Smart Rotor Wind Turbine Market - Forecast(2024 - 2030)
Smart Rotor Wind Turbine Market Overview
The global
Smart Rotor Wind Turbine market size is forecast to reach $593.1 million by
2026, growing at a CAGR of 9.8% from 2021 to 2026. The growing shift towards
increasing renewable wind energy generation, along with investments on research
& development (R&D) activities related to onshore and offshore wind
turbines have been attributing to the market growth. In addition, increasing
size of wind turbine blades, need for reducing oscillating loads on wind
turbine rotors, along with use of advanced materials like carbon and glass
fibers for turbine component manufacturing can also help in driving the market
growth forward. Moreover, government efforts through reducing carbon emissions,
growing research works or activities on
wind turbine operational advancements, along with increasing shift towards
reducing high maintenance costs for turbine components overtime is set to
assist the market growth of smart rotor wind turbines in the long run.
Report Coverage
The report: “Smart Rotor Wind Turbine Industry Outlook – Forecast (2021-2026)”, by
IndustryARC covers an in-depth analysis of the following segments of the Smart
Rotor Wind Turbine industry.
By Type: Horizontal Axis, Vertical Axis
By Composite
Material: Carbon Fiber, Fiber Glass,
Others
By Power
Rating: Upto 2 Megawatts, 2 to 4
Megawatts, Above 4 Megawatts
By
Application: Onshore, Offshore
By Geography: North America (U.S, Canada, Mexico), Europe (U.K,
Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India,
Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East,
Africa)
Key Takeaways
- Offshore application is analyzed to grow with the highest CAGR in the global Smart Rotor Wind Turbine market during 2021-2026, attributing to growing investment on offshore wind farm projects and rise in offshore wind turbine installations or commissioning contracts.
- APAC Smart Rotor Wind Turbine market held the largest share in 2020, owing to growing initiatives towards wind capacity additions as well as rise in wind turbine installations.
- Governmental efforts towards
promoting high adoption of clean and renewable sources like wind energy
along with rising number of
research works for advancing
wind turbine operations is analyzed to significantly
drive the global smart rotor wind turbine market growth during the
forecast period 2021-2026.
Global Smart Rotor Wind Turbine Market Value Share, By Region, 2020 (%)
For More Details on This Report - Request for Sample
Smart Rotor Wind Turbine Market Segment Analysis- By Composite Material
Based on composite material, Fiberglass
segment is analyzed to grow with the highest CAGR of 11.3% in the global smart
rotor wind turbine market during 2021-2026. Fiberglass is considered as one of
the most commonly used composite materials for wind turbine rotor blade
manufacturing due to its versatile molding capacity. Compared to other
materials, glass fibers act as a cost efficient alternative due to factors like
corrosion resistance, low maintenance requirements, high mechanical strength, capability
of withstanding harsh climatic conditions and many others, attributing to the
market growth. In addition, ongoing research works on developing recyclable
turbine blades using glass fiber composites, as well as increasing adoption of glass
fiber materials for rotor wind blades can be considered as some of the major
factors set to drive the market growth forward. Moreover, the growing number of
glass fiber composite turbine blades or rotor installations along with
investments on R&D activities towards glass fiber reinforced composites for
serving high end wind turbine component production applications will further
contribute to the market growth. In January 2020, Global Fiberglass Solutions
(GFS), had revealed about its plan on recycling of fiberglass from wind turbine
blades or other sources. This was a part of company’s aim of starting off with
commercial production of thermoplastic fiberglass pellets, with plans on
boosting its production capacity in the long term. Such factors will further
help in creating a positive impact on the market growth of fiberglass smart
rotor wind turbines in the long run.
Smart Rotor Wind Turbine Market Segment Analysis- By Application
Smart Rotor Wind Turbine for Offshore applications is
anticipated to grow with the highest CAGR of 9.2% during the forecast period 2021-2026. Factors
including growing investment towards offshore wind farm projects, increasing
number of offshore wind turbine installations or commissioning contracts along
with technological advances towards smart control turbines for generating wind
power have been attributing to the market growth. In addition, governmental
efforts towards raising offshore wind energy targets, rising demand for cost
efficient offshore wind projects, research works on developing intelligent
turbine designs, and many others can also help in driving the market growth
forward. In August 2020, GE Renewable Energy announced its plans for
construction of the largest offshore wind turbine rotor test rig at LM Wind
Power’s WMC Technology Center, Netherlands. Construction of rotor test rig was
meant to gain knowledge related to verification of the strength as well as
dynamic behavior of wind turbine rotors under high mechanical loads caused from
larger blades. This project will help in improving wind turbine designs while
reducing loads and maximizing captured energy. In October 2020, UK government
had revealed about its plan on increasing the offshore wind power capacity from
30GW to 40GW by 2030. Such factors are set to drive the market growth of smart
rotor wind turbines for offshore applications in the long run.
