GLOBAL WIND TURBINE VALUE CHAIN – PRODUCTION, MARKET … · GLOBAL WIND TURBINE VALUE CHAIN – PRODUCTION, MARKET SHARE, COMPETITIVE LANDSCAPE AND MARKET SIZE TO 2020 Executive

REFERENCE CODE GDAE1096MAR | PUBLICATION DATE JANUARY 2015

GLOBAL WIND TURBINE VALUE CHAIN – PRODUCTION, MARKET SHARE, COMPETITIVE

LANDSCAPE AND MARKET SIZE TO 2020

Global Wind Turbine Value Chain – Production, Market Share, Competitive Landscape and Market Size to 2020 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.

GLOBAL WIND TURBINE VALUE CHAIN – PRODUCTION, MARKET SHARE, COMPETITIVE LANDSCAPE AND MARKET SIZE TO 2020

Executive Summary

More Blades are being Outsourced than are being Produced In-house

In 2006, XX% of blade production was in-house,

and XX% was produced by independent

manufacturers. Over the subsequent years, with

the growth of the wind industry, Wind Turbine

Generator (WTG) manufacturers focused on

producing turbines, which has led to a gradual

increase in the percentage of blade manufacturing

being outsourced. In 2013, XX% of blades were

produced by independent manufacturers, and XX%

was produced in-house.

Asian Tower Manufacturers Pose Threat to American Counterparts

Most Asian tower manufacturers ship their wind

towers to North America and Europe; the cost of

production is low in Asia, and they can offer towers

at competitive prices in these markets. Asian wind-

tower manufacturing has become a threat for North

American and European manufacturers. In 2012,

US manufacturers appealed to the United States

International Trade Commission and, in 2013,

convinced the United States Department of

Commerce to enforce anti-dumping duties against

Chinese manufacturers exporting towers to the US

(Federal Register, 2013). Similar actions were later

taken against tower manufacturers in other Asian

countries.

Europe and Asia-Pacific Generate More than XX% of Global Wind Power Generators

Most wind-generator manufacturers, including

ABB, Winergy, Ingeteam, Leroy-Somer and The

Switch, are based in Europe. Germany dominates

the European wind-generator market, with an

annual production of more than XX Gigawatts

(GW). Growth in the wind-energy market of Asia-

Pacific (APAC), mainly in China and India, has

resulted in European wind-generator producers

expanding their manufacturing base in the APAC

region. Additionally, several Chinese companies

forayed into the wind-generator market, leading to

an increase in production. China leads the global

wind-generator production market, with an annual

production of XX GW.


Table of Contents


1 Table of Contents

1 Table of Contents ....................................................................................................................... 3

1.1 List of Tables ...................................................................................................................... 8

1.2 List of Figures ................................................................................................................... 10

2 Introduction ............................................................................................................................... 12

2.1 Wind Market, Introduction ................................................................................................. 12

2.2 Wind Power Market, Technology Overview ....................................................................... 12

2.3 Wind Power Market, Value Chain...................................................................................... 13

2.4 Report Guidance ............................................................................................................... 14

3 Wind Power Market, Global, 2001–2020 ................................................................................... 15

3.1 Wind Power Market, Global, Overview .............................................................................. 15

3.2 Wind Power Market, Global, Market-Forces Analysis ........................................................ 16

3.2.1 Wind Power Market, Global, Key Drivers ....................................................................... 17

3.2.2 Global Wind Power Market, Key Restraints and Challenges ......................................... 18

3.3 Wind Power Market, Global, Installed Capacity, 2001–2020 ............................................. 20

3.3.1 Wind Power Market, Global, Installed-Capacity Share by Region, 2014 and 2020 ........ 21

3.3.2 Wind Power Market, Global, Installed-Capacity Share by Country, 2014 and 2020 ....... 24

3.3.3 Wind Power Market, Global, Installed-Capacity Share by Segment, 2014 and 2020 ..... 27

3.4 Wind Power Market, Global, Electricity Generation, 2001–2020 ....................................... 29

3.4.1 Wind Power Market, Global, Generation Share by Region, 2014 and 2020 ................... 30

3.4.2 Wind Power Market, Global, Generation Share by Country, 2014 and 2020 ................. 32

3.4.3 Wind Power Market, Global, Generation Share by Segment, 2014 and 2020 ................ 33


Table of Contents


3.5 Wind Power Market, Global, Investment Trends, 2013–2020 ............................................ 34

3.6 Wind Power Market, Global, Levelized Cost of Energy in Major Countries, 2014 .............. 36

4 Wind Turbine Market, Global .................................................................................................... 38

