wind Systems A/S
- MFG
Wind
- Sinoma
wind power blade Co. Ltd
- Aeris
Energy
- Suzlon
Energy Limited
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“The Global Wind
Turbine Rotor Blade Market is expected to expand during the projected period.
The global Wind Turbine Rotor Blade Market is driven by several key factors.
Firstly, the increasing global wind energy capacity is a primary driver.
Governments and organizations worldwide are investing heavily in wind energy as
a clean, renewable source of power, leading to a growing demand for rotor
blades. Advancements in wind turbine technology are another crucial driver.
Longer blades, improved materials, and enhanced designs lead to higher energy
capture, improved efficiency, and reduced costs. Offshore wind energy expansion
is also driving demand for specialized rotor blades, as offshore winds are
stronger and more consistent. Environmental concerns and renewable energy
goals, combined with cost reduction initiatives, are propelling the market.
Additionally, government incentives and policies support the development of
wind energy projects. Technological innovation, supply chain expansions, and
increasing investment in renewable energy are further bolstering the Wind
Turbine Rotor Blade Market, making it a vital component of the global
transition towards cleaner and more sustainable energy sources.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Wind Turbine Rotor Blade Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Location of Deployment
(Onshore and Offshore), Blade Material (Carbon Fiber, Glass Fiber, and Other
Blade Materials), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Wind
Turbine Rotor Blade market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global Wind
Turbine Rotor Blade market.
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