Fabric Blade Wind Turbine Market Size (2023 – 2030)

The Global Fabric Blade Wind Turbine Market was estimated to be worth USD 18.34 billion in 2022 and is projected to reach a value of USD 82.61 billion by 2030, growing at a CAGR of 20.7% during the forecast period 2023-2030.

The production of lightweight components with superior qualities and an increase in product life is made possible by composite materials. The creation of structural components for wind turbines, including turbine blades, rotors, nacelles, and wind propellers, among others, uses composite materials. The market for composite materials is being driven by the expanding installation of wind turbines across the world. Governments all around the world are also spending a lot of money on renewable energy sources like solar and wind, which is helping the market for composite materials develop. The government's increased focus on offshore wind energy developments is propelling industry expansion. The high cost of carbon fibre and epoxy resin as well as the problem with composites' recyclability would probably impede market expansion throughout the anticipated timeframe.

Key Market Insights:

Electrical energy is becoming a basic necessity, and demand is growing everywhere. Additionally, the need for an alternative energy source has increased, and as wind energy is a renewable resource supported by the government's ambitious green energy plans, it has drawn a lot of attention from investors. In the last ten years, nations like China, the United States, Germany, and India have emerged as wind powerhouses and boosted their electricity output using wind energy, which has aided the expansion of the wind turbine blade industry.

Global Fabric Blade Wind Turbine Market Drivers:

Growing worries about environmental pollution, global warming, and energy security are major factors driving the market for wind turbine blades:

The demand for wind turbine blades is fueled by the rising use of renewable energy sources, which is motivated by worries about climate change and the need for sustainable power supply. Wind energy projects are growing as a result of favorable policies and incentives being implemented by governments throughout the world to promote renewable energy. Second, greater turbine performance and higher energy yields are a result of advances in blade technology, such as longer and more effective blades. These developments make it possible for wind farms to provide energy at a reasonable price, stimulating market expansion. Finally, the market for wind turbine blades is greatly impacted by the rising investment in offshore wind projects, particularly in areas with abundant wind resources. Larger and more durable blades are needed for offshore wind farms, boosting the demand for specialized offshore blade solutions.

The market for wind turbine blades benefits from increased wind power generation:

One of the main sources of electricity generation is now firmly established as wind energy generation. As wind turbines have grown more potent, effective, and affordable to power providers over the past 10 years, the capacity of wind power has dramatically increased around the world. These elements will increase demand for wind turbine blades, an essential element in the growth of wind power. About 50% of all improvements in electricity generation worldwide come from a single, comparatively large source: wind energy. Government initiatives that promote the usage of renewable energy sources to maintain environmental harmony are another key factor driving the industry. One of the main reasons for the market's expansion is also the declining cost of producing wind energy. The market for wind turbine blade materials is anticipated to be significantly impacted by the growth in investments in the provision of clean energy incentive programs for the development of renewable energy sources.

Global Fabric Blade Wind Turbine Market Challenges:

The difficulties of transporting huge wind turbine blades to distant or offshore locations provide a significant challenge:

The transporting of the blades is complicated and expensive because of their size and weight, necessitating specialized infrastructure and tools. Additionally, the production of wind turbine blades requires expensive up-front expenses and advanced manufacturing processes, which may have an effect on profitability and restrain market expansion. The construction of wind turbine blades is further hampered by severe restrictions regarding noise emissions and environmental effects, which call for adherence to rigid standards and guidelines.

Global Fabric Blade Wind Turbine Market Opportunities:

The market expansion for wind turbine blades is being driven by the increase in demand for electricity:

The rising need for power is what is driving the market CAGR for wind turbine blades. Wind energy generation is increasingly recognized as a reliable method of power generation. Over the course of the projected period, it is anticipated that the market for wind turbine blades will grow faster due to the rising need for power for various commercial, residential, and industrial reasons. Additionally, encouraging regulations that protect the environment while producing energy would enable attracting high wind turbine blade income throughout the anticipated period.

FABRIC BLADE WIND TURBINE MARKET REPORT COVERAGE:

Global Fabric Blade Wind Turbine Market Segmentation: By Fiber Type

• Glass Fiber

• Carbon Fiber

The market for wind turbine composite materials was dominated by the glass fibre-reinforced plastics sector with a market share of more than 55%. During the forecast period, this segment is anticipated to rise significantly. The need for glass fiber has increased as a result of its many desirable qualities, which include high strength, high durability, weather resistance, and lightweight. The need for glass fiber composites in the manufacture of wind turbines is primarily driven by the accessibility and affordability of glass fiber-reinforced plastics. Over the course of the projection period, the carbon fiber category will experience tremendous expansion. Carbon fibers have several beneficial qualities, including high rigidity, high temperature tolerance, minimal thermal expansion, and high chemical resistance.

