APAC Wind Turbine Blade Market Outlook to 2030

APAC Wind Turbine Blade Market Overview

• The APAC Wind Turbine Blade Market reached a valuation of USD 10.96 billion in 2023, driven by the increasing demand for renewable energy across the region. With countries like China and India investing heavily in wind energy to meet their growing power needs, the market has seen substantial growth.
• Key players in the APAC Wind Turbine Blade Market include LM Wind Power (GE Renewable Energy), Siemens Gamesa Renewable Energy, Vestas, Goldwind, and Suzlon Energy. These companies dominate the market due to their advanced manufacturing technologies, extensive R&D investments, and strong regional presence, ensuring a steady supply of high-performance wind turbine blades.
• Cities such as Beijing and Shanghai in China, and Bengaluru in India, are dominant in the APAC wind turbine blade market. These cities serve as hubs for major manufacturing plants and R&D centers, facilitating rapid production and innovation. The strategic location of these cities also provides easy access to both domestic and international markets, bolstering their dominance.
• In 2023, the Chinese government introduced new incentives under the 14th Five-Year Plan, providing subsidies for wind energy projects and encouraging the adoption of larger wind turbines with advanced blade technology. Similarly, Indias National Institute of Wind Energy (NIWE) launched the Wind Power Innovation Program in 2024, focusing on developing high-efficiency wind turbine blades. These initiatives are expected to drive significant advancements in the market.

APAC Wind Turbine Blade Market Segmentation

The APAC Wind Turbine Blade Market can be segmented based on several factors:

By Material Type: The APAC Wind Turbine Blade Market is segmented by material type into glass fiber, carbon fiber, and hybrid materials. In 2023, glass fiber dominated the market. Glass fiber's dominance is driven by its cost-effectiveness and durability, making it the preferred choice for manufacturing large wind turbine blades.

By Blade Size: The APAC Wind Turbine Blade Market is segmented by blade size into less than 45 meters, 45-60 meters, and more than 60 meters. In 2023, blades measuring 45-60 meters dominate this segment, driven by their optimal balance between performance and cost. These blades are particularly favored in both onshore and offshore wind farms across APAC, contributing to their widespread adoption.

By Region: The APAC Wind Turbine Blade Market is segmented by region into China, South Korea, Japan, India, Australia. In 2023, East APAC, including countries like China and Japan, dominates the market due to its advanced manufacturing infrastructure and significant investments in renewable energy projects. The regions robust supply chain and high-quality blade production contribute to its dominance.

APAC Wind Turbine Blade Market Competitive Landscape

• Onshore Wind Projects: Siemens Gamesa continues to strengthen its presence in South Korea with a previous contract to supply 15 units of its SG 5.0-145 turbine for the Gunwi wind farm, which is expected to be commissioned in 2024. This 75 MW project aims to generate enough electricity to power approximately 64,000 local households, supporting South Korea's goal of increasing renewable energy generation to 20% of its electricity mix by 2030.
• Suzlon Group: Suzlon Group has designed and manufactured Indias longest wind turbine blade, measuring 63 meters, at its Padubidri facility. This advanced blade is part of the new S128 turbine family, featuring a rotor diameter of 128 meters. The blade incorporates innovative technologies for improved aerodynamic performance and energy generation, supporting competitive tariffs and enhancing energy yield in low wind sites.

APAC Wind Turbine Blade Industry Analysis

APAC Wind Turbine Blade Market Growth Drivers:

• Expansion of Offshore Wind Projects: The APAC region has seen substantial growth in offshore wind projects, driven by the availability of vast coastal areas and strong government support. For example, China is expected to add 20 GW of offshore wind capacity by 2024, contributing to the increasing demand for large and durable wind turbine blades.
• Government Renewable Energy Targets: Governments across APAC have set ambitious renewable energy targets, which are driving the demand for wind turbine blades. India, for instance, aims to achieve 60 GW of wind energy capacity by 2025, supported by financial incentives and tax breaks for wind energy projects.
• Technological Advancements in Blade Design: The introduction of advanced materials and innovative designs has significantly improved the efficiency and lifespan of wind turbine blades. Manufacturers in APAC have adopted carbon fiber and hybrid materials to produce lighter and stronger blades, enhancing energy output and reducing operational costs.

APAC Wind Turbine Blade Market Challenges:

• High Installation and Maintenance Costs: The high costs associated with the installation and maintenance of wind turbines, particularly in offshore projects, remain a significant challenge. Offshore wind turbines require specialized vessels and equipment for maintenance, further escalating the overall expenses.
• Environmental Concerns and Regulatory Hurdles: Environmental concerns related to the disposal and recycling of wind turbine blades pose a challenge to the market. Several countries in APAC have introduced stricter regulations on the disposal of wind turbine blades, requiring manufacturers to develop sustainable disposal methods, adding to operational costs.

APAC Wind Turbine Blade Market Government Initiatives:

• India's Wind Power Auctions: In 2023, the Indian government announced a new auction mechanism for wind power generation, inviting bids for 8 GW of projects annually from 2023 to 2030. This initiative aims to enhance renewable energy capacity and stimulate investments in wind turbine technology, thus driving demand for wind turbine blades.
• Japan's Offshore Wind Development Goals: The Japanese government has set a target of installing 10 GW of offshore wind capacity by 2030. This initiative includes financial incentives and regulatory support for offshore wind projects, which is expected to boost the demand for wind turbine blades.

APAC Wind Turbine Blade Future Market Outlook

The APAC Wind Turbine Blade Market is expected to grow significantly by 2028, driven by increasing investments in renewable energy, technological advancements, and the expansion of offshore wind projects. The market will benefit from government policies supporting clean energy initiatives and the adoption of advanced blade technologies.

Future Market Trends

• Adoption of Larger Wind Turbine Blades: The trend towards larger wind turbine blades will continue to gain momentum in the APAC region, driven by the need to increase energy output from both onshore and offshore wind farms. Manufacturers are expected to focus on developing blades that exceed 80 meters in length, capable of capturing more wind and generating higher levels of electricity.
• Growth in Offshore Wind Energy Projects: The APAC region is expected to witness significant growth in offshore wind energy projects over the next five years, with countries like China, Japan, and South Korea leading the charge. The development of floating wind farms, in particular, will gain traction, allowing countries with deep coastal waters to harness wind energy more effectively.