4.1 Wind Turbines, Introduction .............................................................................................. 38

4.2 Wind Turbine Market, Installations, 2006–2015................................................................. 40

4.3 Wind Turbine Market, Average Turbine Size, 2006–2020 ................................................. 42

4.4 Wind Turbine Market, Average Turbine Price and Market Size, 2006–2015 ...................... 44

4.5 Wind Turbine Market, Market Share, 2013 ........................................................................ 47

4.6 Wind Turbine Market, Changes in Market Share, 2008–2013 ........................................... 49

4.7 Wind Turbine Market, Top Gainers and Losers, 2012 vs. 2013 ......................................... 51

5 Wind Turbine Rotor Blade Market, Global ................................................................................. 53

5.1 Wind Turbine Rotor Blades, Introduction ........................................................................... 53

5.1.1 Wind Turbine Rotor Blade Technology .......................................................................... 53

5.1.2 Wind Rotor Blade Manufacturing Process ..................................................................... 53

5.2 Wind Turbine Rotor Blade Market, Overview..................................................................... 55

5.3 Wind Turbine Rotor Blade Market, Cost Analysis .............................................................. 57

5.3.1 Wind Turbine Rotor Blade Market, Cost Breakdown ...................................................... 57

5.3.2 Wind Turbine Rotor Blade Market, Price Range ............................................................ 58

5.4 Wind Turbine Rotor Blade Market, Market Size ................................................................. 61

5.5 Wind Turbine Rotor Blade Market, Production .................................................................. 62

5.5.1 Wind Turbine Rotor Blade Market, Global Annual Production, 2006–2013 .................... 62

5.5.2 Wind Turbine Rotor Blade Market, In-house Production, 2006–2013 ............................ 64

5.5.3 Wind Turbine Rotor Blade Market, Independent Production, 2006–2013 ...................... 66


Table of Contents


5.6 Wind Turbine Rotor Blade Market, Competitive Landscape .............................................. 68

5.6.1 Wind Turbine Rotor Blade Market, In-house Manufacturers’ Market Share ................... 68

5.6.2 Wind Turbine Rotor Blade Market, Independent Manufacturers’ Market Share ............. 70

5.6.3 Wind Turbine Rotor Blade Market, Comparison of Independent Manufacturers ............ 72

5.6.4 Wind Turbine Rotor Blade Market, Independent Manufacturers’ Production Sites ......... 74

5.7 Wind Turbine Rotor Blade Market, Global, Major Trends .................................................. 74

5.7.1 Blade Manufacture with New Materials to Gain Traction in Near Future ........................ 74

5.7.2 More Blades are being Outsourced than are being Produced In-house ......................... 75

6 Wind Turbine Gearbox Market, Global ...................................................................................... 76

6.1 Wind Turbine Gearbox, Introduction .................................................................................. 76

6.1.1 Gearboxes .................................................................................................................... 76

6.1.2 Direct-Drive or Gearless Wind Turbines ........................................................................ 77

6.2 Wind Turbine Gearbox Market, Overview .......................................................................... 77

6.3 Wind Turbine Gearbox Market, Cost Analysis, 2006–2020 ............................................... 78

6.4 Wind Turbine Gearbox Market, Market Size, 2006–2020 .................................................. 80

6.5 Wind Turbine Gearbox Market, Production, 2006–2014 .................................................... 82

6.6 Wind Turbine Gearbox Market, Competitive Landscape ................................................... 84

6.6.1 Wind Turbine Gearbox Market, Market Share, 2013 ...................................................... 84

6.6.2 Wind Turbine Gearbox Market, Key Companies ............................................................ 85

6.6.3 Wind Turbine Direct Drive Market, Key Companies, 2014 ............................................. 89

6.6.4 Wind Turbine Direct Drive Market, Market Share, 2013 ................................................. 90

6.7 Wind Turbine Gearbox Market, Major Trends.................................................................... 91


Table of Contents


6.7.1 Direct Drive Permanent Magnet Generators Gain Popularity Due to Issues with

Reliability in Gearbox.................................................................................................... 91

