More than $37 billion worth of wind turbine blade materials is expected to be produced and purchased over the next ten years, according to new figures published this week by Navigant Research, highlighting the growing strength of the global wind energy industry.
Navigant Research published its latest Market Data: Wind Blade Materials Demand Forecast report this week, which assesses and quantifies the global demand for key wind turbine blade materials, and concluded that “The wind blade materials market is one of the most competitive, dynamic, and strategically important parts of the wind turbine supply chain.” Specifically, Navigant’s key findings from its latest report was that between 2017 and 2026 the materials market for wind turbine blades will produce and sell over $37.34 billion.
“The wind blade materials market is one of the most competitive, dynamic, and strategically important parts of the wind turbine supply chain,” explained Jesse Broehl, senior research analyst with Navigant Research. “Many materials suppliers are competing to meet or ideally exceed the demands of the wind turbine manufacturers and independent wind blade manufacturers.”
Part of the expected growth is in the rapid evolution and development of wind turbine blades, their manufacturing processes, and advanced materials that are enabling stronger and longer blades — which in turn make wind turbines more efficient and economical, increasing the size and lowering the cost of energy from wind turbines. The current estimated value of the wind turbine materials market is believed to be in the range of $4.57 billion this year.
Unsurprisingly, the Asian market currently represents the largest regional demand for wind turbine blade materials with $2.12 billion revenue in 2017, followed by Europe with $1.16 billion, closely followed by the Americas with $1.13 billion. Growth rates over the next decade aren’t overly impressive considering the larger-but-mature nature of the global wind energy market, having largely peaked and leveled out in most markets.
Wind Blade Materials Revenue by Region, World Markets: 2017-2026
The described trend sees downward pressure on the 10-year forecast due in part to the fact that both the United States and China are currently in the midst of a peak period of installation, driven by a mixture of energy market demand and government incentive policies that encourage near-term growth but don’t impact long-term growth trends.
However, Navigant did point out that there are other countries and regions which are expected to see an increased growth rate, including South Africa and countries in Latin America.