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Wind Turbine Rotor Blades Market Size, Share & Growth [2031]
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Wind Turbine Rotor Blades Market Size, Share & Growth [2031]

Segments - Wind Turbine Rotor Blades Market by Location of Deployments (Onshore and Offshore), Blade Materials (Carbon Fiber, Glass Fiber, and Others), and Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-1236 | 4.7 Rating | 60 Reviews | 166 Pages | Format : PDF Excel PPT

Report Description


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.

Wind Turbine Rotor Blades Market Outlook

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

  • 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.

Attributes

Details

Report Title

Wind Turbine Rotor Blades Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Location of Deployment (Onshore and Offshore), Blade Materials (Carbon Fiber, Glass Fiber, and Others)

Regional scope

North America, Latin America, Europe, Asia Pacific, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

TPI Composites SA, LM Wind Power (a GE Renewable Energy business), Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, and Enercon GmbH.

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.

Wind Turbine Rotor Blades Market Location

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.

Wind Turbine Rotor Blades Market Outlook

Segments

The global Wind turbine rotor blades have been segmented on the basis of

Location of Deployments

  • Onshore
  • Offshore

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.

Wind Turbine Rotor Blades Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Turbine Rotor Blades Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Wind Turbine Rotor Blades Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Wind Turbine Rotor Blades Market - Supply Chain
  4.5. Global Wind Turbine Rotor Blades Market Forecast
     4.5.1. Wind Turbine Rotor Blades Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Wind Turbine Rotor Blades Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Wind Turbine Rotor Blades Market Absolute $ Opportunity
5. Global Wind Turbine Rotor Blades Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Wind Turbine Rotor Blades Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Wind Turbine Rotor Blades Demand Share Forecast, 2019-2026
6. North America Wind Turbine Rotor Blades Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Wind Turbine Rotor Blades Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Wind Turbine Rotor Blades Demand Share Forecast, 2019-2026
7. Latin America Wind Turbine Rotor Blades Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Wind Turbine Rotor Blades Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Wind Turbine Rotor Blades Demand Share Forecast, 2019-2026
8. Europe Wind Turbine Rotor Blades Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Wind Turbine Rotor Blades Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Wind Turbine Rotor Blades Demand Share Forecast, 2019-2026
9. Asia Pacific Wind Turbine Rotor Blades Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Wind Turbine Rotor Blades Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Wind Turbine Rotor Blades Demand Share Forecast, 2019-2026
10. Middle East & Africa Wind Turbine Rotor Blades Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Wind Turbine Rotor Blades Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Wind Turbine Rotor Blades Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Wind Turbine Rotor Blades Market: Market Share Analysis
  11.2. Wind Turbine Rotor Blades Distributors and Customers
  11.3. Wind Turbine Rotor Blades Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. TPI Composites SA Siemens Gamesa Renewable Energy SA Vestas Wind Systems A/S Enercon GmbH LM Wind Power (a GE Renewable Energy business)

Methodology

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