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.
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.
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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.
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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.
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.
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