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Global Wind Turbine Rotor Blade Market to Grow at a CAGR of 6% During 2021-2026, Aided by the Rising Demand for Wind Energy

According to a new report by EMR titled, ‘Global Wind Turbine Rotor Blade Market Report and Forecast 2021-2026’, the global market for wind turbine rotor blade attained a value of about USD 5.2 billion in 2020. The industry is further expected to grow at a CAGR of 6% in the forecast period of 2021-2026 to reach a value of approximately USD 7.4 billion by 2026.

The Asia Pacific region is witnessing robust growth due to the increasing demand for wind energy in the region. As China is one of the largest countries deploying wind energy, the demand for wind turbine rotor blades is surging. Moreover, the growing investments in wind energy by governments is propelling the market growth. The initiation of various wind projects by governments is also surging the use of wind turbine rotor blades, which is expected to propel the market growth. For instance, South Korea unveiled a new agreement to build an offshore wind complex in the country to meet the growing demand for energy. Furthermore, the growing energy demands in emerging economies such as India and Indonesia are also increasing the demand for wind energy, which is estimated to significantly contribute to the growth of the global wind turbine rotor blade industry.

Siemens Gamesa Renewable Energy SA (BME: SGRE), one of the leading companies in the market, announced the launch of a recyclable commercial blade in September 2021. The innovative 81-metre blades enable the efficient separation of component materials to boost the lifespan of blades. Moreover, the blades are expected to be manufactured in Aalborg, Denmark, while using innovative resin to bind component materials. The company, along with RWE, is expected to monitor and install recyclable blades in Germany at the offshore power plant. In addition, the company is projected to increase blade manufacturing in the United Kingdom by developing its new manufacturing plant in Teesside for the production of its wind turbines. Such developments are expected to bolster the market growth.

Market Analysis by Location of Deployment, Blade Material, and Region:

  • The market, on the basis of location of deployment, can be divided into offshore and onshore.
  • Based on blade material, the industry can be divided into carbon fibre and glass fibre, among others.
  • The regional markets for wind turbine rotor blade include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing use of innovative wind turbine rotor blades made up of aluminium, plastics, and woods, among others, is aiding the market growth.
  • The growing demand for alternative energy sources is surging the deployment of wind turbines, hence propelling the market for wind turbine rotor blades.
  • The market is being aided by the growing development of advanced wind turbine rotor blades to enhance the operational efficiency of wind turbines.
  • The increasing investments in wind energy and the rising demand for sustainable wind turbines are bolstering the growth of the wind turbine rotor blade industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for wind turbine rotor blade for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the locations of deployment, blade materials, and major regions of wind turbine rotor blade.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global wind turbine rotor blade market are TPI Composites Inc., Nordex SE, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, MFG Wind, and General Electric, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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