Smart Rotor Wind Turbine Market Segment Analysis- By Geography
APAC region dominated the global Smart
Rotor Wind Turbine market in 2020, with a share of around 34% and is also analyzed
to have significant growth during the forecast period 2021-2026. Factors
including growing initiatives towards wind capacity additions, rise in wind
turbine installations, increasing investments on establishment of wind power
generation facilities and so on have been attributing to the market growth. In
addition, growing demand for lightweight and sustainable turbine blade designs
or related components, need for high strength turbines to overcome adverse
strong winds along with growing R&D activities on development of smart wind
turbines can also drive the market growth forward across the region. According
to China’s National Statistics Administration, utility scale offshore wind
electricity generation capacity increased to 11.13 GW in China, compared to
10.4 GW of installed capacity within U.K by end of 2020. In addition, as per a
recent report of Rystad Energy, another 11.8 GW of offshore wind power capacity would be
installed globally in 2021, with China contributing with 63% of the capacity
increase. In October 2021, a Chinese key wind turbine manufacturer, named Goldwind
had revealed about its plans on connecting a 5 MW onshore test unit to the
grid, having a permanent magnet direct drive smart wind turbine with rated
power of 5.2 MW to 6 MW. Such factors are set to fuel the market demand for
smart rotor wind turbines in the long run.
Smart Rotor Wind Turbine Market Drivers
Increasing research works on advancing wind turbine operations is set to assist the market growth of smart rotor wind turbines
Increasing research works on advancing wind turbine operations can be
considered as one of the major drivers boosting the market growth of smart
rotor wind turbines. With transitional shift towards wind energy, need for
smart controlled system for monitoring, functioning and flexible operation of
wind turbines have become highly essential. Factors including improving wind
energy generation capabilities, growing demand for smart turbine components,
rise in power cuts or operational failures in wind farms and many others can
also contribute to the market growth. According to researchers of University of
Birmingham, deploying smart systems for controlling storage and release of wind
energy from turbines can be beneficial in reducing risk of power cuts, while
increasing wind energy adoption worldwide. In July 2020, a research work was
done regarding development of a system that utilizes variable speed of the wind
turbine rotors, capable of regulating power supply to the grid. Through this,
stored kinetic energy within the turbines can be used intelligently for meeting
up with high electricity demands, sudden outage of power generation, and so on.
Such factors can be considered crucial in uplifting the market demand towards
smart rotor wind turbines to reduce power fluctuations in the long run.
Governmental efforts towards promoting high adoption of clean and renewable energy sources like wind energy drives the market forward
Governmental efforts towards promoting high adoption of clean
and renewable energy sources like wind energy act as a major factor attributing
to the market growth of smart rotor wind turbines. Governmental incentives,
investment or funding as well as increasing global wind capacity targets towards
reducing fuel emissions can be considered essential in driving the need for
smart rotor wind turbines. Rising government grants towards onshore and offshore
wind projects along with supporting advanced turbine component manufacturing
advancements will also in driving the market growth forward. According to
International Energy Agency, wind capacity will be accelerated with additions
upto 68 GW (about 7.3 GW offshore) in 2021, from 65 GW annual wind capacity in
2020, driven by delayed onshore projects becoming operational owing
to passing of regulations from key countries including Europe and U.S regarding
flexibility for commissioning deadlines. In July
2021, UK government's Department for
Business, Energy & Industrial Strategy had revealed about offshore wind
production booming in the long run, followed by more than £180 million (around
$244.51 million) of private investment. Such factors are set to assist the
market growth of smart rotor wind turbines in the coming time.
Smart Rotor Wind Turbine Market Challenges
Concerns regarding onsite installations or transportation of smart turbine rotor adversely impacts the market growth
Concerns regarding onsite installations or transportation of
smart turbine rotor act as a major challenge impeding the market growth of
smart rotor wind turbines. With technological advancements towards reducing
overall weight of wind turbines, increasing length or diameter of turbine rotor
blades have been getting significantly impacted. Since developing smart wind
turbines with large rotor sizes to achieve maximum swept area, handle adverse
and harsh wind speeds, as well as optimizing wind power generation capacity raise
the complexities regarding storage, transportation and onsite installations.
Development of such smart turbine rotors create significant limitation related
to maximum operable length of wind turbine rotors, through lesser adoptability
in comparison to traditional rotors, which in turn adversely impacts its market
growth.
Smart Rotor Wind Turbine Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Smart Rotor Wind Turbine Market. The Smart Rotor Wind Turbine Market top 10 companies include:
- Siemens Games Renewable Energy S.A
- MingYang Smart Energy
- Goldwind
- GE Renewable Energy
- Nordex SE
- MHI Vestas Offshore Wind A/S
- Enercon GmbH
- Senvion S.A.
- Envision Energy
- Sinoma Science & Technology Co. Ltd.
Acquisitions/Technology Launches/Partnerships
- In August 2021, MingYang
Smart Energy announced the launch of the largest hybrid drive wind
turbine, named MySE 16.0-242, followed by a full prototype rollout in 2022. This
turbine is integrated with the largest rotor and highest nominal rating,
ensuring annual electricity generation upto 80,000 MWh.
- In May 2020, Siemens Gamesa announced the launch of its largest wind turbine, as an addition to its Haliade-X product line, with 14 MW capacity and 222 meter rotor diameter, designed specifically for serving offshore wind farms.
Relevant Reports:
Wind Power Market-
Forecast (2021-2026)
Report code: AIR 0297
Offshore
Wind Energy Market- Forecast (2021-2026)
Report code: EPR 50283
For more Energy and Power related reports, please click here