Global Wind Turbine Blade Market to Reach $83.03 Billion by 2032
Market Research Future Insights
The global wind
turbine blade market is expected to grow at a significant compound annual
growth rate (CAGR) of over 20.50% during the forecast period from 2023 to 2032.
This growth is primarily attributed to the increasing demand for renewable
energy sources, such as wind energy, across the globe. Additionally, the
growing installation of offshore wind turbines is also expected to boost the
demand for wind turbine blades.
Wind turbine blades are one of the most critical components of a
wind turbine, as they are responsible for capturing the wind energy and
converting it into mechanical energy. The blades are typically made of
fiberglass, carbon fiber, or a combination of both. The size and shape of the
blades vary depending on the capacity of the wind turbine and the wind
conditions at the installation site.
The wind is a conventional renewable source of energy. The wind
turbines utilize this energy and are also used in many areas. The popularity of
wind turbines has been expanding fast in the last several years due to wind
usage, a renewable energy source.
An important factor elevating the wind turbine blade market growth
is the gradual shift towards clean energy sources. Most countries are
embracing alternative energy sources for the production of electricity.
With the provision of government incentives and tax rebates, more
wind farms are being installed. This is elevating the adoption of
renewable energy sources and is accordingly anticipated to attract high wind
turbine blade market revenue in the coming years.
The number of wind farms has added many folds in the last few
years, which indicates that the demand for renewable sources has expanded due
to the lack of non-renewable sources. Humankind has ascertained that they would
run out of non-renewable sources very soon, so they've repositioned their focus
to those generated without any limits.
The future for the market Revenue is very bright. It would
certainly reach a point where it can be depended upon entirely as a significant
source of energy generation.
Key Players
·
TPI
Composites Inc.
·
Lianyungang
Zhongfu Lianzhong Composites Group Co. Ltd
·
LM
Wind Power
·
Nordex
SE
·
Siemens
Gamesa Renewable Energy, S.A.
·
Vestas
Wind Systems A/S
·
MFG
Wind
·
Sinoma
wind power blade Co. Ltd
·
Aeris
Energy
·
Suzlon
Energy Limited
·
Enercon
GmbH
Regional Analysis
The windmill
blade material Market size is divided into five
regions; North America, Asia Pacific, Europe, Latin America, and the Middle
East & Africa.
Asia-pacific dominates the Wind Turbine Blade Market Revenue due to all
mentioned reasons.
China has the largest onshore wind farm in the world with a
capacity of 7965 Megawatts (MW) and tops the list, succeeded by the US with a
capacity of 96.4 GW. Germany stands thirds, India is fourth, Spain ranks
fifth, the UK stands sixth, France is seventh, Canada is eighth, Brazil Ranks
ninth and Italy is tenth in the list of top wind energy-producing nations.
Regionally, Europe stands high with the maximum wind energy
potential in the world. Europe is similarly one of the major markets and
is anticipated to gain the highest profit during the forecast period. The
market outlook in Europe is ascribed to commendatory environmental
circumstances and the increased demand in various industries. The highest
capability for wind energy installations is in the Middle East and Africa.
Market
Segmentation
The Wind Turbine Blade Market is segmented based on the following;
Based on the material
• Glass fiber
• Carbon fiber
Based on the size
• 28- 37 meters
• 38- 50 meters
• Up to 27 meters
• More than 50 meters
Based on the capacity
• 5MW
• Less than 2 MW
• 2MW- 5MW
Based on the application
• Onshore
• Offshore
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