WASHINGTON, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The Global Wind Turbine Rotor Blade Market size is expected to reach over USD 37.62 Billion by 2028, exhibiting a CAGR of 9.3% during the forecast period.
Market Synopsis
The increasing number of installations for wind energy especially, offshore have been declining the wind energy cost, and the rising aging wind turbines is likely to fuel the market for wind turbine rotor blade during the forecast period. Furthermore, factors, such as high cost associated with cost competitiveness and transportation of substitute sources for clean power, such as solar power, may hamper the growth of the market in the coming years, states Vantage Market Research, in a report, titled “Wind Turbine Rotor Blade Market by Type (Carbon fiber, Fiberglass), by Location (Onshore, Offshore), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List Of Prominent Players in the Wind Turbine Rotor Blade Market:
- Vestas Wind System AS (Denmark)
- Siemens AG (Germany)
- Suzlon Energy Limited (India)
- Gamesa Corporacion Tecnologica (Spain)
- Acciona S.A. (Spain)
Market Dynamics:
Driver: Efficient Development of Wind Turbine Rotor Blades
Development with the design of aircraft wings for wind turbine rotor blades to increase operational efficiency is likely to drive the market growth. Additionally, in the production of wind turbine rotor blades advanced materials use, such as glass fibre and epoxy supported plastics and wind turbine rotor blades is stimulating the market growth. The rising research and development activities to develop wind turbine rotor blades which are lightweight to surge energy efficiency is further driving the market growth.
The market is likely to be driven by the rising investments in wind energy by numerous governments. For example, government in the United Kingdom, in 2021 March, announced that an investment worth 95 million pounds will be made by them for the development in offshore wind farms. Furthermore, the rising demand for wind turbines which are sustainable is leading to the growth of wind turbine rotor blades which are recyclable, and is anticipated to drive the market growth.
Opportunity: Rise in Adoption of Environmentally Friendly Practices
Wind turbines are environment friendly and they do not use limited resources, they are being preferred increasingly. Hence, the rising use of wind turbines to produce energy is stimulating the wind turbine rotor blade growth in the industry. Furthermore, the rising demand for innovative and new wind turbine rotor blades to improve the energy performance and efficiency of wind turbines is driving the market growth. Use of innovative and improved wind turbine rotor blades which are made of aluminium, wood, and plastics, among others, to increase their affordability and durability which is helping the market to further grow.
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Regional Trends
Asia Pacific dominated the market, accounting for more than 45% of the market revenue. Establishment of auction policy in 2018 by China has triggered the market in the upward direction. Additionally, Australia, India, and other Asian nations installed about 3.7 GW together of onshore wind capacity in the year 2018. Stable and favourable government policies, and investors trust in market growth contributed the most for the market growth.
Key Findings
- Onshore to hold a significant market share: New onshore installations are the main reason for the market growth. The segment is driven by the U.S. and China collectively having over 28 GW of installed onshore capacity. PTC of the U.S. is said to be the key driver for increasing installations of onshore wind turbines in the U.S. market.
- Carbon Fiber to hold a significant market share: The growth of carbon fiber rotor blades market is owing to its high strength and lightweight properties.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Wind Turbine Rotor Blade Market?
- How will the Wind Turbine Rotor Blade Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Wind Turbine Rotor Blade Market?
- What are the Wind Turbine Rotor Blade market drivers and restrictions?
- What will be the CAGR and size of the Wind Turbine Rotor Blade Market throughout the forecast period?
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Wind Turbine Rotor Blade Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Wind Turbine Rotor Blade Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Wind Turbine Rotor Blade Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 18.47 Billion |
| Projected Market Size in 2028 | USD 37.62 Billion |
| CAGR Growth Rate | CAGR of 9.3% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Type:- Carbon fiber, Fiberglass Location:- Onshore, Offshore Regions:- North America, Europe, Asia Pacific |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Wind Turbine Rotor Blade Market by Type (Carbon fiber, Fiberglass), by Location (Onshore, Offshore), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/wind-turbine-rotor-blade-market-407238
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