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Smart Rotor Wind Turbine Market is forecast to reach $540 million by 2025, growing at a CAGR of 9.4% from 2020 to 2025. The global Smart Rotor Wind Turbine Market is projected to see exuberant growth over the forecast period due to the growing population and economic development around the world combined with increasing energy demand for residential, commercial and public services and transport sectors. Due to increased concerns about increasing CO2 emissions from energy generation, there is an increasing demand for clean, sustainable and eco-friendly power generation. Driven by these concerns, many government bodies have introduced strict policies and regulations to reduce carbon emissions and their adverse environmental impact. These are some of the significant variables contributing to the growth of the global market for smart rotor wind turbines.
Smart Rotor Wind Turbine Market Segment Analysis – By Type
During the forecast period glass fiber is expected to grow at a CAGR of 12.7%. Glass fiber is one of the most versatile materials used in wind turbine rotor blade manufacturing. Glass fiber can be molded into complex shapes, allowing blade manufacturers to resolve numerous blade design issues. Glass fiber can be produced using a very small quantity of glass in large and bulk quantities. Glass fiber is therefore a less costly material to use than other composite materials used widely, such as carbon fiber. In addition, by incorporating several minerals and additives, the physical and chemical properties of glass can be altered based on the requirements. As metals do, glass fiber does not corrode. Glass fiber, therefore, requires low maintenance, making it a cost-effective solution. For wind turbines, these glass fiber characteristics are highly advantageous as they are exposed to harsh weather conditions, both onshore and offshore. In onshore and offshore wind turbines, such variables are driving the adoption of glass fiber composite blades.
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Smart Rotor Wind Turbine Market Segment Analysis – By Application
Offshore application is projected to grow during the forecast period at the highest CAGR. Generating renewable and clean offshore wind sources of energy is a relatively new technology that has just taken off in many countries around the world. In terms of design and construction, the rotor required for such harsh offshore environments require more technological advances. Offshore wind power facilities are mainly concentrated across Europe as of now. However, many offshore projects that are under development and are expected to be operational in the near future have been approved by countries such as China, Japan, South Korea, India, Taiwan and the United States.
Smart Rotor Wind Turbine Market Segment Analysis – By Geography
APAC is expected to dominate the global Smart Rotor Wind Turbine market with a share of more than 32%. Due to governmental support, numerous incentives, and national targets, the Asia-Pacific region is the regional hotspot for the wind turbine rotor blade market. The region’s total installed wind power capacity reached 261.15 GW in 2018, representing a 11.40% increase over the previous year. A significant growth rate of 61.2 % from a year earlier was recorded by the offshore wind power industry in the region. China had the world’s largest installed wind power capacity as of 2018. In 2018, the Chinese onshore wind market installed 21.2 GW and has been the market leader since 2008. China had 1.8 GW installed in the offshore wind market in 2018, taking the lead for the first time, followed by the United Kingdom. Therefore, factors such as upcoming wind power projects are expected to increase demand for smart rotor wind turbine over the forecast period, along with supportive government policies and regulations in different countries across the region.
Smart Rotor Wind Turbine Market Drivers
Growing awareness related to climate change and environment degradation
Increasing awareness of climate change and environmental degradation is encouraging many manufacturers to implement sustainable energy strategies and invest heavily in environmentally friendly power generation technologies, which are further projected to foster sustainable development among nations around the globe. With renewables accounting for nearly 45% of the world’s electricity production growth, the IEA estimated an accelerated 7% (almost 450 TWh) growth in renewable energy generation in 2018 compared to an annual average growth of 6% since 2010. Around 40% of the growth in renewable electricity production in China, 26 per cent in Europe, 7% in the United States, 6% in India and 2% of the growth in the rest of the world was recorded during the period 2017-18. It is estimated that the increasing number of initiatives to achieve cleaner energy goals will have a positive impact on the growth of the global Smart Rotor Wind Turbine Market over the forecast period.
Increasing levels of wind power generation
Electricity generation from wind is now firmly established as a mainstream power generation source. Wind power capacity has increased significantly worldwide, as wind turbines in the last decade have become more powerful, efficient and affordable for power producers. These factors will have a positive impact on the demand for smart rotor wind turbines, as they are an important component of wind energy projects. Wind power is a relatively large single source (about 50%) of all electricity generation growth worldwide. Wind power accounted for around 40% of Denmark’s total power generation, 23% of Portugal and Ireland, and 19% of Uruguay, to give an example of the importance and growing clout of wind energy. Wind power contributes to around 40 percent of total power generation in South Australia.
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Smart Rotor Wind Turbine Market Challenges
Technological competition with solar panels
Technological innovation has produced significant improvements in wind power generation over the last decade, but this innovation has come at the cost of increasing the length of the blades of the wind turbine. Therefore, due to problems associated with transport and on-site installation of large rotor, the limits related to maximum operable length may put new installations on hold. On the other hand, however, solar panels, due to improvements in their technological efficiency, are shrinking in size. Solar panels can pose a threat to the wind turbine smart rotor market on a large scale, being an important source of renewable energy with no moving parts and no noise pollution.
Smart Rotor Wind Turbine Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Smart Rotor Wind Turbine Market. Smart Rotor Wind Turbine Market is expected to be dominated by major companies such as Acciona SA, ENERCON GmbH, General Electric Co., Mingyang Smart Energy Group Co. Ltd., Siemens Gamesa Renewable Energy SA, Sinoma Science & Technology Co. Ltd., Tecsis Tecnologia e Sistemas Avancados SA, TPI Composites Inc., Vestas Wind System AS, Xinjiang Goldwind Science & Technology Co. Ltd., Others
In July 2020, Siemens Gamesa Renewable Energy announced that it has introduced its new turbine, the SG 3.4-145, to the onshore wind market in India. Siemens said that the new wind turbine in India is specifically designed and optimised for wind conditions and aims to provide high reliability with the lowest possible Levelized Cost of Energy (LCoE).
In May 2020, Siemens Gamesa launched the largest wind turbine ever, a 14-megawatt model with a 222-meter rotor diameter meant for offshore wind farms.
Due to the growing population and economic development around the world, combined with increasing energy demand for residential, commercial and public services and transport sectors, the global Smart Rotor Wind Turbine Market is projected to see exuberant growth over the forecast period.
Glass fiber does not corrode, as metals do. Therefore, glass fiber calls for low maintenance, making it a cost-effective solution. These glass fiber characteristics are highly advantageous for wind turbines because they are exposed, both onshore and offshore, to harsh weather conditions. Such variables are driving the adoption of glass fiber composite blades in onshore and offshore wind turbines.
Over the forecast period, factors such as future wind power projects are expected to increase demand for smart rotor wind turbines, along with supportive government policies and regulations in various countries throughout the APAC region.
It is estimated that the growing number of initiatives to achieve cleaner energy objectives will have a positive impact over the forecast period on the growth of the global Smart Rotor Wind Turbine Market.
Related Reports :
A. Wind Turbine Casting Market
B. Turbine Control System Market
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