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Wind Turbine Rotor Blade Market Research Report - Segmentation By Material (Glass Fiber, Carbon Fiber), By Blade Size (<27Meter, 27-37 Meter, 50-60 Meter and >50 Meter), and Region - Industry Forecast of 2024 to 2029

Published: March, 2023
ID: 10633
Pages: 150
Formats: report pdf report excel report power bi report ppt

Wind Turbine Rotor Blade Market Size (2024 - 2029):

The Global Wind Turbine Rotor Blade Market size is estimated at USD 15.82 billion in 2023 to reach nearly USD 31.20 billion by 2029 and is predicted to register a CAGR of 14.54% during the period 2024-2029.

The market was dominated by Asia-Pacific, which accounted for more than 54 % of total blades installed worldwide. The region is predicted to remain the most attractive market through 2019, even as South America, the Middle East, and Africa are predicted to see promising expansion rates. Factors such as the growing call for the adoption of cleaner energy sources, the growing call for wind power generation, the rising number of offshore projects, and the relocation of turbine rotor blades are driving market expansion.

The wind is an important part of the present-day worldwide renewable energy scenario and with the escalating focus on minimum dependence on fossil fuels, reliance on wind is predicted to rise in the foreseeable future. Currently, turbines are the most widely employed machines to convert wind energy into electrical energy with the movement of the blades operating an electricity generator. The escalating offshore applications are leading to a rising call for wind turbines, which in turn is driving the growth in the worldwide turbine rotor blade market. 

Market Trends:

A favorable political environment and the falling cost of wind power generation are stimulating the expansion of wind turbine rotor blades. A combination of environmental concerns and economic benefits has led governments around the world to support the renewable energy industry. Although the costs of producing wind power have decreased over the years, the investment costs of setting up a running wind project remain high. In addition to the construction and installation of wind turbines, costs can also increase, depending on the load factor and capacity factor of the wind turbines, which vary depending on the project location and the quality of the wind resource.

Market Drivers:

The worldwide market for wind turbine rotor blades is driven by population expansion and improving economic conditions in various regions of the world. The growing environmental concerns and economic benefits of wind power are pushing governments around the world to support the expansion of the market. Also, the drop in the cost per kWh of wind power generation is driving market expansion. Technological advances and the modernization of old projects offer significant expansion opportunities in the market. Wind power generation is now firmly established as the main source of power generation. Wind power capacity has escalated dramatically around the world, and wind turbines have become more powerful, efficient, and affordable for power producers over the last decade. These factors will have a positive impact on the call for wind turbine rotor blades as they are an essential part of wind projects. Wind power is a relatively large single source (around 50%) of any increase in electricity generation around the world.

Market Restraints:

High costs associated with R&D and transportation issues are the main factors restricting the expansion of the worldwide market for wind turbine rotor blades. Additionally, the availability of alternative sources of power generation, such as solar power and fuel, are other factors that are likely to hamper the expansion of the market during the outlook period.

Market Opportunities:

The material of the turbine rotor blades is of great importance as it provides the desired characteristics of stiffness, density, and resistance to fatigue of wind turbines. Reliability, low material cost, and light weight are some of the important factors considered when selecting materials. The slats are generally made of glass-reinforced plastic (GRP) and this trend is predicted to continue during the foreseen period. Carbon fiber reinforced plastic (CFRP) and composites are predicted to gain popularity in the coming years as they are helpful in reducing weight and costs to some extent. Additionally, the economic benefits of wind turbines and advances in rotor blades are prompting governments and private organizations to invest in the deployment of wind turbine technologies in emerging economies. This is another factor that is supposed to contribute to the development of the Worldwide Rotor Blades market largely during the conjecture period.

Market Challenges:

Manufacturers must mitigate critical challenges such as high development costs and shipping difficulties to take advantage of potential opportunities.

Market Recent Developments:

  • Siemens Gamesa launches a 14 MW direct drive offshore wind turbine with a 222-meter rotor. The winds of change have never been stronger, especially to meet worldwide needs for clean and renewable energy. The new Direct Drive SG 14-222 DD offshore wind turbine from Siemens Gamesa now sees the light of day as part of the solution.

WIND TURBINE ROTOR BLADE MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 – 2029

Base Year

2023

Forecast Period

2024 - 2029

CAGR

14.54%

Segments Covered

By Material, Blade Size, and Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Blade Dynamics, Kemrock Industries and Exports Limited, LM Wind Power Group, Moog Inc., SGS SA, Siemens AG, TANG Energy, and Others.

 

Market Segmentation:

Wind Turbine Rotor Blade Market - By Material:

  • Glass Fiber
  • Carbon Fiber

The fiberglass segment accounted for the largest market share, at over 65% in 2019, and is predicted to dominate the market during the foreseen period.

Wind Turbine Rotor Blade Market - By Blade Size:

  • <27 Meter
  • 27-37 Meter
  • 40-60 Meter
  • >50 Meter

Among the blade size sector, the 40-60-meter segment is predicted to be the largest segment. This will be followed by the Over 50 meters segment.

Market Regional Analysis:

The Wind Turbine Rotor Blade Industry includes are

  • North America - U.S., Canada.
  • Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
  • Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
  • Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.
  • Middle East & Africa - KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

The Asia-Pacific wind turbine rotor blade market is predicted to prosper due to escalating call for electricity in developing countries such as India and China and growing government initiatives encouraging wind power production. Europe is likely to become one of the most lucrative markets during the forecast period. The call for wind turbine rotor blades is supposed to increase, especially in Western Europe, due to the high acceptance of technologically advanced turbines and the presence of favorable environmental conditions.

Currently, the Asia-Pacific market dominates the worldwide market for wind turbine rotor blades in terms of revenue due to the high adoption of wind turbines, along with the growing call for energy from emerging economies such as China and 'India. The European market is estimated to see significant expansion in the worldwide market for wind turbine rotor blades, followed by the markets of North America, Latin America, and the Middle East and Africa, respectively.

Market Key Players:

Some of the key players in the global Wind Turbine Rotor Blade Market are

  1. Blade Dynamic
  2. Kemrock Industries
  3. Exports Limited
  4. LM Wind Power Group
  5. Moog Inc.
  6. SGS SA
  7. Siemens AG
  8. TANG Energy 

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