6.7.2 Medium-Speed-Gearbox Technology Reduces Maintenance and Installation Costs ..... 92

7 Wind Turbine Tower Market, Global .......................................................................................... 94

7.1 Wind Turbine Towers, Introduction .................................................................................... 94

7.1.1 Types of Wind Turbine Towers ...................................................................................... 94

7.2 Wind Turbine Tower Market, Overview ............................................................................. 95

7.3 Wind Turbine Tower Market, Cost Analysis ....................................................................... 96

7.4 Wind Turbine Tower Market, Market Size ......................................................................... 98

7.5 Wind Turbine Tower Market, Competitive Landscape ..................................................... 100

7.5.1 In-house vs. Outsourced Manufacturing ...................................................................... 100

7.5.2 Concrete vs. Steel Towers .......................................................................................... 101

7.5.3 Manufacturers Display Flexibility to Reach Wind Turbine Generator Markets and

Optimize Logistics ...................................................................................................... 102

7.6 Wind Turbine Tower Market, Major Trends ..................................................................... 103

7.6.1 Wind Towers – Evolved from Lattice Towers to Conical Tubular Towers ..................... 103

7.6.2 Combination of In-house and Outsourced Manufacturing ............................................ 103

7.6.3 Manufacturers Spreading Geographically to Reduce Transport Costs......................... 104

8 Wind Turbine Generator Market, Global.................................................................................. 105

8.1 Wind Turbine Generator, Introduction ............................................................................. 105

8.1.1 Generator Types ......................................................................................................... 105

8.2 Wind Turbine Generator Market, Overview ..................................................................... 107

8.3 Wind Turbine Generator Market, Average Price, 2006–2020 .......................................... 107


Table of Contents


8.4 Wind Turbine Generator Market, Market Size, 2006–2020 .............................................. 109

8.5 Wind Turbine Generator Market, Production, 2006–2014................................................ 111

8.6 Wind Turbine Generator Market, Competitive Landscape ............................................... 113

8.6.1 Wind Turbine Generator Market, Global, Market Share, 2013 ..................................... 113

8.6.2 Wind Turbine Generator Market, Key Companies ....................................................... 114

8.7 Wind Turbine Generator Market, Major Trends ............................................................... 115

8.7.1 Emerging Trend in Vertical Integration – Increase in Production of Wind Generator

Outsourcing ................................................................................................................ 115

8.7.2 Over 90% of Wind Generator Production is Concentrated in Europe and Asia-Pacific 116

8.7.3 Wind Generator Technology, an Upcoming Trend – Direct-Drive Generators.............. 116

9 Appendix................................................................................................................................. 118

9.1 Abbreviations .................................................................................................................. 118

9.2 Bibliography .................................................................................................................... 119

9.3 Definitions ....................................................................................................................... 120

9.3.1 Power .......................................................................................................................... 120

9.3.2 Installed Capacity ........................................................................................................ 120

9.3.3 Electricity Generation .................................................................................................. 120

9.3.4 Renewable Energy Resources .................................................................................... 120

9.4 Methodology ................................................................................................................... 120

9.4.1 Coverage .................................................................................................................... 121

9.4.2 Secondary Research ................................................................................................... 121

9.4.3 Primary Research ....................................................................................................... 122

9.4.4 Conversion Rates ........................................................................................................ 122


Table of Contents


9.4.5 Modeling and Forecasting ........................................................................................... 123

9.5 Disclaimer ....................................................................................................................... 123

1.1 List of Tables

Table 1: Wind Power Market, Global, Installed Capacity, 2001–2020 ........................................................ 21

Table 2: Wind Power Market, Global, Installed-Capacity Share by Region (%), 2014 and 2020 ................. 22

Table 3: Wind Power Market, Global, Annual Installed-Capacity Share by Region (%), 2014 ..................... 23

Table 4: Wind Power Market, Global, Installed-Capacity Share by Country (%), 2014 and 2020 ................ 25

Table 5: Wind Power Market, Global, Annual Installed-Capacity Share by Country (%), 2014 .................... 26

Table 6: Wind Power Market, Global, Installed-Capacity Share by Segment (%), 2014 and 2020 .............. 28

