Wind Turbine Rotor Blades Market To Reach US$ 33 Bn By 2025
According to Persistence Market Research (PMR), global wind energy installations have increased from 282.2 GW in 2012 to 486.7 GW in 2016. This is positively impacting the growth of the global wind turbine rotor blade market.
Increasing emphasis on wind power generation, combined with favorable government policies and assistance are also contributing to steady adoption of wind turbine rotor blades. Feed-in-tariffs and generation-based incentives enticing venture capitalists to invest in this fledgling market.
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According to PMR’s report, wind energy harnessing was concentrated in developed regions; however, it is now being steadily adopted in emerging regions of Asia, Africa, and Latin America. Emphasis on wind energy is also expected to receive a fillip from the long-term target adopted by Climate Change Conference of the Parties (COP21).
Although PMR maintains a positive outlook on the global wind turbine rotor blade market, technological competition with solar panels, combined with public issues surrounding wind project management can impede growth in the long-term.
The key opportunities identified by Persistence Market Research include offshore wind system installations and development of carbon composite wind turbine rotor blades.
Key trends shaping the global wind turbine rotor blade market include,
Growing preference for long rotor blades: Operators are looking to maximize energy output, as a result of which, demand for long rotor blades is growing significantly.
Manufacturers are aiming at uniformity and quality control; due to this, demand for modular blade design is gaining traction.
In a bid to deal with extreme conditions on offshore farms, foldable rotor blades, ones that mimic palm trees, are steadily witnessing an uptick in demand.
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By blade length, the global wind turbine rotor blade market has been segmented into,
Below 45 meters
Above 60 meters
Among these, demand for 45-60 meters rotor blades is the highest, with this segment accounting for nearly 66% revenue share. In terms of revenue, the 45-60 meter rotor blades are expected to grow at 19.1% CAGR to reach US$ 18.93 Bn in revenues.
By blade material, the global wind turbine rotor blade market has been segmented into glass fiber and carbon composite. Currently, glass fibers outsell carbon composites, and the trend is expected to remain so during the forecast period. According to Persistence Market Research, glass fibers segment accounted for 95.5% revenue share of the market.
By application, the global wind turbine rotor blade market has been segmented into onshore and offshore. Currently, bulk of rotor blades are deployed onshore, with this segment accounting for 96.2% revenue share of the market. In terms of revenue, the onshore segment was valued at US$ 5.87 Bn in 2016. In its report, Persistence Market Research offers market forecast and analysis on North America, Latin America, Europe, Asia Pacific, and MEA. Key companies profiled in the report include LM Wind, Siemens, CNBM, Sinoma, and TPI Composites.
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Companies covered in Wind Turbine Rotor Blades Market Report
Vestas Wind Systems A/S
LM Wind Power
Siemens Wind Power
Carbon Rotec GmbH & Co. KG
Sinomatech Wind Power Blade Co.
GE Renewable Energy
China National Building Material
Kemrock Industries & Export Ltd
About Industrial Automation Domain of Persistencemarketresearch@ https://www.persistencemarketresearch.com/category/industrial-automation.asp
The Industrial Automation team at Persistence Market Research provides expert opinions and incisive inputs about broad array of products used extensively in the manufacturing industry. The team has compiled comprehensive market research reports on gears, valves, bearings, special purpose machinery, and other key segments in this evolving landscape. In addition to offering syndicated market research studies, the team consults clients from all across the globe on their unique, strategic needs. Need help with your next project? Feel free to reach out.
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources.
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