Global Wind Turbine Rotor Blade Market Grows Steadily at a CAGR of 8.97%

Introduction

A wind turbine rotor blade is an essential airfoil-shaped component that generates electricity by converting kinetic energy to torque via aerodynamic forces around a central hub. It typically consists of three blades in a structure with a tip-speed ratio (TSR) that offers minimal inertia and maximum mechanical strength.

Wind turbine rotor blades aid in sweeping and capturing more area and wind, allowing for faster tip turns and rotary energy conversion. Based on these properties, it has many applications to sail and generate renewable energy in various terrestrial and offshore locations. Various blade shapes, inclination angles, configurations, and capacities are currently available for wind turbine motors.

Market Dynamics

Increasing Investments and Upcoming Projects Drive the Global Market

Increasing investments in wind power projects have provided a significant boost to the expansion of the wind power industry, thereby driving up global demand for wind turbine blades. The new installations in the onshore wind market added 86.9 GW to the cumulative installed wind capacity, while the offshore wind market added 6.1 GW. China and the United States, the world's two largest wind power markets, will experience significant growth in 2020, driving a substantial increase.

Moreover, as per the U.S. Department of Energy, several offshore wind power projects are in various stages of development in the United States. As of May 2021, more than 9.8 GW of wind capacity projects were in the planning phase in New York and more than 2 GW in North Carolina. Significant wind power projects in the permitting phase include 4.3 GW in New York, 1.1 GW in Connecticut, and 1.1 GW in New Jersey, likely generating a substantial demand for wind turbine blades over the forecast period.

Declining Cost of Wind Energy Creates Tremendous Opportunities

The cost of wind energy has experienced a substantial reduction over the last ten years. Over the years, the global weighted average cost of electricity of the onshore wind projects between 2010 and 2020 declined by 56%, from USD 0.089/kWh to USD 0.039/kWh, as average capacity factors rose from 27% to 36%. The total installed costs experienced a decrease from USD 1,971 per kilowatt (kW) to USD 1,355 per kilowatt (kW).

In addition, modern turbines have 80-meter towers and 100-meter rotor diameters, allowing them to sweep an area 50 percent larger than a standard football field. It reduces the cost of installing many wind turbines with modest capacities, thereby reducing the cost per megawatt-hour of wind energy. Thus, the declining cost of wind energy is anticipated to drive the adoption of wind turbines, creating opportunities for the market for wind turbine blades over the forecast period.

Regional Analysis

Asia-Pacific is the most significant global wind turbine rotor blade market shareholder and is expected to expand substantially over the forecast period. Asia-Pacific is among the world's largest wind turbine rotor blade markets, with India, China, Japan, and other countries accounting for the majority of demand. Since the creation of the modern wind turbine generator (WTG) in 1880, China has recognized that wind energy technology is an efficient means of supplying electricity to rural and remote areas. China's installed wind capacity has increased from 4 MW in 1990 to 281.9 GW by the end of 2020 due to policy reforms, new financing mechanisms, dedicated R&D initiatives, and clear objectives outlined in the most recent Five-Year Plans. China's installed capacity and new capacity in 2020 are the world's largest by a wide margin.

As predicted by IRENA, China will sustain its dominance in the onshore wind energy sector with more than fifty percent of global installations by 2050. The country's large population and high electricity demand are also expected to encourage wind energy development. Numerous multinational corporations, including Chinese firms, are investing in this sector with the help of federal and provincial governments nationwide, thereby driving market expansion.

Key Highlights

• The global wind turbine rotor blade market was valued at USD 19.9 billion in 2022. It is estimated to reach growing at a CAGR of 8.97% during the forecast period (2023–2031).
• Based on the location of deployment, the global wind turbine rotor blade market is bifurcated into onshore and offshore. The onshore segment dominates the global market.
• Based on blade material, the global wind turbine rotor blade market is divided into carbon fiber, glass fiber, and other blade materials. The glass fiber segment owns the highest market share.
• Asia-Pacific is the most significant global wind turbine rotor blade market shareholder and is expected to expand substantially over the forecast period.

Competitive Players

Competitive Players

The key global wind turbine rotor blade market players are TPI Composites SA, Siemens Gamesa Renewable Energy, S.A., LM Wind Power, Enercon GmbH, Vestas Wind Systems A/S, Suzlon Energy Limited, Nordex SE, Aeris Energy, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd, and others.

Recent Developments

Market News

• In November 2022, Stora Enso and Voodin Blade Technology GmbH entered into a collaboration to develop wood-based blades for sustainable wind turbines. Under the terms of the agreement, the companies have committed to devising environmentally friendly alternatives for wind turbine blades and establishing a competitive and dependable supply chain.
• In December 2022, Covestro and Zhuzhou Times New Material Technology, a polyurethane (PU) wind turbine manufacturer, announced the launch of the one-thousandth PU wind turbine blade, achieving commercialization goals initially developed under a memorandum of cooperation signed by both companies approximately one year prior.

Segmentation

Global Wind Turbine Rotor Blade Market: Segmentation

By Location of Deployment

• Onshore
• Offshore

By Blade Material

• Carbon Fiber
• Glass Fiber
• Other Blade Materials

By Regions

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