Table 7: Wind Power Market, Global, Annual Installed-Capacity Share by Segment (%), 2014 .................. 28

Table 8: Wind Power Market, Global, Electricity Generation (TWh), 2001–2020 ........................................ 30

Table 9: Wind Power Market, Global, Generation Share by Region (%), 2014 and 2020 ............................ 31

Table 10: Wind Power Market, Global, Generation Share by Country (%), 2014 and 2020 .......................... 33

Table 11: Wind Power Market, Global, Generation Share by Segment (%), 2014 and 2020 ......................... 34

Table 12: Wind Power Market, Global, New Investment ($bn), 2013–2020 .................................................. 35

Table 13: Wind Power Market, Global, Levelized Cost Of Energy in Major Countries ($/kWh), 2014 ............ 37

Table 14: Wind Turbine Market, Global, Annual Installed Capacity (GW), 2006–2015 ................................. 42

Table 15: Wind Turbine Market, Global, Average Onshore and Offshore Turbine Size (MW), 2006–2020 .... 44

Table 16: Wind Turbine Market, Global, Average Turbine Price ($/kW) and Market Size ($bn), 2006–2015 . 47

Table 17: Wind Turbine Market, Global, Market Share (%), 2013 ................................................................ 48

Table 18: Wind Turbine Market, Global, Market Share (%), 2006–2013 ....................................................... 51

Table 19: Wind Turbine Market, Top Gainers and Losers (%), 2012 vs. 2013 .............................................. 52

Table 20: Wind Turbine Rotor Blade Market, Cost Breakdown (%), 2014 .................................................... 58


Table of Contents


Table 21: Wind Turbine Rotor Blade Market, Price Range ($/kW), 2006–2020 ............................................ 60

Table 22: Wind Turbine Rotor Blade Market, Market Size ($bn), 2006–2020 ............................................... 62

Table 23: Wind Turbine Rotor Blade Market, Global Annual Production (MW), 2006–2014 .......................... 64

Table 24: Wind Turbine Rotor Blade Market, In-house Production (MW), 2006–2013 .................................. 66

Table 25: Wind Turbine Rotor Blade Market, Independent Production (MW), 2006–2013 ............................ 68

Table 26: Wind Turbine Rotor Blade Market, In-house Manufacturers’ Market Share (%), 2013 ................... 70

Table 27: Wind Turbine Rotor Blade Market, Independent Manufacturers’ Market Share (%), 2013 ............. 71

Table 28: Wind Turbine Rotor Blades Market, Comparison of Independent Manufacturers .......................... 73

Table 29: Wind Turbine Gearbox Market, Global, Price Range ($/kW), 2006–2020 ..................................... 80

Table 30: Wind Turbine Gearbox Market, Global, Market Size ($bn), 2006–2020 ........................................ 82

Table 31: Wind Turbine Gearbox Market, Production (GW), 2006–2014 ...................................................... 83

Table 32: Wind Turbine Gearbox Market, Global, Market Share (%), 2013 .................................................. 85

Table 33: Wind Turbine Direct-Drive Market, Key Companies, 2014 ............................................................ 89

Table 34: Wind Turbine Direct Drive Market, Global, Market Share (%), 2013 ............................................. 91

Table 35: Wind Turbine Tower Market, Price Range ($/kW), 2006–2020 ..................................................... 98

Table 36: Wind Turbine Tower Market, Market Size ($bn), 2006–2020 ...................................................... 100

Table 37: Wind Tower Market, Leading Wind Turbine Generator Manufacturers, Tower Supply, 2013 ....... 101

Table 38: Wind Tower Market, Leading Tower Manufacturers, Geographic Location, 2013........................ 103

Table 39: Wind Turbine Generator Market, Global, Price Range ($/kW), 2006–2020 ................................. 109

Table 40: Wind Turbine Generator Market, Global, Market Size ($bn), 2006–2020 .................................... 111

Table 41: Wind Turbine Generator Market, Production (GW), 2006–2014 ................................................. 112

Table 42: Wind Turbine Generator Market, Global, Market Share (%), 2013 .............................................. 114

Table 43: Abbreviations ............................................................................................................................ 118

Table 44: Offshore Wind Market, Global, Conversion Rate, € to $ ............................................................. 122


