Wind Turbine Rotor Blades Market Overview

Wind Turbine Rotor Blades Market size and is anticipated to achieve USD 48.66 Billion by 2030, growing at a CAGR of 9.90% from 2022 to 2030. It was valued at USD 22.43 Billion in 2022.

Wind turbines are presently the most repeatedly utilized equipment for transforming wind energy into electrical energy, with the blades pushing to power an electricity generator. The worldwide wind turbine rotor blade demand is caused by increasing demand for renewable energy sources and an increase in offshore wind turbines.

What is Wind Turbine Rotor Blades?

Wind turbine blades are airfoil blades that utilize wind energy and move the wind turbine rotor. The airfoil-shaped structure (which induces a lift in a fixed-wing aircraft) lets the blades exert lift in the opposing direction of the wind. This energy vector operates on the rotor and delivers the wind turbine’s driving force. Every wind turbine’s highly stressed and necessary component is the wind turbine rotor blades. Their function is to contain the kinetic power of the wind and turn this energy about a major hub into a rotational movement. While the center seat of the blades may rotate gently about the wind, the blade tips rotate considerably quicker, and the more extended the blade, the quicker the tip turns, specifically for propeller-type blade formatting.

Growth Drivers

A favorable political environment and the falling price of wind power generation enable the development of wind turbine rotor blades. Various environmental concerns and economic benefits have led governments worldwide to help the renewable energy industry. Although the charges of producing wind power have declined over the years, the investment costs of placing up a running wind project stay high. In expansion to the construction and installation of wind turbines, costs can also increase, depending on the wind turbines’ load and capacity factors, which vary depending on the project location and the wind resource quality.

Opportunities

Encouragement by Private and Government Association

The material of the turbine rotor blades is of significant importance as it delivers the expected characteristics of stiffness, density and opposition to exhaustion of wind turbines. When selecting materials, dependability, low material cost, and lightweight elements are critical. The slats are normally made of glass-reinforced plastic, and this movement is expected to continue during the foreseen period. Carbon fiber strengthened plastic and composites are anticipated to gain popularity in the coming years by reducing weight and costs. Additionally, the economic advantages of wind turbines and advancements in rotor blades are encouraging governments and private organizations to invest in the deployment of wind turbine technologies in emerging economies. Another factor is supposed to largely donate to the Worldwide Rotor Blades market development during the assumption period.

Restraints

High Costs in Installation and Transportation

High costs associated with R&D and transportation problems are the major elements determining the worldwide market for wind turbine rotor blades. Further, the availability of alternative conceptions of power generation, such as solar power and fuel, are different elements that are likely to hinder the global wind turbine rotors blade market’s growth during the forecast period.

Pre Covid-19 Impact on Global Wind Turbine Rotor Blades Market

Before the covid-19 period, the growing electricity demand and the rising demand to reduce carbon footprints fuel the adoption of wind energy. Increasing wind turbine structures drive the growth of the wind turbine rotor blade. Rising wind turbine installations guide the growth of the wind turbine rotor blade. It is one of the critical wind turbine rotor blade market movements.

Covid-19 Impact on Global Wind Turbine Rotor Blades Market

During the covid-19 period, a pandemic in Q1 of 2020 moderately impacted the development of the wind turbine rotor blade market. Prominent countries such as China, the United States, and Germany have faced disruptions in manufacturing and supplying the rotor blades due to random lockdowns. As a consequence, the commissioning of the wind schemes was paused. Since the industry is bargaining with several challenges that are forcing a decrease in electricity consumption, especially from the industrial and commercial sectors, furthermore, this pandemic hurts the global renewable energy sector since most governments are reliant on other nations for the import and export of raw materials and elements necessary for the start-up of renewable energy production conceptions.

Post Covid-19 Impact on Global Wind Turbine Rotor Blades Market

After the covid-19 period, the market participants also extremely leverage external demand drivers such as decreasing LCOE of wind energy to perform growth possibilities. However, elements such as competitors from alternative sources of energy will challenge the growth of the market participants. To make the most of the possibilities and retrieve from the post-covid-19 impact, market traders should concentrate more on the growth possibilities in the fast-growing segments while holding their places in the slow-growing segments.

By Type Segmental Analysis

The market is segmented into Carbon Fiber and Fiberglass based on type segmental analysis. The use of carbon fiber is anticipated to grow fast as the trend for larger blade sizes takes firm maintenance in the global market. Carbon fiber has well-known advantages for decreasing wind turbine blade mass because of its extremely enhanced stiffness and strength compared to fiberglass. “Controlling blade mass is critical to allowing additional growth in rotor size and decrease in the Levelized expense of wind energy.

