Wind Turbine Rotor Blades Market Drivers and Forecasts by 2030

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 increasing adoption of recycling technology in wind turbine rotor blade manufacturing is likely to remain key trends in the market.

Wind Turbine Rotor Blades Market Analysis

The wind turbine rotor blades market is projected to experience considerable growth during the analyzed timeframe owing to the increasing number of onshore & offshore wind power projects, particularly in remote locations. Additionally, the government regulations towards reducing carbon emissions by focusing on power generation through renewable energy sources such as wind, solar, geothermal, and others are expected to drive the market growth from 2022 to 2030. Moreover, government initiatives towards the installation of wind farms across the globe are projected to fuel market growth in the coming years.

Wind Turbine Rotor Blades Market Overview

With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for renewable power generation in developing and developed economies. This has resulted in driving the demand for wind power infrastructure across the globe. Wind power generation has gained a high level of importance and acceptability across the world compared to other renewable energy sources. Advanced developments in technology in the design and development of wind turbine rotor blades, turbines, foundations, shafts, and other components have contributed to significant advancement in wind energy adoption and in achieving maximum power from available wind. As per the International Renewable Energy Agency (IRENA), the global wind installed capacity reached 1,017 GW by the end of 2023 from 825 GW in 2021. Thus, such an increase in the wind installed capacity is expected to increase in the coming years, owing to the advantages of wind energy and favorable policies, incentives, and tax rebates. Such a rise in wind installation capacity across the globe is anticipated to be the key driver in the wind turbine rotor blades market.

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Wind Turbine Rotor Blades Market: Strategic Insights

Wind Turbine Rotor Blades Market Drivers and Opportunities

Government Initiatives to Promote the Installation of Wind Farms to Favor Market

An increase in support from various governments of different countries in terms of policies, subsidies, and investment for raising the installation of wind energy projects is projected to fuel the wind turbine rotor blades market growth over the analyzed timeframe. The Indian government is engaged in promoting wind power plants in the country through private sector funding by providing various fiscal and financial incentives such as Accelerated Depreciation benefits and concessional custom duty or tax exemption on certain components of wind electric generators. For instance, Germany is planning to introduce a bill to accelerate wind energy expansion. The new law will apply binding area targets for onshore wind energy expansion in the federal states. In April 2022, Germany planned to deploy offshore wind targets to more than 10 GW per year from 2025 with the help of a historic package called the Easter Package, which is the most profound series of changes in German energy policy. With the help of these government initiatives, 80% of Germany's electricity demand will be covered by electricity from renewable energy sources by 2030. Such government initiatives across the globe to promote the installation of wind farms are expected to drive market growth from 2022 to 2030.

The Growing Focus on Floating Wind Technology

The floating wind technology is the offshore wind turbine mounted on a floating structure in the sea that ensures the turbine generates electricity in water depths. The floating or offshore wind technology is highly efficient in harsh environmental conditions and thus capable of producing huge amounts of power. This floating wind technology is globally adopted across various countries such as China, Germany, Japan, the UK, France, Belgium, and Denmark. The growth prospects in the adoption of floating wind technology are primarily attributed to an increase in advancement in technology, associated advantages, and turnkey solutions provided by various service providers. The growing awareness for achieving clean energy targets by various countries is propelling the demand for floating offshore wind power, which is posing a potential opportunity for the growth of the wind turbine rotor blades market.

The Floating Offshore Wind Centre of Excellence report has identified 22 countries that are most ready to become major players in the nascent renewable energy technology. For instance, in 2023, Octopus Energy, based in the UK, announced plans to invest US$ 20 billion in offshore wind by 2030. In 2023, the government of the US approved the fourth offshore wind project. This announcement marked another step toward the US' aim of deploying 30 Gigatons (GW) of offshore wind energy capacity by 2030. In addition, in January 2022, The United Kingdom government announced 11 renewable power projects that will each be awarded up to US$959.23 million as it puts forward US$2.97 billion to boost the renewable energy generated in the UK. Such investment in offshore or floating wind technology across the world is projected to fuel market growth in the coming years.

Wind Turbine Rotor Blades Market Report Segmentation Analysis

Key segments that contributed to the derivation of the wind turbine rotor blades market analysis are type, and application

• Based on type, the wind turbine rotor blades market is divided into below 40m, 41-60m, 61-70m, and above 70m. The above 70m segment held a largest market share in 2022.
•  On the basis of application, the market is segmented into onshore and offshore. The onshore segment held a larger market share in 2022.

Wind Turbine Rotor Blades Market Share Analysis by Geography

The geographic scope of the wind turbine rotor blades market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific dominated the wind turbine rotor blades market in 2022. The Asia Pacific region includes China, Australia, India, South Korea, Japan, & the Rest of Asia Pacific. Asia Pacific accounted for the second-largest market share in the wind turbine rotor blades market globally in 2022, and it is expected to expand at the fastest CAGR during the forecast period. The robust onshore industry and the presence of a large number of wind turbine rotor blade manufacturers across the area are responsible for the high market share. Furthermore, the expanding offshore sector in China, Japan, South Korea, and Southeast Asia is boosting the market for wind turbine rotor blades vendors across the region. In addition, a rise in investment towards the installation of onshore & offshore wind farms in the region is projected to propel the demand for wind turbine rotor blades from 2022 to 2030.

Wind Turbine Rotor Blades Market Regional Insights

The regional trends and factors influencing the Wind Turbine Rotor Blades Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Wind Turbine Rotor Blades Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Wind Turbine Rotor Blades Market Report Scope

Wind Turbine Rotor Blades Market Players Density: Understanding Its Impact on Business Dynamics

The Wind Turbine Rotor Blades Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Wind Turbine Rotor Blades Market News and Recent Developments

The wind turbine rotor blades market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wind turbine rotor blades market are listed below:

• TPI Composites, Inc. (TPI), a company engaged in providing innovative and sustainable solutions to decarbonize and electrify the world, announced that the company extended its supply agreements with GE Renewable Energy (GE) through 2025. General Electric and TPI Composites, Inc and planned to work together on development of GE’s next-generation blade types, including addition of more production facilities in 2023 in addition to the 9-production facilities GE has in operation with TPI. (Source: TPI Composites, Inc., Press Release, January 2023)
• Siemens Gamesa Renewable Energy announced the final acquisition of Ria Blades, S.A., that is engaged in operation of the onshore wind turbine blade production facility in Vagos, Portugal, and other additional assets required for the operation of the plant. (Source: Siemens Gamesa Renewable Energy, Press Release, April 2023)

Wind Turbine Rotor Blades Market Report Coverage and Deliverables

The “Wind Turbine Rotor Blades Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Wind turbine rotor blades market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Wind turbine rotor blades market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Wind turbine rotor blades market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wind turbine rotor blades market
• Detailed company profiles