The use of carbon fiber is expected to grow at a fast rate as the trend for larger blade sizes takes a firm hold in the global market. The wind turbine, rotor-blade market may reach a value of $16,982 and it is projected to grow at a CAGR of 9.2% from 2014 to 2019. In 2014, the market was dominated by Asia-Pacific, which had more than 54% of the total installed blades in the world. The region is projected to remain the most attractive market through to 2019, even as South America along with the Middle East and Africa are set to witness promising growth rates.
The market was segmented on the basis of material type, blade length, and region in terms of volume, and value. The market segments by material type include carbon fiber and glass fiber. The market segments for blade lengths include <27 meter, 27 to 37m, 38 to 50m, and >50-m blades. The regional segmentation includes market volume and value for Asia-Pacific, North America, Europe, the Middle East and Africa, and South America.
The report is said to provide a full analysis of key companies and competitive analysis of developments recorded in the industry during the past three years. Market drivers, restraints, and opportunities of the market are discussed in detail. The leading players in the market such Siemens AG (Germany), Vestas Wind System AS (Denmark), Suzlon Energy Limited (India), Acciona S.A. (Spain), and Gamesa Corporacion Tecnologica (Spain) are profiled in this report.
Favorable policy environment and declining cost of wind energy generation are propelling the growth of wind turbine blades. A combination of environmental concerns and economic advantages have led governments across the world to support the renewable energy industry. Although costs for generating wind power have been falling over the years, the capital costs involved in setting up a functional wind-power project still remain high. Apart from construction and installation of wind turbines, costs may also increase, depending on the load factor and capacity factor of the turbines, which vary from according to the location of the project and the quality of wind resource.
In 2014, Asia-Pacific is estimated to be the largest market for wind turbine rotor blades and is expected to remain so in 2015. The key players of wind turbine, rotor-blade market undertake various agreements, contracts, joint ventures, and partnerships to increase their share in the market. The leading turbine blade manufacturers are trying to build facilities closer to their target markets to reduce transportation costs and meet regulatory conditions.
The market players in wind turbine rotor blade market make substantial investments in R&D to continuously introduce new and more efficient blade designs. The companies are expanding their markets into new geographic territories to take advantage of new opportunities in emerging economies, while simultaneously maintaining focus on developed markets.
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Filed Under: Blades, News