By Location Segmental Analysis

The market is segmented into Onshore and Offshore based on location segmental analysis. The offshore segment holds the highest share in the global wind turbine rotor blades market. Offshore wind speeds grow to be faster than on land. Small growths in wind speed yield large boosts in energy production: a turbine in a 15-mph wind can affect twice as much energy as a turbine in a 12-mph wind. Faster wind speeds offshore mean they can cause much more additional energy.

By Regional Segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. In the Asia-Pacific, China has the largest established wind energy capacity and has over one-third of the world’s ability. China has the world’s largest onshore wind farm. Germany stands third in wind energy production and has the world’s largest offshore wind facility. India is the fourth-largest producer of electricity harnessing the winds. Spain, the UK, France, and Italy are ranked fifth, sixth, seventh and tenth, respectively, amongst the world’s biggest wind energy producers. Canada rates eighth while Brazil ranks ninth in the top 10 wind energy producer list.

Competitors Analysis

The companies include Blade Dynamics, Kemrock Industries and Export Limited, LM Wind Power Group, Moog Inc., SGS SA, Siemens AG, TANG Energy, Vestas Wind Energy Systems A/s, Enercon GmbH, Siemens Gamesa Renewable Energy SA and other prominent players in the global wind turbine rotor blades market.

Key Stakeholders

• Market research and consulting firms
• Wind Turbine Rotor Blades Industries
• Local Governments
• Regulatory bodies
• Wind Turbine Rotor Blades Market
• Suppliers
• Service Providers

Recent Developments

• In March 2021, GE Renewable Energy revealed its plans to create a further blade manufacturing establishment in Teesside in the North East of England. LM Wind Power, a unit of GE Renewable Energy, uses this plant and desires to construct 107-meter- long offshore wind turbine blades.
• In May 2020, Siemens Gamesa Renewable Energy, SA declared supplying SG 14-222 Direct Drive offshore wind turbines to the 2,640-MW Dominion Energy Coastal Virginia Offshore Wind commercial project. The project will deliver enough clean energy to power 650,000 homes and is planned for commercial operation in 2026.
• In December 2019, Mexico anticipated having ten other operational wind power plants to create electricity. It is anticipated to expand the installed capacity of Mexico by 800 MW to 1.2 GW.
• In August 2019, major Turkish wind power plant investor Borusan EnBW Energy declared plans to create ten new renewable energy plants in Sivas, Malatya, Hatay, Mersin, Edirne, Afyon and Manisa of Turkey, raising its total capacity by 600 megawatts approximately.

Scope of the Report

Market Modelling

By Type

• Carbon Fiber
• Fiberglass

By location

• Onshore
• Offshore

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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Report Content