Table of Contents


1.2 List of Figures

Figure 1: Wind Power Market, Global, Value-Chain Activities ..................................................................... 13

Figure 2: Wind Power Market, Global, Market-Forces Analysis ................................................................... 16

Figure 3: Wind Power Market, Global, Installed Capacity (GW), 2001–2020 ............................................... 20

Figure 4: Wind Power Market, Global, Installed-Capacity Share by Region (%), 2014 and 2020 ................. 22

Figure 5: Wind Power Market, Global, Annual Installed-Capacity Share by Region (%), 2014 ..................... 23

Figure 6: Wind Power Market, Global, Installed-Capacity Share by Country (%), 2014 and 2020 ................ 24

Figure 7: Wind Power Market, Global, Annual Installed-Capacity Share by Country (%), 2014 .................... 26

Figure 8: Wind Power Market, Global, Installed-Capacity Share by Segment (%), 2014 and 2020 .............. 27

Figure 9: Wind Power Market, Global, Annual Installed-Capacity Share by Segment (%), 2014 .................. 28

Figure 10: Wind Power Market, Global, Electricity Generation (TWh), 2001–2020 ........................................ 29

Figure 11: Wind Power Market, Global, Generation Share by Region (%), 2014 and 2020 ............................ 31

Figure 12: Wind Power Market, Global, Generation Share by Country (%), 2014 and 2020 .......................... 32

Figure 13: Wind Power Market, Global, Generation Share by Segment (%), 2014 and 2020 ......................... 34

Figure 14: Wind Power Market, Global, New Investment ($bn), 2013–2020 .................................................. 35

Figure 15: Wind Power Market, Global, Levelized Cost Of Energy in Major Countries ($/kWh), 2014 ............ 36

Figure 17: Wind Power, Major Turbine Components, 2014 ........................................................................... 40

Figure 18: Wind Turbine Market, Global, Annual Installed Capacity (GW), 2006–2015 ................................. 41

Figure 19: Wind Turbine Market, Global, Average Onshore and Offshore Turbine Size (MW), 2006–2020 .... 43

Figure 20: Wind Turbine Market, Global, Average Turbine Price ($/kW) and Market Size ($bn), 2006–2015 . 46

Figure 21: Wind Turbine Market, Global, Market Share (%), 2013 ................................................................ 48

Figure 22: Wind Turbine Market, Global, Market Share (%), 2006–2013 ....................................................... 50

Figure 23: Wind Turbines, Top Gainers and Losers, 2012 vs. 2013 .............................................................. 52

Figure 24: Wind Turbine Rotor Blade Market, Cost Breakdown (%), 2014 .................................................... 58


Table of Contents


Figure 25: Wind Turbine Rotor Blade Market, Price Range ($/kW), 2006–2020 ............................................ 59

Figure 26: Wind Turbine Rotor Blade Market, Market Size ($bn), 2006–2020 ............................................... 61

Figure 27: Wind Turbine Rotor Blade Market, Global Annual Production (MW), 2006–2014 .......................... 63

Figure 28: Wind Turbine Rotor Blade Market, In-house Production (MW), 2006–2013 .................................. 65

Figure 29: Wind Turbine Rotor Blade Market, Independent Production (MW), 2006–2013 ............................ 67

Figure 30: Wind Turbine Rotor Blade Market, In-house Manufacturers’ Market Share (%), 2013 ................... 69

Figure 31: Wind Turbine Rotor Blade Market, Independent Manufacturers’ Market Share (%), 2013 ............. 71

Figure 32: Wind Turbine Rotor Blades Market, Independent Manufacturers’ Production Sites ....................... 74

Figure 33: Wind Turbine Gearbox Market, Global, Price Range ($/kW), 2006–2020 ..................................... 79

Figure 34: Wind Turbine Gearbox Market, Global, Market Size ($bn), 2006–2020 ........................................ 81

Figure 35: Wind Turbine Gearbox Market, Production (GW), 2006–2014 ...................................................... 83

Figure 36: Wind Turbine Gearbox Market, Global, Market Share (%), 2013 .................................................. 84

Figure 37: Wind Turbine Direct Drive Market, Global, Market Share (%), 2013 ............................................. 90

