Wind Turbine Rotor Blades Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Overview:

The wind turbine rotor blades market is expected to reach US$ 57.21 Bn in 2029, growing at a CAGR of 12.64% during the forecast period from 2021 to 2029. The rising threat of climate change and global warming has pushed the energy sector for transition towards renewable sources. UN’s Paris climate agreement of 2016 further conveyed the message of unified global effort to enhance the support through financing and technology development. Along with this, pressure from various global NGOs has triggered the renewable energy demand from sources such as wind turbines which went upward in recent years.

Moreover, market based mechanisms such as auction, tenders and green certificates followed in Germany, France, Netherlands, Poland, Russia, and Greece were the main drivers for the new installations of wind turbines which in turn helps to grow the market of wind turbine rotor blades. Apart from this, growing interest of companies in developing bladeless wind turbine which will be cheaper and more silent than contemporary one will restrain the market in near future. Moreover, other renewable energy sources such as solar power, tidal/Ocean-wave energy source are expected to impact the market in coming years.

Onshore Installations Continue to Lead the Segment

New onshore installations of wind turbines reached the capacity of more than 45 GW in 2020. Onshore installations segment is driven by China and the U.S. collectively having more than 28 GW of onshore capacity installed. Production Tax Credit (PTC) of the U.S. is identified to be the main driver for increasing installations of wind turbines in the U.S. market. New RPS policy of the U.S. states is expected to further increase the new installations in coming future. In addition to this, Germany, India and Brazil have also installed about 2 GW of wind capacity in 2020, this has helped the rotor blades market to grow further in 2020. In global scenario, onshore segment captures more than 85% of market share.

Asia Pacific Garnered Largest Market Share in 2020

The Asia Pacific market growth was led by China in 2020, accounting for over 45% of the regional market revenue. Introduction of auction policy by China in 2020 has triggered the market upward. This has helped China to install 21.2 GW of wind capacity in a single year. In addition to this, India, Australia and other Asian countries together installed about 3.7 GW of onshore wind capacity in 2020. In offshore segment also Asia Pacific has installed about 1.8 GW of wind capacity in 2020. Favorable and stable government policies, trust of investors in market growth were the main drivers for the market in 2020. Asia Pacific installed more than 50% of global wind turbines capacity in 2020.

Competitive Insights

Major players profiled in the wind turbine rotor blades market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, LM Wind Power, ACCIONA S.A., Enercon GmbH, Nordex SE, General Electric Company, Aeris Energy, TPI Composites, Sinoi GmbH, etc. among others. These companies are partnering with other companies and increasing their production and geographical reach by setting up new facilities to gain larger share of the market.

For instance, in January 2021, TPI Composites, largest U.S. based wind blade manufacturer signed an agreement with Vestas Wind System A/S to provide wind blades in India and other export markets. TPI Composites also announced the new blade manufacturing hub in India. With this partnership and new plant company is expected to increase their market share in the region.

Furthermore, in February 2021, Nordex SE announce their plan to produce their own rotor blades from their production facility in Mexico. Rotor blades of 1 GW capacity will be produced each year from this facility. With this new facility the company is expected to capture more market share in the North and Latin American region.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of wind turbine rotor blades market in 2020 and forecast up to 2029?
• What are the key factors driving the global wind turbine rotor blades market?
• What are the key market trends and high-growth opportunities observed in the wind turbine rotor blades market?
• Which is the largest regional market for wind turbine rotor blades market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the wind turbine rotor blades market?
• What are the sustainability strategies adopted by the key players operating in the market?

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