Published Report - Wind Turbine Rotor Blade Market Growth Report � Size, Share 2030

  • Report Code : TIPAR00021136
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 142
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Wind Turbine Rotor Blade Market Growth Report – Size, Share 2030

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[Research Report] 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.

Analyst Perspective:

The global wind turbine rotor blade market is segmented into five regions—Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Global wind energy installations are expected to cross 150 GW in 2027, as per the analysis from the Global Wind Energy Council, at a CAGR of more than 12% from 2022 to 2027. Rising government initiatives and collaboration between government and private bodies are expected to raise the wind power installation capacity in the coming years. For instance, the Global Offshore Wind Alliance (GOWA) was formed by the Government of Denmark, the IRENA, and the Global Wind Energy Council in 2022. GOWA aims to contribute toward achieving an offshore wind capacity of ~380 GW by 2030 and 2,000 GW by 2050. Thus, governments and international associations have completely woken up the possibilities that offshore wind can increase, making offshore wind a globally interesting topic for investment and increasing ambition in developed and developing markets worldwide. This is expected to drive the growth of the wind turbine rotor blade market globally during the forecast period. The wind turbine rotor blade market has been classified into five key regions: North America, Europe, ASIA PACIFIC, the Middle East & Africa, and South America.

Market Overview:

The wind turbine rotor blade market refers to the industry segment focused on the design, manufacturing, distribution, and maintenance of the large, aerodynamic blades that are an integral part of a wind turbine. These rotor blades are essential components of wind turbines, as they obtain the kinetic power from the wind and transform it into mechanical energy that drives the generator, ultimately producing electricity. The wind turbine rotor blade market is closely linked to the broader wind energy sector, and its growth is driven by the expansion of wind power capacity, advancements in blade technology, and the growing requirement for renewable energy sources to address environmental and energy challenges may stimulate the wind turbine rotor blade market growth.

Government policies and international commitments to reduce carbon emissions and combat climate change are driving the requirement for renewable energy sources such as wind power. Various countries have set ambitious renewable energy targets, creating a strong market incentive for wind turbine rotor blades. For instance, in September 2023, the U.S. Department of Energy unveiled the Tribal Nation Technical Assistance Program for Offshore Wind Transmission. This initiative is designed to provide education and training resources, responding directly to input from Tribal communities. The program's overarching goal is to propel the development of equitable and sustainable offshore wind energy in the US, emphasizing domestic manufacturing and effective grid integration. This grid integration includes the use of high-capacity transmission lines, which can boost the demand for wind turbine rotor blade market.  

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Published Report - Wind Turbine Rotor Blade Market: Strategic Insights

Published Report - Wind Turbine Rotor Blade Market

  • CAGR (2022 - 2030)
    9.5%
  • Market Size 2022
    US$ 15.94 Billion
  • Market Size 2030
    US$ 33 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • 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

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Below 40m
  • 41-60m
  • 61-70m
  • Above 70m
Deployment Type
  • Onshore and Offshore
Geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Driver:

Increased Energy Consumption and Trends of Clean Energy is Boosting the Wind Turbine Rotor Blade Market Growth

Global energy demand is increasing every day, resulting in an energy crisis and contamination of the environment due to carbon emissions. Energy derived from fossil fuels is unsustainable due to limited supply, depleting supply, and the environmental impact. As a result, the trends of sustainable and clean energy production increased in the last few years. Many developed countries, such as the US, Germany, and China, took initiatives to solve the energy crisis issues, resulting in the development of the wind turbine industry. As per the government data, in 2022, renewable energy sources amounted to 0.9 trillion kWh, which roughly accounted for 21% of the total US electricity generation. In the total renewable electricity generation, the wind energy segment witnessed a share of 10.3%. As per the data published by China's National Energy Administration (NEA) in 2022, solar and wind power production witnessed a 21% hike from the previous year. In addition, as per the International Renewable Energy Agency (IREA), Wind energy has developed rapidly since 2000, owing to R&D and reduction in developmental costs. Such factors have positively affected the development and installation of wind power. For instance, onshore wind capacity increased from 178 GW in 2010 to 699 GW in 2020, whereas offshore wind capacity increased from 3.1 GW in 2010 to 34.4 GW in 2020. Thus, with increased demand for electricity owing to growing population, urbanization, industrialization, and increased preferences for clean energy, the demand for onshore and offshore wind energy projects increased, ultimately driving the wind turbine rotor blade market.