Global Fabric Blade Wind Turbine Market Segmentation: By Size

• Up to 27 Meters

• 28-37 Meters

• 38-50 Meters

• More Than 50 Meters

According to size, the market for wind turbine blades is divided into four categories: up to 27 meters, 28–37 meters, 38–50 meters, and more than 50 meters. The category with more than 50 meters brought in the most money (70.4%). This is because it is more effective and less expensive. The category that will increase the fastest, though, is up to 27 meters. High investment and changes in governmental policy are the main causes of this.

Global Fabric Blade Wind Turbine Market Segmentation: By Capacity

• Less Than 2 MW

• 2 MW-5 MW

• 5 MW

Based on capacity, the market for wind turbine blades is divided into three categories: 2 MW and less, 2 MW to 5 MW, and 5 MW. Wind power may now be used for a wider range of applications, from small-scale residential to large-scale industrial ones, thanks to the market dominance of the 2 MW-5 MW category. However, 5 MW is the category that is expanding at the highest rate because of rising worries about the environment and the use of fossil fuels.

Global Fabric Blade Wind Turbine Market Segmentation: By Application

• Onshore

• Offshore

Onshore and offshore are two application-based segments of the wind turbine blade industry. The segment that earned the highest revenue (70.4%) was offshore. This is a result of increased offshore turbine utilisation leading to increased demand for wind turbine blades. Onshore, however, is likely to develop the quickest throughout the forecasted time, mostly as a result of the rising demand for wind energy on the land.

Global Fabric Blade Wind Turbine Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

In terms of market share for wind turbine blades, the APAC region held the greatest share of nearly 45% in 2022 and is anticipated to expand rapidly over the next years. The main factors driving the wind turbine blade market during the forecast period are the rising demand for renewable energy sources, the surge in demand for lightweight and high-strength materials used in the production of different parts of wind turbines, and supporting government initiatives like favorable regulations and wind power development programs. Additionally, the Asia-Pacific wind turbine blade market is anticipated to be driven by factors including declining wind energy prices and rising investment in the wind power sector during the projected period.

During the anticipated timeframe, the wind turbine blade market in North America will also expand significantly. Rising government initiatives to promote renewable energy sources like wind power generation and rising demand for wind energy may both be factors contributing to growth in the North American region. During the projection period, increased private-sector investment is also anticipated to grow the regional market. However, a cost-price squeeze mechanism might cause the wind turbine blade industry in the Americas to suffer, which would have a detrimental effect on economic growth. The region's wind turbine blade sector's threshold limit is being raised due to the region's high initial investment requirements for installation and manufacturing.

COVID-19 Impact on Global Fabric Blade Wind Turbine Market:

The COVID-19 epidemic had a conflicting effect on the market for wind turbine blades. Although the epidemic originally caused project delays and supply chain problems, the market's long-term prognosis is still favorable. Following the pandemic, the renewable energy industry, which includes wind energy, is anticipated to be essential for economic recovery and green stimulus programs. Increased funding for wind energy projects is a result of the growing need for sustainable and clean energy sources. In the post-COVID scenario, the wind turbine blade market is anticipated to have considerable growth as economies recover and nations concentrate on decarbonization.

Global Fabric Blade Wind Turbine Market Recent developments:

To enhance the capacity of power generation and satisfy the expanding energy demand, there has been a surge in infrastructure investment worldwide in recent years. Turbine blades are one of the key components of a variety of power production methods, including steam turbines and gas turbines, thus demand for them rises when new power plants are built or old ones are improved.

Additionally, the growth of the turbine blade market is fueled by investments made in renewable energy projects like wind farms and solar power plants, which increase demand for turbine blades for wind turbines and concentrated solar power systems. To efficiently convey electricity from power-producing facilities to end users while using turbine blades, power infrastructure investments also include the enlarging and strengthening of electricity transmission and distribution networks. Governments all around the globe are putting supporting policies into place and providing incentives to stimulate the use of renewable energy sources, such as programs to encourage investment in such projects, which provide profitable market expansion potential for turbine blades.

Key Players:

1. TPI Composites Inc

2. Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd

3. LM Wind PowerNordex

4. Siemens Gamesa Renewable Energy

5. Vestas Wind Systems

6. MFG WindSinoma wind power blade Co. Ltd

7. Aeris Energy

8. Suzlon Energy Limited

9. Enercon GmbH

In October 2023: Vestas created and successfully delivered the first 115.5-meter blade made exclusively for the V236-15.0 MW offshore wind turbine. The mold created in the Lem plant in Denmark was used to produce this wind turbine blade at Vestas' production site in Nakskov, Denmark.

In March 2022: Blade Total Service, a new line of sophisticated services from Hitachi Power Solutions, will launch. By combining Al and other digital technologies with cutting-edge drone technology, it is projected to reduce the hazards associated with wind-generating installations, including degradation due to wind turbine blade wear and tear, stress caused by high winds during storms, and damage generated by lightning.