Figure 38: Wind Turbine Tower Market, Price Range ($/kW), 2006–2020 ..................................................... 97

Figure 39: Wind Turbine Tower Market, Market Size ($bn), 2006–2020 ........................................................ 99

Figure 40: Wind Turbine Generator Market, Global, Price Range ($/kW), 2006–2020 ................................. 108

Figure 41: Wind Turbine Generator Market, Global, Market Size ($bn), 2006–2020 .................................... 110

Figure 42: Wind Turbine Generator Market, Production (GW), 2006–2014 ................................................. 112

Figure 43: Wind Turbine Generator Market, Global, Market Share, 2013 .................................................... 113



Introduction

2 Introduction

2.1 Wind Market, Introduction

Wind energy is the conversion of wind flow into a useful form of energy, such as power production

through turbines, water pumping, and windmills for mechanical energy. Wind power is an

alternative source of power generated from the flow of the earth’s air currents through a wind

turbine. Wind power is a clean source of energy as it does not emit carbon.

A wind turbine is used to harness kinetic energy to convert it into electricity for residential,

commercial and industrial purposes. Hundreds of wind turbines connected to an electrical power

transmission system at the same site form a wind farm.

Wind power is classified into onshore and offshore based on the location of the wind farm. A wind

farm constructed on land generates onshore wind power, while wind power generated from wind

farms constructed in larger water bodies is known as offshore wind power.

2.2 Wind Power Market, Technology Overview

A wind turbine is a circular instrument that converts mechanical energy to electricity. It is also

known as a wind generator, Wind Turbine Generator (WTG), Wind Power Unit (WPU), Wind

Energy Converter (WEC) and an aero generator.

According to design, wind turbines are broadly classified into two types:

Horizontal Axis Wind Turbine (HAWT)

Vertical Axis Wind Turbine (VAWT)

A HAWT is the most common and simple type of wind turbine. Today, the majority of wind turbines

operate on a horizontal axis with three blades that are attached to a rotor from which the electricity

is transferred to a generator though a gearbox. A gearbox and generator are contained in a

nacelle. Some of the turbines do not have a gearbox, and the electricity is transferred directly to the

generator. Electricity is then transmitted to the transformer and fed into the grid through

transmission lines, resulting in an efficient and cost-effective turbine technology.

VAWTs are not very popular, owing to their low efficiency, and are largely sourced by individual

investors. The technology arranges the main rotor shaft of turbines vertically. To date, the most

commonly used wind turbine for commercial purposes are HAWTs.



Introduction

2.4 Report Guidance

The report begins with an executive summary, which provides a snapshot of the major

indicators in the global wind-turbine value chain.

Section 2 defines the wind-power market and its value chain.

Section 3 details the global wind-power developments during the 2006–2014 period and the

expected market trends during the 2015–2020 forecast period. It starts with an overview of the

global market and the market forces influencing the wind-power market. The section covers the

installed capacity and generation of key countries. The section also covers investment trends,

the Levelized Cost Of Energy (LCOE) of the major countries, and the major debt providers.

Section 4 provides information on the average turbine size for both onshore and offshore wind

during the 2006–2020 period, the average turbine price trends and market size during the

2006–2015 period, and the turbine market shares of the key companies.

Sections 5–8 analyze the major wind-turbine components, including rotor blades, gearboxes,

towers and generators. Each section starts with an introduction of the component, which is

followed by an overview of the market. A study on global average cost and market size is

covered for the components mentioned. Information on global production (in terms of MW) and

insights on the competitive landscape are provided for the four components covered in the

report. Each section concludes with insights on the major trends in the markets for the different

wind-turbine components.


Wind Power Market, Global, 2001–2020


3.3.1.2 Wind Power Market, Global, Annual Installed-Capacity Share by Region, 2014

APAC had the highest market share in terms of annual wind-power capacity in 2014, with an

estimated share of XX%. It was followed by Europe, which accounted for an estimated XX%, North

America, which accounted for an estimated XX%, and South America, which accounted for an

estimated XX%. The Middle East and Africa had a combined share of only XX%.

The following graph shows the market share of each region in terms of annual installed power

capacity in 2014.

