Wind Turbine Blade Market Analysis
Wind Turbine Blade Market is projected to be worth USD 43.61 billion by 2027, registering a CAGR of 20.51% during the forecast period (2021 - 2027)
Multiple Factors to Bolster Market Growth
Wind is a prevalent renewable energy source. Wind turbines harness this energy, which is subsequently used in a variety of ways. Wind turbines have grown in popularity in recent years as a result of their use as a renewable energy source. The number of wind farms has multiplied many times in recent years, indicating that demand for renewable sources has surged due to a scarcity of non-renewable sources. Humankind realized that non-renewable sources would run out very soon, so they moved their focus to ones that have no limitations. The market Revenue has a promising future. It would surely reach a point where it could be completely relied on as a significant source of energy generation.
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COVID-19 Impact on the Worldwide Market
The COVID-19 outbreak, which began in China, has had a significant influence on the world economy in a number of ways. The COVID-19 pandemic has had a substantial influence on the energy sector, since the industry is dealing with a number of challenges that are causing a drop in electricity demand, especially from the industrial and commercial sectors. Furthermore, the worldwide renewable industry has been badly affected by this pandemic since most countries are dependent on other countries for imports and exports of raw materials and components essential for the beginning of renewable energy generation sources. Furthermore, the pandemic has not only disrupted the renewable energy supply chain but has also influenced the market in a variety of other ways, including changing government policies, delaying the start of renewable energy projects, and halting government subsidies to promote renewable energy sources. Furthermore, the pandemic's lockdown and travel restrictions have limited the movement of people and products, which will eventually drive up the capital expenditures of renewable power projects, especially wind energy projects. Many countries across the world, including the United States, India, and Spain, depend substantially on other countries for wind turbine blade imports. As a result of the outbreak, wind turbine blade manufacture has ceased, resulting in a disruption in the supply of wind turbine blades worldwide. As per the US Department of Energy, the US imports about 30–50% of its blades and hubs from other countries, mainly China.
The wind turbine blade market will surely reach new heights as a result of greater awareness among people about the effective use of non-renewable resources and the increased usage of renewable ones. The primary propelling factors that have contributed to the growth of the wind turbine blade market are favorable government regulations that encourage the use of renewable energy resources to maintain environmental balance. In addition, the lowering cost of wind energy generation is one of the primary factors responsible for the market's growth.
Some of the major players in the Wind Turbine Blade Market Share include Siemens AG (Germany), Gamesa Corporacion Tecnologica (Spain), Acciona S.A. (Spain), Stem AS (Denmark), Vestas Wind Systems (Denmark), and Suzlon Energy Limited (India).
As per the World Wind Energy Association (WWEA), global wind turbine installation capacity increased by 10.1 percent in 2019 compared to 2018, with an addition of 59.67 GW in 2019. Neverthless, due to the COVID-19 pandemic, wind power project installation was halted in 2020, resulting in the delayed installation of wind power projects worldwide. In addition, numerous wind turbine blade manufacturers, including Siemens, LM Wind Power, and Acciona, have closed their production units, resulting in massive backlogs and delays in completing orders for wind power projects. Furthermore, key countries engaged in the manufacturing of wind turbine blades, such as China, Spain, and Italy, have been severely impacted by the COVID-19 pandemic due to lockdown measures, resulting in the shutdown of industrial centers. This has induced production delays all around the world, thus stalling wind installation projects all over the world. As the sector faces several challenges, such as reduced output, tight restrictions, and others, worldwide market participants are focusing on the development of preventive measures and innovative business models to handle the global market condition.
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The worldwide wind turbine blade market has been segmented into type and size.
By type, the worldwide wind turbine blade market has been segmented into glass fiber and carbon fiber.
By size, the worldwide wind turbine blade market has been segmented into 28-37 meters, 38-50 meters, up to 27 meters, and more than 50 meters.
APAC to Dominate the Global Market
Wind energy is becoming more popular in countries such as India, China, and Japan. These are also the regions where governments have enacted advantageous policies to encourage the installation of wind turbines. As a result of the aforementioned factors, Asia-Pacific dominates the Wind Turbine Blade Market Revenue. Another factor driving the expansion in Global Market Value is increased awareness of the benefits of using renewable energy to generate power that can be used in a variety of fields.