Government Initiatives to Boost Green Energy Production is Driving Wind Turbine Rotor Blade Market Growth
According to recent data from the International Energy Agency (IEA), the amount of money allocated by governments to promote clean energy investment has increased since 2020 to reach USD 1.34 trillion. Various regions, especially North America, Europe, and Asia Pacific, are investing heavily to reduce their carbon footprint. In 2021, global carbon emissions reached 37 billion metric tons from 35 billion metric tons in 2015. In addition, as per the data provided by the US Energy Information Administration in 2022, Carbon dioxide (CO2) emissions from the US electric power industry was 1,539 million metric ton (MMmt) in 2022, accounting for ~31% of total US energy-related CO2 emissions of ~4,964 million metric tons (MMmt). Further, as per the data provided by the German government, the energy sector was one of the main drivers of greenhouse gas and carbon emissions. In 2023, the Indian Ministry of New and Renewable Energy announced a new auction process for wind power generation plants. Under a new auction mechanism, the government will invite bids for 8 GW wind power projects per year from 2023 to 2030 to boost the renewable energy sector. At the United Nations Biodiversity Conference 2023, the Chinese government announced plans to build 400 GW of wind and solar energy plants. Further, in 2023, the UAE opened its first commercial 104 MW wind project. Such government initiatives and investments drive the wind energy industry, thereby fueling the wind turbine rotor blade market.
The US is a leading country in North America that upholds the wind turbine rotor blade market growth owing to increasing investment in wind energy projects, growing awareness among consumers for adopting renewable energy, and a rise in upcoming projects of wind energy.
In December 2020, the Department of Energy announced US$ 21 million in funding for three projects supporting offshore wind energy technology demonstration and resource characterization. The US Department of Energy provides funds and allocation of programs to the project development in the Gulf of Mexico, off the Oregon coast, and Central Atlantic. The Energy Information Administration (EIA) announced planned deployments for 21.5 GW of solar and 7.6 GW of wind power projects in the US in 2022. Thus, with the rise in investment toward the installation of wind power plants, there will be a rise in demand for wind turbine rotor blade market during the forecast period.
Wind Turbine Rotor Blade Market Analysis: Type Overview
These types of blades are primarily used in small wind turbines that usually have a 1.0 MW capacity. These small wind turbine blades have two operational features that differentiate them from large wind turbine blades. First is the higher rotational speeds that lead to higher fatigue cycles and yaw moments. Another feature is its ability to operate in low Reynolds numbers, which reduces the need for thick aerofoil sections near the root. In most cases, traditional horizontal-axis wind turbines are used. However, in some conditions, vertical-axis wind turbines are preferred owing to their simple structure. Government investments in the development of small wind turbines are expected to drive the small wind turbine rotor blade market growth, ultimately driving the demand for blades below 40 m. For instance, in December 2022, the US Department of Energy (DOE) announced investments of US$ 2.9 million to develop small and medium-scale wind turbines.
Wind Turbine Rotor Blade Market: Competitive Landscape and Key Developments
TPI Composites SA, Vestas Wind Systems A/S, Enercon GmbH, LM Wind Power, Siemens Gamesa Renewable Energy SA, Acciona SA, Suzlon Energy Ltd, Nordex SE, Envision Group, and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd are among the key wind turbine rotor blade market players profiled during this market study. In addition, several other essential market players were also studied and analyzed to get a holistic view of the global wind turbine rotor blade market and its ecosystem.