The wind turbine rotor blade market was valued at US$ 15,935.50 million in 2022 and is projected to reach US$ 32,999.77 million by 2030; it is expected to grow at a CAGR of 9.5% during 2022-2030.
The Tribal Nation Technical Assistance Program for Offshore Wind Transmission is a demonstration of the U.S. government's commitment to wind energy development and the critical role that wind turbine rotor blades play in harnessing offshore wind resources. As the offshore wind sector expands in response to government policies and commitments, the market for wind turbine rotor blades is poised to grow, benefiting both the wind energy industry and the broader goals of reducing carbon emissions and combatting climate change.
The growing demand for clean energy generation, increasing adoption of renewable energy, and rise in investment in renewable energy sources are the key factors responsible for the growth of the wind power industry, which, in turn, is expected to drive the wind turbine rotor blade market expansion during the forecast period.
Also, in March 2022, the agreement between General Electric and Iberdrola Australia aimed at supplying and installation of 38 wind turbines for the Flyers Creek wind farm project. It is a 145 MW wind farm that will power an equivalent of 86,000 homes and is expected to be completed by 2023. Thus, the increasing number of wind farm projects is bolstering the market outlook, which is further driving the wind turbine rotor blade market growth in Australia.
The global wind turbine rotor blade market share has been segmented based on generator type and deployment type. Based on generator type, the market has been segmented into below 40m, 41-60m, 61-70m, and above 70m. By deployment type, the market has been bifurcated into onshore and offshore. The global wind turbine rotor blade market share has also been analyzed on the basis of five major regions: North America, Europe, APAC, the MEA, and SAM.
TPI Composites SA, Vestas Wind Systems A/S, Enercon GmbH, LM Wind Power, Siemens Gamesa Renewable Energy SA, Acciona SA, Suzlon Energy Ltd, Nordex SE, Envision Group, and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd are among the key wind turbine rotor blade market players profiled during this market study. In addition to these players, various other major companies have also been studied and analyzed to get a holistic view of the global wind turbine rotor blade market and its ecosystem.
Reasons to Buy
Increasing Adoption of Recycling Technology is Driving the Wind Turbine Rotor Blade Market Growth
Key players in the wind turbine rotor blade market continuously focus on developing innovative designs and materials for the turbine blade to increase overall efficiency. In the last two years, many public and private organizations have successfully developed recycled blade manufacturing processes. For instance, Siemens Games came up with the industry's first recycled blade for offshore and onshore wind farms. Moreover, many private organizations have developed recycling processes for decommissioned wind turbine blades. Previously, the industry was unable to recycle wind turbine blades after decommissioning, owing to which the blades would end up in the trash, further increasing the need for waste management activities and the risk of environmental pollution. With these innovative recycling methods, blade materials can be recycled and repurposed in various sectors. For instance, Carbon Rivers developed a method for recovering clean, mechanically intact glass fiber from decommissioned wind turbine blades. These methods will help the wind turbines to become truly sustainable. Such initiatives are expected to reduce the overall impact generated by wind turbine blades, allowing energy companies to deploy a high number of offshore wind turbines without any risks of environmental pollution and the government's stringent regulations or limitations.The Tribal Nation Technical Assistance Program for Offshore Wind Transmission is a demonstration of the U.S. government's commitment to wind energy development and the critical role that wind turbine rotor blades play in harnessing offshore wind resources. As the offshore wind sector expands in response to government policies and commitments, the market for wind turbine rotor blades is poised to grow, benefiting both the wind energy industry and the broader goals of reducing carbon emissions and combatting climate change.
The growing demand for clean energy generation, increasing adoption of renewable energy, and rise in investment in renewable energy sources are the key factors responsible for the growth of the wind power industry, which, in turn, is expected to drive the wind turbine rotor blade market expansion during the forecast period.
Also, in March 2022, the agreement between General Electric and Iberdrola Australia aimed at supplying and installation of 38 wind turbines for the Flyers Creek wind farm project. It is a 145 MW wind farm that will power an equivalent of 86,000 homes and is expected to be completed by 2023. Thus, the increasing number of wind farm projects is bolstering the market outlook, which is further driving the wind turbine rotor blade market growth in Australia.
The global wind turbine rotor blade market share has been segmented based on generator type and deployment type. Based on generator type, the market has been segmented into below 40m, 41-60m, 61-70m, and above 70m. By deployment type, the market has been bifurcated into onshore and offshore. The global wind turbine rotor blade market share has also been analyzed on the basis of five major regions: North America, Europe, APAC, the MEA, and SAM.
TPI Composites SA, Vestas Wind Systems A/S, Enercon GmbH, LM Wind Power, Siemens Gamesa Renewable Energy SA, Acciona SA, Suzlon Energy Ltd, Nordex SE, Envision Group, and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd are among the key wind turbine rotor blade market players profiled during this market study. In addition to these players, various other major companies have also been studied and analyzed to get a holistic view of the global wind turbine rotor blade market and its ecosystem.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the wind turbine rotor blade market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the wind turbine rotor blade market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Wind Turbine Rotor Blade Market Landscape
5. Wind Turbine Rotor Blade Market - Key Industry Dynamics
6. Wind Turbine Rotor Blade Market - Global Market Analysis
7. Wind Turbine Rotor Blade Market Analysis -Type
8. Wind Turbine Rotor Blade Market Analysis - Deployment Type
9. Wind Turbine Rotor Blade Market - Geographical Analysis
10. Wind Turbine Rotor Blade Market - Impact of COVID-19 Pandemic
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned
- TPI Composites SA
- Vestas Wind Systems A/S.
- Enercon GmbH
- LM Wind Power
- Siemens Gamesa Renewable Energy, S.A.
- Acciona SA
- Suzlon Energy Ltd.
- Nordex SE
- Envision Group
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | December 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value in 2022 | 15.93 Billion |
| Forecasted Market Value by 2030 | 32.99 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
