Wind power is gaining higher popularity as an efficient and sustainable alternative to fossil fuels. Reasonable initiatives are being noticed among the government and private players in order to install wind turbines in wind farms and mountaintops across the world. The working of wind turbines is certainly designed to present an obstacle to kinetic energy. The high current of wind slows the rotating blades and converting kinetic energy into electrical energy.
Increasing fossil fuels consumption across the globe, rising pollution adverse effects on environmental by oil wells, shifting government approach towards adoption of alternative energy source, and increasing initiatives by the government for installation of wind turbines in farms and mountaintops are some factors that are anticipated to drive demand for wind turbine blades
Moreover, increasing government expenditure on development of wind energy infrastructure and manufacturers approach towards the production of low-cost wind turbine blades that are able to generate the maximum power from the wind is expected to support market growth. In addition, constant R&D activities for improvements in the design of wind blades and introduction of innovative new turbine designs that are compact, quieter, and are capable of generating more power from less wind are other factors that will positively impact market growth.
Manufacturers approach towards curving the turbine blade to a certain extent which will help in capturing 5% to 10% more wind energy and initiatives towards deployment in the areas that have naturally lower wind speeds are some opportunities observed in the target market
$ 15,258.7 Mn
- By Type
- By Region
- By Application
$ XXXX Mn
High manufacturing and R&D cost are some problems that are expected to hamper growth of wind turbine blades. In addition, difficulties in transportation and inclination towards the adoption of solar energy as an alternative due to various advantages such as no moving parts and no noise pollution are some other drawbacks that challenge the growth of wind turbine blades.
Type is segmented into glass fiber and carbon fiber. Preference for carbon fiber remains high and is attributed to properties such as high tensile and compression strength, low weight, and high resistance to corrosion. On the basis of size, it further bifurcates into <27 Meter, 27-37 Meter, 38-50 Meter, and >50 Meter.
The Asia Pacific accounts for largest revenue share in the global wind turbine blades market currently due to stringent environment regulation to reduce carbon footprints, increasing government approach adoption of alternative energy source and deployment of wind turbines in order to lower the dependency on fossil fuel. In addition, the presence of major players operating in emerging economies in this region. North America market is expected to witness significant growth in the near future due to government inclination towards the adoption of wind energy for power generation, rising growing focus towards deployment of both onshore and offshore wind farms in the countries, and growing merger and acquisition activities between regional and international players.
Major players operating in the global market are Siemens AG, Acciona S.A., Vestas Wind Systems, Suzlon Energy Limited, Stem AS, and Gamesa Corporacion Tecnologica.