Product Code: 47348
The market for wind turbine rotor blade is expected to grow at a CAGR of 8.38% during the forecast period of 2019 - 2024. The growing number of offshore wind energy Installations, reducing 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 (like solar) have the potential to hinder the market growth in the coming years.
- Onshore wind power industry accounted for the highest market share with over 65% in 2018, and 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 to the global wind turbine rotor blade market.
- At regional level, Asia-Pacific has dominated the wind turbine rotor blade market in 2018 with majority of the demand coming from the countries such as China, India, and Australia.
Key Market Trends
Increasing Demand from Onshore Wind Power Industry
- The onshore wind power industry has dominated the wind turbine rotor blade market and is expected to continue its dominance over the forecast period. Over the past few decades, onshore wind power has emerged as one of the most valued sources of renewable energy, worldwide.
- 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. China, the United States, Germany, 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 majority of the growth coming from the developing markets in the Middle East & Africa, South 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 production 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 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's level. The offshore wind power industry in the region registered a significant growth rate of 61.2% over the 2017's level.
- 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, an 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.
The global wind turbine rotor blade market is fragmented. Some of the key players in this market include TPI Composites SA, General Electric Company (LM Wind Power), Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, and Enercon GmbH.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
- 1.4 Study Deliverables
- 1.5 Research Phases
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast, in USD billion, till 2024
- 4.3 Recent Trends and Developments
- 4.4 Wind Turbine Rotor Blades Price Analysis
- 4.5 Government Policies, Regulations and Targets
- 4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Supply Chain Analysis
- 4.8 Porter's Five Forces Analysis
- 4.8.1 Bargaining Power of Suppliers
- 4.8.2 Bargaining Power of Consumers
- 4.8.3 Threat of New Entrants
- 4.8.4 Threat of Substitutes Products and Services
- 4.8.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Location of Deployment
- 5.1.1 Onshore
- 5.1.2 Offshore
- 5.2 Blade Material
- 5.2.1 Carbon Fiber
- 5.2.2 Glass Fiber
- 5.2.3 Other Blade Materials
- 5.3 Geography
- 5.3.1 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Rest of North America
- 5.3.2 Europe
- 126.96.36.199 Germany
- 188.8.131.52 France
- 184.108.40.206 Spain
- 220.127.116.11 United Kingdom
- 18.104.22.168 Rest of Europe
- 5.3.3 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 India
- 188.8.131.52 South Korea
- 184.108.40.206 Japan
- 220.127.116.11 Rest of Asia-Pacific
- 5.3.4 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Chile
- 188.8.131.52 Rest of South America
- 5.3.5 Middle East & Africa
- 184.108.40.206 Morocco
- 220.127.116.11 Egypt
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 TPI Composites Inc.
- 6.3.2 Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
- 6.3.3 General Electric Company (LM Wind Power)
- 6.3.4 Nordex SE
- 6.3.5 Siemens Gamesa Renewable Energy SA
- 6.3.6 Vestas Wind Systems A/S
- 6.3.7 MFG Wind
- 6.3.8 TECSIS-Tecnologia e Sistemas Avancados
- 6.3.9 Aeris Energy
- 6.3.10 Suzlon Energy Limited
- 6.3.11 Enercon GmbH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS