Wind Turbine Rotor Blade Market Size is valued at USD 19.34 billion in 2022 and is predicted to reach USD 42.05 billion by the year 2031 at a 9.18% CAGR during the forecast period for 2023-2031.
Global product utilization has been augmented by the growing demand for alternative energy sources and the extensive use of wind energy power generation technology to maximize electricity production. The increasing depletion of petroleum-based resources and the growing demand for effective energy sources both lend support to this. As a result, governments are encouraging the installation of environmentally friendly assets like wind turbines to reduce carbon emissions, which is another element spurring economic growth. Additionally, the market is being supported by the rising use of various materials, including aluminum, wood, and polymers, to construct improved wind turbine rotor blades at affordable rates.
Additionally, developing product variants for aviation wing constructions aimed to increase operational effectiveness and using glass fiber-reinforced polymers and epoxy in wind turbine rotor blades are fostering market expansion. A favorable picture for the market is being created by other factors, including the continued installation of wind systems throughout offshore regions and strategic alliances amongst major firms to introduce lightweight, recyclable wind rotor blades.
Competitive Landscape
Some of the Wind Turbine Rotor Blade market players are:
- China National Materials Company Limited (Sinoma)
- Gamesa S.A.
- General Electric Company
- Siemens AG
- Sinoi GMBH
- Suzlon Energy Limited
- Vestas Wind Systems A/S
- Acciona S.A,
- Enercon GMBH
- Nordex S.E.
- Powerblades GMBH
- SGL Rotec GMBH & Co. KG (Carbon Rotec)
Market Segmentation:
The Wind Turbine Rotor Blade market is categorized based on material and blade size. Based on the material, the market is segmented as glass fiber and carbon fiber. By blade size, the market is segmented into >27 meters, 27-37 meters, 38-50 meters, and >50 meters.
Based On Material, The Carbon Fiber Segment Is Accounted As A Major Contributor In The Wind Turbine Rotor Blade Market.
For both land-based and offshore systems, carbon fiber is predominantly employed in the spar, or structural component, of wind blades longer than 45m/148ft. A narrower blade profile is possible while yet creating stiffer, lighter blades thanks to the increased stiffness and lower density of CF. According to Schell, switching from an all-glass blade to one with a carbon fiber-reinforced spar cap should result in a weight reduction of at least 20%. The properties of carbon will be especially advantageous for offshore wind systems, where the smallest turbines have a 3 MW rating.
The > 50-Meter Blade Length Application Segment Witnessed Growth At A Rapid Rate.
Wind turbines can sweep more ground, catch more wind, and generate more power when their rotor diameters are larger. Even in locations with relatively slight wind, a turbine with longer blades will be able to catch more of the available wind than one with shorter blades. More areas could be available for wind development across the country if more wind could be captured at lower wind speeds.
In The Region, The Asia Pacific Wind Turbine Rotor Blade Market Holds A Significant Revenue Share.
In the upcoming years, Asia Pacific is anticipated to dominate the market for wind turbine rotor blades. The main development engine for the market in the region is anticipated to be government initiatives and policies supporting the deployment of wind turbine rotor blades in marine applications. Due to the rising use of technologically developed wind turbines in nations like Germany and the UK and the favorable environmental conditions in these countries, Europe is anticipated to have significant development in the global wind turbine rotor blade market in the coming years. In the future, North America's wind turbine rotor blade market is anticipated to experience moderate expansion.
Wind Turbine Rotor Blade Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 19.34 Bn |
|
Revenue Forecast In 2031 |
USD 42.05 Bn |
|
Growth Rate CAGR |
CAGR of 9.18% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Material And Blade Size |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
China National Materials Company Limited (Sinoma), Gamesa S.A., General Electric Company, Siemens AG, Sinoi GMBH, Suzlon Energy Limited, Vestas Wind Systems A/S, Acciona, S.A, Enercon GMBH, Nordex S.E., Powerblades GMBH, and SGL Rotec GMBH & Co. KG (Carbon Rotec) |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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