Wind Turbine Rotor Blades Market Outlook 2031
The global wind turbine rotor blades market size was valued at USD 21.6 Billion in 2022 and is anticipated to reach USD 45.09 Billion by 2031, expanding at a CAGR of 8.52% during the forecast period, 2023-2031.
The growth of the market is attributed to growing number of offshore wind energy installations owing to the reduced cost of wind energy. Moreover, increasing number of aging wind turbines is driving the market growth.
In the wind turbine, rotor blades are the most important component, as it determines the performance and cost of the wind power system. Each wind turbine has a life cycle of approximately 20 years and the break-even point of investment is around average period of 15 years
Wind Turbine Rotor Blades Market Trends, Drivers, Restraints, and Opportunities
- Rising electricity demand is one of the major factors driving the growth of the market.
- Low maintenance cost of wind energy system is expected to augment the wind turbine rotor blades market growth.
- High cost of transportation associated with wind turbine components can restraint the growth of the market.
- High initial investment as compared to alternate clean power sources, such as solar power can create challenges for the market growth.
- Ongoing technological developments in the design of wind turbine rotor blades and wind energy systems are expected to create remunerative opportunities for the industry players in the projected timeline.
Scope of Wind Turbine Rotor Blades Market Report
The report on the global wind turbine rotor blades market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wind Turbine Rotor Blades Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Location of Deployment (Onshore and Offshore), Blade Materials (Carbon Fiber, Glass Fiber, and Others)
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Regional scope
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North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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TPI Composites SA, LM Wind Power (a GE Renewable Energy business), Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, and Enercon GmbH.
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Wind Turbine Rotor Blades Market Segment Insights
Location of Deployment Segment Analysis
Based on location of deployment, the market is divided into onshore and offshore. The onshore segment is anticipated to account for a key market share and is anticipated to grow at a rapid pace during the forecast period. The cost of electricity production by onshore wind power plants is lower than the cost of generation by coal, gas and diesel power plants.
In 2018, the total onshore wind power capacity reached 568.4 GW. The wind capacity is anticipated to surpass 600 GW by the year 2023. Rising number of supportive government subsidies and policies is further boosting the growth of the market segment.
Blade Materials Segment Analysis
Based on blade materials, the market is divided into carbon fiber, glass fiber, and others. The carbon fiber segment is anticipated to account for a major market share during the forecast period.
Carbon fiber has already proven as one of the high-quality materials for the development of wind turbines. It reduces the weight and increases the stiffness of the bars. The material also reduces the total weight of blade by 38% and decreases the cost by 14%, as compared to glass fiber.
Regional Outlook
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to account for a considerable market share during the forecast period.
Increasing governmental support in form of numerous incentives, and favoring policies is driving the growth of the regional market growth. For instance, the Government of China has been actively promoting renewable infrastructure development to curb pollution and reduce the share of thermal power in the country’s power generation profile.
Segments
The global Wind turbine rotor blades have been segmented on the basis of
Location of Deployments
Blade Materials
- Carbon Fiber
- Glass Fiber
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
The major players of the market are TPI Composites SA, LM Wind Power (a GE Renewable Energy business), Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, and Enercon GmbH. Companies are engaging in partnerships, collaborations, and mergers to expand their market share.
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