1.     Research Strategic Development

1.1. Market Modelling

1.2. Product Analysis

1.3. Market Trend and Economic Factors Analysis

1.4. Market Segmental Analysis

1.5. Geographical Mapping

1.6. Country Wise Segregation

2.     Research Methodology

2.1. Identification of Target Market

2.2. Data Acquisition

2.3. Refining of Data/ Data Transformations

2.4. Data Validation through Primary Techniques

2.5. Exploratory Data Analysis

2.6. Graphical Techniques/Analysis

2.7. Quantitative Techniques/Analysis

2.8. Visual Result/Presentation

3.     Executive Summary
4.     Market Insights

4.1. Supply Chain Analysis

4.2. Economic Factor Analysis

4.2.1. Drivers

4.2.2. Trends

4.2.3. Opportunities

4.2.4. Challenges

4.3. Technological Landscape

4.4. Competitors & Product Analysis

4.5. Regulatory Framework

4.6. Company market share analysis, 2022

4.7. Porter’s Five forces analysis

4.8. Price point analysis

4.9. New Investment Analysis

4.10.            PESTEL Analysis

4.11.            Covid-19 Impact on Global Wind Turbine Rotor Blades Market

5.     Global Wind Turbine Rotor Blades Market Overview

5.1. Market Size & Forecast,2017-2030

5.1.1. Demand

5.1.1.1.               By Value (USD Billion)

5.2. Market Share & Forecast, 2017-2030

5.2.1.     By Type

5.2.1.1.               Carbon Fiber

5.2.1.2.               Fiberglass

5.2.2.     By Location

5.2.2.1.               Onshore

5.2.2.2.               Offshore

5.2.3.     By Region

5.2.3.1.               North America

5.2.3.2.               Europe

5.2.3.3.               Asia-Pacific

5.2.3.4.               South America

5.2.3.5.               The Middle East & Africa

6.     North America Wind Turbine Rotor Blades Market Overview

6.1. North America Wind Turbine Rotor Blades Market Size & Forecast,2017-2030

6.1.1. Demand

6.1.1.1.               By Value (USD Billion)

6.2. Market Share & Forecast, 2017-2030

6.2.1. By Type

6.2.1.1.               Carbon Fiber

6.2.1.2.               Fiberglass

6.2.2. By Location

6.2.2.1.               Onshore

6.2.2.2.               Offshore

6.2.3. By Country

6.2.3.1.               US

6.2.3.2.               Canada

6.2.3.3.               Mexico

6.2.4. Company Market Share (Top 3-5)

6.2.5. Economic Impact study on North America Wind Turbine Rotor Blades Market

7.     Europe Wind Turbine Rotor Blades Market Overview

7.1. Europe Wind Turbine Rotor Blades Market Size & Forecast,2017-2030

7.1.1. Demand

7.1.1.1.               By Value (USD Billion)

7.2. Market Share & Forecast, 2017-2030

7.2.1. By Type

7.2.1.1.               Carbon Fiber

7.2.1.2.               Fiberglass

7.2.2. By Location

7.2.2.1.               Onshore

7.2.2.2.               Offshore

7.2.3. By Country

7.2.3.1.               Germany

7.2.3.2.               UK

7.2.3.3.               France

7.2.3.4.               Italy

7.2.3.5.               Rest of Europe

7.2.4. Company Market Share (Top 3-5)

7.2.5. Economic Impact study on Europe Wind Turbine Rotor Blades Market

8.     Asia-Pacific Wind Turbine Rotor Blades Market Overview

8.1. Asia-Pacific Wind Turbine Rotor Blades Market Size & Forecast,2017-2030

8.1.1. Demand

8.1.1.1.               By Value (USD Billion)

8.2. Market Share & Forecast, 2017-2030

8.2.1. By Type

8.2.1.1.               Carbon Fiber

8.2.1.2.               Fiberglass

8.2.2. By Location

8.2.2.1.               Onshore

8.2.2.2.               Offshore

8.2.3. By Country

8.2.3.1.               India

8.2.3.2.               Japan

8.2.3.3.               Australia

8.2.3.4.               Rest of Asia Pacific

8.2.4. Company Market Share (Top 3-5)

8.2.5. Economic Impact study on Asia-Pacific Wind Turbine Rotor Blades Market

9.     South America Wind Turbine Rotor Blades Market Overview

9.1. South America Wind Turbine Rotor Blades Market Size & Forecast,2017-2030

9.1.1. Demand

9.1.1.1.               By Value (USD Billion)

9.2. Market Share & Forecast, 2017-2030

9.2.1. By Type

9.2.1.1.               Carbon Fiber

9.2.1.2.               Fiberglass

9.2.2. By Location

9.2.2.1.               Onshore

9.2.2.2.               Offshore

9.2.3. By Country

9.2.3.1.               Brazil

9.2.3.2.               Argentina

9.2.3.3.               Rest of South America

9.2.4. Company Market Share (Top 3-5)

9.2.5. Economic Impact study on South America Wind Turbine Rotor Blades Market

10. The Middle East & Africa Wind Turbine Rotor Blades Market Overview

10.1.            The Middle East & Africa Wind Turbine Rotor Blades Market Size & Forecast,2017-2030

10.1.1.                        Demand

10.1.1.1.           By Value (USD Billion)

10.2.            Market Share & Forecast, 2017-2030

10.2.1.                        By Type

10.2.1.1.           Carbon Fiber

10.2.1.2.           Fiberglass

10.2.2.                        By Location

10.2.2.1.           Onshore

10.2.2.2.           Offshore

10.2.3.                        By Country

10.2.3.1.           Saudi Arabia

10.2.3.2.           UAE

10.2.3.3.           South Africa

10.2.3.4.           Rest of the Middle East & Africa

10.2.4.                        Company Market Share (Top 3-5)

10.2.5.                        Economic Impact study on The Middle East & Africa Wind Turbine Rotor Blades Market

11. Competitor Analysis

11.1.   Company Description

11.2.   Financial Analysis

11.3.   Key Products

11.4.   Key Management Personnel

11.5.   Contact Address

11.6.   SWOT Analysis

11.7.   Company Profile

11.7.1. Blade Dynamics

11.7.2. Kemrock Industries and Export Limited

11.7.3. LM Wind Power Group

11.7.4. Moog Inc.

11.7.5. SGS SA

11.7.6. Siemens AG

11.7.7. TANG Energy

11.7.8. Vestas Wind Energy Systems A/S

11.7.9. Enercon GmbH

11.7.10.                        Siemens Gamesa Renewable Energy SA

11.7.11.                        Other prominent players