China’s market value with regard to wind turbine blades is expected to increase from almost $2 billion in 2012 to $3.7 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 8.2 percent according to a new report from GlobalData.
The country boasted the top wind rotor blade market in 2012 followed by the US and India. China and the US installed 23,261 and 20,182 rotor blades, respectively, contributing to more than 65 percent of global installations. India installed 3,306 blades, contributing to 5 percent of the total. China has also been a major manufacturing hub of wind turbine blades producing approximately 25 percent of the world’s rotor blades.
“Increasing levels of wind power generation have given the wind turbine and component manufacturing industry a significant boost over the past years, and have caused it to spread geographically” said Harshavardhan Reddy Nagatham, Analyst for GlobalData. “We now expect the global wind power market to demonstrate further steady growth over the coming years, with annual turbine installations to increase from 48.3 GW in 2014 to 61.4 GW by 2020. While European nations such as Denmark, Germany and Spain have been pioneers in this industry, a major shift to the Asia-Pacific region has occurred, particularly in China, India and Vietnam. This can be attributed to the availability of low-cost labor in the region, as well as government support for the local turbine and component manufacturing industry.”
The Chinese government is aiming for a generation target of 15 percent of electricity from renewables by 2020 with a reduction in carbon dioxide emissions by 40-45 percent. In order to achieve this, the government has decided that wind power is the most viable energy source, according to Nagatham, thereby leading to the country’s increasing dominance in the wind turbine rotor blade market.
For additional information:
