The market for Wind Turbine Rotor Blades Market is expected to reach USD$ 45.67 Bn billion in 2027.
The wind turbine rotor blades market is expected to reach US$ 45.67 Bn in 2027, growing at a CAGR of 12.64% during the forecast period from 2019 to 2027. The rising threat of climate change and global warming has pushed the energy sector to transition toward renewable sources. U.N.’s Paris climate agreement of 2016 further conveyed the message of a unified global effort to enhance support through financing and technology development. Along with this, pressure from various global NGOs has triggered the renewable energy demand from sources such as wind turbines which have gone upward in recent years.
Moreover, market-based mechanisms such as auctions, tenders, and green certificates followed in Germany, France, Netherlands, Poland, Russia, and Greece were the main drivers for the new installations of wind turbines which in turn helped to grow the market of wind turbine rotor blades. Apart from this, the growing interest of companies in developing bladeless wind turbines, which will be cheaper and more silent than contemporary ones, will restrain the market in the near future. Moreover, other renewable energy sources, such as solar power, and tidal/Ocean-wave energy sources, are expected to impact the market in the coming years.
New onshore installations of wind turbines reached a capacity of more than 45 G.W. in 2018. The onshore installations segment is driven by China and the U.S., collectively having more than 28 G.W. of onshore capacity installed. Production Tax Credit (PTC) of the U.S. is identified to be the main driver for increasing installations of wind turbines in the U.S. market. The new RPS policy of the U.S. states is expected to further increase the new installations in the coming future. In addition to this, Germany, India, and Brazil have also installed about 2 G.W. of wind capacity in 2018; this has helped the rotor blades market to grow further in 2018. In the global scenario, the onshore segment captures more than 85% of the market share.
The Asia Pacific market growth was led by China in 2018, accounting for over 45% of the regional market revenue. The introduction of the auction policy by China in 2018 has triggered the market upward. This has helped China to install 21.2 GW of wind capacity in a single year. In addition to this, India, Australia, and other Asian countries together installed about 3.7 GW of onshore wind capacity in 2018. In the offshore segment also, Asia Pacific installed about 1.8 GW of wind capacity in 2018. Favorable and stable government policies and the trust of investors in market growth were the main drivers for the market in 2018. Asia Pacific installed more than 50% of global wind turbine capacity in 2018.
Major players profiled in the wind turbine rotor blades market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, L.M. Wind Power, ACCIONA S.A., Enercon GmbH, Nordex S.E., General Electric Company, Aeris Energy, TPI Composites, Sinoi GmbH, etc. among others. These companies are partnering with other companies and increasing their production and geographical reach by setting up new facilities to gain a larger share of the market.
For instance, in January 2019, TPI Composites, the largest U.S.-based wind blade manufacturer, signed an agreement with Vestas Wind System A/S to provide wind blades in India and other export markets. TPI Composites also announced the new blade manufacturing hub in India. With this partnership and new plant, the company is expected to increase its market share in the region.
Furthermore, in February 2019, Nordex S.E. announced their plan to produce their own rotor blades from their production facility in Mexico. Rotor blades of 1 G.W. capacity will be produced each year from this facility. With this new facility, the company is expected to capture more market share in the North and Latin American regions.
The research report presents the analysis of each segment from 2017 to 2027, considering 2018as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
The wind turbine rotor blades market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global wind turbine rotor blades market based on material, blade length, installation, and geography. Key segments covered in the report are as follows:
Research Period 2017-2027
The base Year 2018
Forecast Period 2019-2027
Historical Year 2017
Unit USD Billion
The market for Wind Turbine Rotor Blades Market is expected to reach USD$ 45.67 Bn billion in 2027.
The Wind Turbine Rotor Blades Market is expected to see significant CAGR growth over the coming years, at 12.64%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, L.M. Wind Power, ACCIONA S.A., Enercon GmbH, Nordex S.E. are some of the major players in the global market.