Segmental Analysis:

Blades are the most vital wind turbine component. Innovation in materials and development in the manufacturing process has positively affected the 41–60 m and 61–70 m types of blades. The rotor blades above 70 m in length accounted for the highest share in wind turbine rotor blade market due to growing demand for the higher MW projects. MingYang Smart Energy holds the record for the biggest wind turbine in the world. In August 2022, Ørsted A/S announced the completion of its largest installed wind farm, Hornsea 2. This farm has a production capacity of 1.3 GW and comprises 165 wind turbines. On the other hand, the demand for below 40 m is mainly driven by government investments in small wind turbine projects, which may drive the wind turbine rotor blade market growth.

Regional Analysis:

North America constitutes major economies such as the US, Canada, and Mexico. The wind turbine rotor blade market in North America is expected to register remarkable growth owing to stringent government regulations, favorable policies, increasing investment in wind power projects, and reduced cost of wind energy. In North America, the growing consumer awareness toward sustainability goals and the role of renewable energy and wind energy are expected to increase wind power installations in the region. North America accounted for 12% of total wind power installations in 2022, with the US accounting for more than 85% of new capacity additions in the region.

Wind energy in the US has recorded substantial growth in the last five years, which represents the largest source of new additions to the US electricity-generating capacity. Wind power provides 10% of electricity in 16 states and over 30% in Iowa, Kansas, Oklahoma, South Dakota, and North Dakota. The performance of wind energy technologies, coupled with the production tax credit and lower cost of power generation, accelerated the addition of wind energy capacity. Thus, a rise in investment toward building wind power projects in North America is expected to drive the growth of the wind turbine rotor blade market from 2022 to 2030.

Key Player Analysis:

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 operating in the wind turbine rotor blade market.

Wind Turbine Rotor Blade Market Report Scope

Report Attribute Details
Market size in 2022 US$ 15.94 Billion
Market Size by 2030 US$ 33 Billion
Global CAGR (2022 - 2030) 9.5%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Type
  • Below 40m
  • 41-60m
  • 61-70m
  • Above 70m
By Deployment Type
  • Onshore and Offshore
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Recent Developments: 

    Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wind turbine rotor blade market. A few recent developments by key the wind turbine rotor blade market players are listed below:

    Year

    News

    Region

    Nov-2022

    Vestas signed a multi-year framework agreement with long-time partner TPI Composites Inc. (TPI), a leading supplier of wind turbine blades and services, to strengthen its scalable global supply chain network for current and future wind turbine blades.

    North America

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type, Deployment Type, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Who are the major vendors in the wind turbine rotor blade market?

    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 are the key market players operating in the global wind turbine rotor blade market.

    Which region to dominate the wind turbine rotor blade market in the forecast period?

    Asia Pacific is one of the major regions in the wind turbine rotor blade market owing to favorable government mandates and policies, growing investment in wind energy projects, and lowered cost of wind energy. China, India, Australia, South Korea, and Japan are some of the major markets in Asia Pacific for wind turbine rotor blade. China, India, and Japan are the dominating countries holding a large share of the market, which is further estimated to increase during the forecast period.

    What is the future trend for the wind turbine rotor blade market?

    The Asia Pacific wind turbine rotor blade market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the wind turbine rotor blade market owing to favorable government policies, a rise in investment in wind energy projects, and reduced cost of wind energy. Countries such as India, China, and Japan are the dominating countries holding a large portion of the market share, which is further expected to increase during the forecast period.

    What are market opportunities for the wind turbine rotor blade market?

    The rise in demand for renewable energy and its advantages in protecting the environment are expected to promote wind energy projects globally. Governments of various countries are supporting the construction of wind energy projects in terms of policies and investments.

    What are reasons behind the wind turbine rotor blade market growth?

    According to the Global Wind Energy Council (GWEC), as of 2022, a total of 906 GW of wind capacity has been installed globally, of which 93% is onshore and 7% offshore. It is expected that the wind energy markets will grow fourfold in the coming 20 years, further raising the demand for advanced wind turbine components. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, rotor blade, tower, and pitch systems.

    The List of Companies - Wind Turbine Rotor Blade Market

    1. TPI Composites SA
    2. Vestas Wind Systems A/S.
    3. Enercon GmbH
    4. LM Wind Power
    5. Siemens Gamesa Renewable Energy, S.A.
    6. Acciona SA
    7. Suzlon Energy Ltd.
    8. Nordex SE
    9. Envision Group
    10. Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd

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