Wind Turbine Blade Market is Expected to generate Growth of a CAGR of 8.6 % up to 2027

Market Scenario:

A wind turbine blade is a fundamental constituent of a wind turbine which captures wind energy by converting it into rotation used to move the turbine. The wind turbine blade market is expected to generate a CAGR of 8.6 % during the forecast period ending 2027.

Market Dynamics:

Drivers

Growing development of wind energy due to rising energy demands, concerns over emissions and enactment of regulations such as the Kyoto protocol, government support for renewable energy, compulsory renewable energy acquisition agreements, attractive economics of wind energy such as falling cost per kWh of wind power and others are the critical determinants of the market.

Advances in structural and material engineering such as lattice and hybrid blades, growing use of glass-reinforced plastic (GRP) and Carbon fiber reinforced plastic (CFRP) as well as composites are technical drivers of the market. Advances in designing such as computer simulations and computer aided design have resulted in development of high efficiency blades with ergonomic designs, a trend likely to continue.

Technical determinants crucial to wind turbine blades are height, blades length, wind patterns, wind turbulence, blades weight, and others which play a decisive role in the use of different materials of varying strength and characteristics in the construction of turbine blades. The development of offshore wind energy demonstrated by the Scandinavian nations has provided impetus for the growth of the market. The oil and gas industry has penetrated and invested in these technologies owing to in-house skill set complimentary to develop wind turbine to power offshore oil rigs.

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Restraints

The high cost of installation and maintenance of turbine blades are the critical restraints on the market.

Segments:

To generate a bird’s view of the wind turbine blade market the report has been segmented by type, size and regions.

Type - glass fiber and carbon fiber.

Size - 50 Meter.

Axis - horizontal axis and vertical axis

Design - flat blades and curved blades.

Regions – North America, Europe, Asia-Pacific and Middle East and Africa.

Regional Analysis:

Europe is the undisputed leader in the wind turbine blades market with a share of greater than 40 % in 2016, led by Germany, France, Norway, Finland, and others. The support from the European governments and the EU, as a whole owing to contributions for carbon emission reduction goals has led to over 272.6 MW installed capacity by the end of 2015.

North America led by the U.S. accounts for the second largest market share of small wind turbines. The Asia Pacific region is anticipated to be the fastest growing market. China followed by India and Japan has the largest number of wind power project projects under planning and construction phase.

The Middle East and Africa market are expected to generate moderate growth owing to poor economic and political regions.

Dominant Players:

Some of the major players in the Wind Turbine blade market are Suzlon Energy Limited (India), Siemens AG (Germany), Vestas Wind Systems (Denmark), Stem AS (Denmark), Acciona S.A. (Spain), and Gamesa Corporacion Tecnologica (Spain) and others.

Technological Developments:

Composites to replace traditional materials owing to their advantages such as faster spin, ability to capture lower velocity winds, strength, flexibility, lightweight and others.

The attractive benefits of composite materials such as faster spin, ability to capture lower velocity winds, lightweight, strength and flexibility, will eventually make them the materials of choice. “A blend of glass fiber reinforced polyester, glass fiber reinforced epoxy, and carbon fiber reinforced epoxy will eventually displace the traditional materials” says Mr. Suhail Noolkar, researcher at Market Research Future. Design flexibility, corrosion-resistant, dimensionally stable, high-dielectric strength, and lower manufacturing costs are added benefits which will result in a complete transformation of industry,” adds Mr. Noolkar.

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He also points at the ease of transport, repairs and longer blade life benefits associated with composites. To pitch his stand, Mr. Noolkar further reveals the fact that materials account for more than 90% of the manufacturing costs of a blade, which makes it the critical determinant of turbine cost! Thus if the industry is to survive the competetion from other energy sources, then material innovation is a must.

The development of longer blades and offshore projects to strengthen the position of composites

Other factors driving the adoption of composites is the growing length of turbine blades, offshore projects which demand higher reliability, design challenges and strength which need a complete re-thinking of the materials, structure, and other characteristics of blades.

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