Figure 5: Wind Power Market, Global, Annual Installed-Capacity Share by Region (%), 2014

APAC

Europe

North America

South America

Middle East and Africa

Source: GlobalData, Power Database [Accessed on December 12, 2014]

Table 3: Wind Power Market, Global, Annual Installed-Capacity Share by Region (%), 2014 Region 2014

APAC

Europe

North America

South America

Middle East and Africa

Source: GlobalData, Power Database [Accessed on December 12, 2014] Note: Figures are rounded off and may not add up to 100%


Wind Turbine Rotor Blade Market, Global


5.4 Wind Turbine Rotor Blade Market, Market Size

The global market size peaked in 2009, at $XX billion, despite the price of rotor blades peaking in

2008. This was due to a high annual capacity addition. It fluctuated in the following years and

reached $XX billion in 2014. It is expected to fluctuate further from 2015, owing to fluctuating levels

of annual capacity addition, although the price range is expected to stay stable.

The following figure illustrates the value of the market for rotor blades from 2006 to 2020.

Figure 25: Wind Turbine Rotor Blade Market, Market Size ($bn), 2006–2020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Mar

ket s

ize

($bn

)

Source: GlobalData


Appendix


9 Appendix

9.1 Abbreviations

Table 43: Abbreviations Acronym Expanded form APAC Asia-Pacific

CAGR Compound Annual Growth Rate

DD Direct-Drive

DFIG Doubly Fed Induction Generator

EPC Engineering, Procurement and Construction

FiT Feed-in Tariff

FRP Fiber Reinforced Plastic

GW Gigawatt

HAWT Horizontal Axis Wind Turbine

IG Induction Generator

kW kilowatt

kWh Kilowatt hour

LCOE Levelized Cost Of Energy

MW Megawatt

MWh Megawatt hours

OEM Original Equipment Manufacturer

O&M Operations and Maintenance

PVC Polyvinyl Chloride

R&D Research and Development

PMG Permanent Magnet Generator

PMSG Permanent Magnet Synchronous Generators

ROC Renewable Obligation Certificate

RTM Resin Transfer Molding

SCRIMP Seeman Composites Resin Infusion Molding Process

SHFRP Shanghai FRP Research Institute

SPRINT SP Resin Infusion Technology

TECSIS Tecnologia e Sistemas Avancados Ltda

TWh Terawatt hour

VARTM Vacuum-Assisted Resin Transfer Molding

VAWT Vertical Axis Wind Turbine

WEC Wind Energy Converter

WPU Wind Power Unit

WTG Wind Turbine Generator

Source: GlobalData


Appendix


9.2 Bibliography

Anaheim Automation (2012). Gearbox Guide. Anaheim Automation. Available from:

http://www.anaheimautomation.com/manuals/forms/gearbox-guide.php [Accessed on

December 4, 2014]

EWEA (2009). The Economics of Wind Energy. European Wind Energy Association. Available

from:

http://www.ewea.org/fileadmin/ewea_documents/documents/00_POLICY_document/Economic

s_of_Wind_Energy__March_2009_.pdf

Federal Register (2013). Utility Scale Wind Towers From the People's Republic of China:

Antidumping Duty Order. Federal Register. Available from:

https://www.federalregister.gov/articles/2013/02/15/2013-03727/utility-scale-wind-towers-from-

the-peoples-republic-of-china-antidumping-duty-order [Accessed on December 10, 2014]

Gurit (2010). Wind Energy Handbook – Blade Manufacturing Processes. Gurit Services.

Available from: http://www.gurit.com/files/documents/4_Blade_Processes.pdf

Oanda (2014), Historical Exchange Rates. Oanda Corporation. Available from:

http://www.oanda.com/ {Accessed on December 1, 2014]

Power Engineering (2012). Direct Drive vs. Gearbox: Progress on Both Fronts. Power

Engineering. Available from: http://www.power-eng.com/articles/print/volume-115/issue-

3/features/direct-drive-vs-gearbox-progress-on-both-fronts.html [Accessed on December 9,

2014]

Ragheb A and Ragheb M (2010). Wind Turbine Gearbox Technologies. International Nuclear

and Renewable Energy Conference 2010. Available from:

https://netfiles.uiuc.edu/mragheb/www/Wind%20Power%20Gearbox%20Technologies.pdf

Terra Magnetica (2009). How Does The Use Of Permanent Magnets Make Wind Turbines

More Reliable? Terra Magnetica. Available from:

http://www.terramagnetica.com/2009/08/03/how-does-using-permanent-magnets-make-wind-

turbines-more-reliable/ [Accessed on December 5, 2014]


