Wind Turbine Rotor Blade Market : Present Scenario and the Growth Prospects
Rotor blades are attached to the rotor and thus, form an important part of a wind turbine. The material of turbine rotor blades holds high significance as it provides the preferred density, stiffness, and fatigue life features to wind turbines. Material cost, reliability, and light weight are some of the factors imperative in material selection. Blades are usually made up of glass-reinforced plastic (GRP). The adoption of carbon fiber reinforced plastic (CFRP) and composites is estimated to gain traction in the forthcoming years as these are useful in reducing weight and cost up to a certain extent.
Global Wind Turbine Rotor Blade Market: Key Trends
The increasing global population and improving economic conditions in several parts of the world are among the key stimulants of the global market for wind turbine rotor blade. The growing concerns regarding environmental stability coupled with the rising awareness about the environmental and economic advantages offered by wind power are prompting governments worldwide to pour funds into the development of wind turbines and their paraphernalia.
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Moreover, the falling cost of per kWh of wind energy is working in favor of the market. Growing emphasis on repowering and rapid technological advancements are also providing a fillip to the market. However, manufacturers need to focus towards addressing critical challenges such as difficulties in transportation and high development cost to capitalize on potential opportunities.
Global Wind Turbine Rotor Blade Market: Market Potential
As companies operating in the global wind turbine rotor blade market strive for enhancement in manufacturing capacities, mergers and acquisitions and geographical expansion are expected to be common trends in the market over forthcoming years. This, in turn, is likely to provide significant momentum to the global market. For instance, General Electric (GE) acquired Denmark-based LM Wind Power in October 2016 for US$1.65 bn and got it approved from the European Commission in March 2017. By acquiring its largest supplier of rotor blades, the deal is anticipated to help GE in in-source turbine blade design and manufacturing. Another case in point is Siemens, which in December 2016, inaugurated its new plant for in Hull, U.K. for offshore wind turbines, assembly, and logistics.
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Global Wind Turbine Rotor Blade Market: Region-wise Outlook
The key segments studied in the report on the basis of geography are Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Asia Pacific will account for a substantial share in the revenue pie throughout the review period, owing to the burgeoning demand for electricity in emerging nations such as India and China along with the increasing government initiatives promoting the production of wind energy.
Europe is anticipated to rise at a healthy pace during the same period. The demand for wind turbine rotor blades is expected to post a sharp rise, especially in Western Europe, due to the strong demand for technologically advanced turbines and the presence of favorable environmental conditions.
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Global Wind Turbine Rotor Blade Market: Competitive Landscape
The abundance of wind power is rendering the global market for wind turbine rotor blade a high potential arena, which is attracting new players to venture into the market. This, in turn, is likely to trigger the competition in the market in the near future. In order to ensure minimum transportation costs and regulation compliance, prominent participants are trying to install their set-ups in proximity to their target markets. Some of the key companies operating in the global market for wind turbine rotor blade are LM Wind Power Group, Moog Inc., Blade Dynamics, Kemrock Industries And Exports Limited, Siemens AG, SGS SA, and TANG Energy.
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