In this industry report, the analyst has estimated that the presence of eminent factors like the augmented focus on research and development will bolster the prospects of growth of this market. Companies around the world are striving to bring to innovative products to the global wind turbine components market. Vendors are investing heavily in R&D to reduce the weight of the motor blades and increase the height of the wind turbine tower. For example, Siemens has manufactured a blade made of glass fiber-reinforced epoxy resin and balsa wood. These blades are devoid of glued joints, seams or adhesives, reducing the overall weight of the blade. The increasing focus on R&D by the government and vendors worldwide and the urgency to adopt eco-friendly technologies will aid in the growth of this market until the end of 2020.
Segmentation by components and analysis of the wind turbine components market:
- Rotor blade
In 2015, the tower segment dominated this market and accounted for close to 25% of the market share. The turbine tower designs have undergone many technological advancements in terms of size and type, such as tubular, lattice, concrete, and guyed pole. An increase in height of the tower could result in gains of 20%-45% additional power production. Therefore, the increasing focus on the production of taller turbines will spur the prospects of growth in this segment over the forecast period.
Geographical segmentation and analysis of the HSRG market:
During 2015, APAC dominated the wind turbine components market and accounted for more than 45% of the market share. The market is expected to grow significantly with countries like China, India, Japan, Pakistan, and South Korea accounting for significant shares of the market.
The global wind turbine components market is highly competitive with the presence of well diversified international and regional players. In developed and developing countries, the regional providers dominate the market, thereby increasing the competition. Also, the competitive scenario differs largely between onshore and offshore markets. These vendors have high capital resources and invest substantially in R&D to reduce cost and improve the durability of wind turbine components.
Key vendors in this market are:
- GE Renewable Energy
- Suzlon Energy
Other prominent vendors analyzed in this market research report are Enercon, Gamesa, LM Wind Power, MFG, Nordex, Senvion SE, and TPI.