The new report by Expert Market Research titled, 'Global Wind Turbine Rotor Blade Market Report and Forecast 2022-2027', gives an in-depth analysis of the wind turbine rotor blade market, assessing the market based on its segments like blade material, location of deployment and major regions. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size: USD 5.2 billion
- Forecast CAGR (2022-2027): 6%
- Forecast Market Size: USD 7.4 billion
Wind turbines are becoming more popular as demand for alternative energy sources grows, causing the market for wind turbine rotor blades to expand. The increasing use of wind turbines can be ascribed to the depletion of petroleum supplies, which has increased the need for a new and efficient energy source. Wind turbines are becoming more popular because they are environmentally beneficial and do not use any limited resources. As a result, the growing utilisation of wind turbines to generate energy is propelling the wind turbine rotor blade sector forward. In addition, the growing need for new wind turbine rotor blades to improve wind turbine energy efficiency and performance is propelling the sector forward. The introduction of novel wind turbine rotor blades made of plastics, aluminium, and wood, among other materials, to increase their durability and affordability is fueling industry expansion.
Industry Definition and Major Segments
The rotor blade of a wind turbine is a component that converts kinetic energy into torque. It is necessary for wind turbines to perform properly. It usually consists of three blades with low inertia and high mechanical strength to ensure that turbines run smoothly. As a result, they're great for generating renewable energy.
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The global wind turbine rotor blade market can be segmented on the basis of blade materials and location of deployment.
Based on blade materials:
- Carbon Fibre
- Glass Fibre
Based on location of deployment:
On the basis of regional markets, the segmentation of the wind turbine rotor blade industry includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Of all other types of wind turbine rotor blades, the global demand for carbon fibre type is predicted to rise dramatically in a short period of time, as major manufacturers from across the world are expected to adopt these blades on a massive scale. Furthermore, there have been a number of recent industry announcements on research, development, and certification of carbon fibre components for wind turbines. Carbon fibre technology is also being explored by aerospace industries for wind turbine blades and other applications.
The market is predicted to rise due to the integration of wind turbine rotor blades with aircraft wing designs to improve operational efficiency. In addition, the usage of innovative materials in the construction of wind turbine rotor blades, such as epoxy and glass fibre reinforced polymers, is boosting market growth. Increased research efforts to develop lightweight wind turbine rotor blades to improve energy efficiency are propelling the industry forward.
The industry is also anticipated to be driven by governments' rising investments in wind energy. For example, the UK government announced in March 2021 that it will invest 95 million pounds in offshore wind farm growth. Furthermore, the rising demand for sustainable and wind turbines is resulting in the development of recyclable wind turbine rotor blades, which is expected to drive market expansion.
Key Market Players
The major players within the market are TPI Composites Inc., Nordex SE, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, MFG Wind, General Electric and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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