Appendix


Wood K (2012). “Wind Turbine Blades: Glass Vs Carbon Fiber”, Composites World, May 31,

2012. Available from: http://www.compositesworld.com/articles/wind-turbine-blades-glass-vs-

carbon-fiber [Accessed on December 1, 2014]

9.3 Definitions

9.3.1 Power

Power refers to the rate of production, transfer or energy use, usually related to electricity. It is

measured in Watts (W) and often expressed in kilowatts (kW) or Megawatts (MW). It is also known

as real power or active power.

9.3.2 Installed Capacity

Installed capacity refers to the generator’s nameplate capacity as stated by the manufacturer, or

the maximum rated output of a generator under given conditions. It is given in Megawatts (MW) on

a nameplate affixed to the generator.

9.3.3 Electricity Generation

Electricity generation refers to the process of generating electricity from other forms of energy. It

also refers to the amount of electricity produced, expressed in Gigawatt hours (GWh).

9.3.4 Renewable Energy Resources

Renewable energy resources are those that provide energy that is naturally replenished but limited

in the amount of energy available per unit of time. Biomass, geothermal, solar, small hydro and

wind are examples of renewable resources.

9.4 Methodology

GlobalData’s dedicated research and analysis teams consist of experienced professionals with

advanced statistical expertise and marketing, market research and consulting backgrounds in the

energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and

Strategic and Competitive Intelligence Professionals (www.scip.org).

All of GlobalData’s databases are continuously updated and revised. The following methodology

has been followed for the collection and presentation of data presented in this report.


Appendix


9.4.1 Coverage

The objective of updating GlobalData’s coverage is to ensure that it represents the most up-to-date

vision of the industry possible.

Changes to the industry taxonomy are built on the basis of extensive research of company,

association and competitor sources.

Company coverage is based on three key factors: market capitalization; revenues; and media

attention and innovation and market potential.

An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the

basis of their market capitalization.

The estimated revenues of all major companies, including private and governmental, are gathered

and used to prioritize coverage.

Companies that are making the news, or that are of particular interest due to their innovative

approach, are prioritized.

GlobalData aims to cover all major news events and deals in the alternative energy industry,

updated on a daily basis.

9.4.2 Secondary Research

The research process begins with extensive secondary research using GlobalData’s proprietary

databases and external sources.

The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and

SEC filings

Industry trade journals and other literature

Proprietary and external databases

National government documents, statistical databases and market reports

News articles, press releases and web-casts specific to the companies operating in the market


Appendix


9.4.3 Primary Research

GlobalData conducts extensive primary interviews with industry participants and commentators in

order to validate its data and analysis. A typical research interview fulfills the following functions:

Obtains the interviewee’s perspective on the market size, growth trends, competitive landscape

and future outlook

Validates and strengthens secondary research findings

Further develops the analysis team’s expertise and market understanding

Primary research involves e-mail interactions, telephone interviews and face-to-face interviews for

each market, category, segment and sub-segment across geographies.

The participants who typically take part in such a process include, but are not limited to:

Industry participants: CEOs, VPs, business development managers, market intelligence

managers and national sales managers

Outside experts: investment bankers, valuation experts, research analysts and key opinion

leaders specializing in alternative energy industry

9.4.4 Conversion Rates

The following conversion rates have been used.

Table 44: Offshore Wind Market, Global, Conversion Rate, € to $ Year Conversion factor

2006 1.2560

2007 1.3704

2008 1.4709

2009 1.3942

2010 1.3275

2011 1.3924

2012 1.2929

2013 1.3318

2014–2020 1.3511

Source: GlobalData; Oanda, 2014


Appendix


9.4.5 Modeling and Forecasting

In-house models are used to forecast data and in the event of data gaps. Historical data and the

analysis of trends within it form the basis of all forecasting methodology. A range of qualitative and

quantitative factors are taken into account to estimate future growth. The forecast data are

validated by industry experts and in a back-of-envelope test.

9.5 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior

permission of the publisher, GlobalData.

This report is a licensed product and should not to be reproduced without prior permission.

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