Wind Turbine Rotor Blade Growing at a CAGR of 8.38% from 2020-2025: Growth, Trends and Forecast

published: 2020-04-10 12:00 | editor: | category: News

The wind turbine rotor blade market is expected to grow at a CAGR of approximately 8.38% from 2020 – 2025. The growing number of offshore wind energy Installations, reducing the cost of wind energy, and the increasing number of aging wind turbines are expected to drive the global wind turbine rotor blade market during the forecast period. However, factors such as the associated high cost of transportation and cost competitiveness of alternate clean power sources such as solar power have the potential to hinder the market growth in the coming years.

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- The onshore segment accounted for the highest market share with over 65% in 2018, and it is expected to dominate the market during the forecast period.

- The wind power industry has demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There have been instances where old turbines are 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 global wind turbine rotor blade market.

- At the regional level, Asia-Pacific has dominated the wind turbine rotor blade market in 2018 with the majority of the demand coming from countries such as ChinaIndia, and Australia.

 

Key Market Trends

Onshore Segment Accounted for the Highest Market Share

- The onshore wind power industry has dominated the wind turbine rotor blade market and has emerged as one of the most valued renewable energy sources worldwide and is expected to continue its dominance over the forecast period.

- The cumulative onshore installed wind power capacity reached 568.4 GW in 2018, with an addition of 8.9% to the previous year's capacity. Chinathe United StatesGermany, and India dominated the onshore wind power market, in 2018.

- The total onshore installed wind power capacity is expected to reach 619 GW by 2023, with the majority of the growth coming from the developing markets in the Middle East & AfricaSouth America, and Southeast Asia.

- Moreover, the cost of onshore wind power generation has reduced significantly, driven by the reduction in capital investments, owing to better turbine designs and economy of scale, increased capacity factors due to technological advancements in equipment and wind power plant design, and increased product life of wind turbines.

- Adding to this, in 2015, onshore wind required an average of EUR 2 million of financing for each MW of capacity installed in Europe. By 2018, this number had reduced to EUR 1.4 million per MW. This, in turn, is expected to boost the number of onshore wind installations in Europe in the coming years and, further, drive the demand for wind turbine rotor blades.

- Therefore, factors, such as the decline in onshore wind CAPEX, along with supportive government policies and targets, are expected to increase the number of wind power plants across the world in the coming years. This, in turn, is expected to directly impact the onshore wind turbine rotor blade market during the forecast period.

Asia-Pacific to Dominate the Market

Asia-Pacific is the regional hotspot for the wind turbine rotor blade market, owing to governmental support, numerous incentives, and national targets. In 2018, the total installed wind power capacity in the region reached 261.15 GW, representing an increase of 11.40% over the previous year. The offshore wind power industry in the region registered a significant growth rate of 61.2% in 2018 over the previous year.

- As of 2018, China held the largest installed wind power capacity in the world. The Chinese onshore wind market installed 21.2 GW in 2018 and has been the leading market since 2008. In the offshore wind market, China installed 1.8 GW in 2018, taking the lead for the first time, followed by the United Kingdom.

- The government of China is actively promoting the development of renewable infrastructure, in order to curb pollution and to reduce the share of thermal power in the country's power generation profile. This is likely to drive the development of wind power projects in the country which, in turn, is expected to drive the wind turbine rotor blade market during the forecast period.

- As of 2018, India's installed wind power capacity stood at 35.13 GW. The number of new installations has slowed down in the country, as the industry has been adapting to the new method of determining tariff, i.e., wind power auction. However, the future looks bright, as the government aims to install about 60 GW of wind power, by 2022.

- The Ministry of New and Renewable Energy is pushing for offshore wind power development. In early 2019, MNRE announced a draft offshore wind energy policy. After that, a Memorandum of Understanding (MOU) for setting up a joint venture company (JVC), to execute the country's first offshore demonstration project, was signed by the Union Ministry of New and Renewable Energy (MNRE), National Institute of Wind Energy (NIWE), and a consortium of public sector agencies.

South Korea's state-owned National Oil Corporation (KNOC) is planning to develop a 200 MW floating offshore wind project 58 km off the coast of Ulsan City. Floating turbines are considered the next step in conquering wind resources in deep coastal waters where fixed turbines cannot be built.

- 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 over the forecast period.

Competitive Landscape

The global wind turbine rotor blade market is fragmented with a large number of players involved in the market including TPI Composites SA, LM Wind Power (a GE Renewable Energy business), Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, and Enercon GmbH.

Some of the major players in the wind turbine industry, like the end-user sector for rotor blades, are also the significant players in the wind turbine rotor blade market, indicating major backward integration in the market. Some of these players are Vestas, Siemens and LM Wind Power (a GE Renewable Energy business).

Read the full report: https://www.reportlinker.com/p05797228/?utm_source=PRN

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