Wind Turbine Blade Market is valued at USD 7.48 Billion in 2018 and expected to reach USD 13.10 Billion by 2025 with CAGR of 8.34% over the forecast period.
The Wind Turbine Blade Market unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the Wind Turbine Blade market. Furthermore, the report points out major challenges and latest growth plans embraced by key manufacturers that constitute the competitive spectrum of this business domain.
Wind Turbine Blade Market is segmented in to blade length, blade material and region. On the basis of blade length the wind turbine blade market is segmented in to below 45 meters, 45-60 meters and above 60 meters. On the basis of blade material, the market is segmented in to carbon fiber, glass fiber, and other blade materials.
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Wind turbine blades are airfoil shaped blades that utilizes wind energy to drive the rotor of a wind turbine. The design of the blade is such that, it allows the blade to exert lift force perpendicular to wind direction, which is the major driving force of wind turbine. These are the most critical part of wind turbine, as through these blades wind converted in to electricity. They are designed to be balanced and to tolerate high stress in order to decrease any amount of vibration that would cause the destruction of wind turbine. The aerodynamics design of blades is optimized in a thin blade design and the structural integrity of an oblique airfoil design increases the life expectancy and survival speed. The modern wind turbine blades have incorporated a twist along the length of blade for utilization of wind force optimally.
The regions covered in this wind turbine blade Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Oil Country Tubular Goods is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global wind turbine blade market are TPI Composites SA, Vestas Wind Systems A/S, General Electric Company (LM Wind Power), Siemens Gamesa Renewable Energy SA, and Enercon GmbH. CARBON ROTEC, Acciona, Inox Windand others.
Increasing Government Initiatives on Using Renewable Energy is driving the Wind Turbine Blade Market.
Due to its properties of providing lean energy without any emission during operation, wind energy has developed rapidly in previous years to become one of the most economically viable sources of renewable energy. For example, the wind turbine installed capacity has increased from 7,600 MW in 1998 to 539,000 MW in 2018 according to Global Wind Energy Council (GWEC) which is expected to increase due to stress on using renewable energy, rising awareness of environmental safety and favorable government policies. According to estimation of International Energy Association (IEA), in 2050 15% to 18% of global electricity will be produced worldwide which shows the future opportunity of the wind blade market. Wind energy is one of the cheapest forms of electricity in markets, for which installation of wind capacity surpassed new fossil fuel capacity in many developed and emerging countries which signifies the increasing demand of wind blades globally. However factors such as high cost of transporting blades and high competition from alternative energy sources is restraining the wind turbine blade market. Other factors such as innovation of new solutions, hybrid & co-located projects, new forms of financing and asset ownership, offshore growth and floating wind are creating more opportunities for the wind turbine blade market to grow.
Asia Pacific is expected to dominate the Wind Turbine Blade Market
Asia Pacific is dominating the wind turbine market with largest share and China is leading the wind generation globally. The onshore market of China installed 21.2 GW in 2018 and has been the leading market since 2008. With 206 GW capacities at the end of 2018, China is the first market to surpass 200GW of total installed capacity. North America is second largest wind turbine market with USA showing promising growth rate in this sector. USA is the second largest wind generation country after China, with 7.6 GW of new onshore installation in 2018 due to the driving factors such as Production Tax Credit (PTC) and increasing competition of onshore wind energy. Europe is also achieving significant growth in wind blade market as Germany is the third largest wind generation country with 2.4 GW installations in 2018. As the European Union seeks to achieve 20% of its energy needs from renewables by 2020, the wind blade market has significant opportunity to expand its business in this region in future. Other than that positive developments came from Mexico with 0.9 GW of new installations in 2018 and Africa/Middle East also increased to 0.9 GW with Egypt and Kenya as leading markets according to GWEC.
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Market Segmentation –
By Blade length
- Below 45 meters
- 45-60 meters
- Above 60 meters
By Area of Application
- Carbon Fiber
- Glass Fiber
- Other Blade Materials
Regional & Country Analysis:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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