Wind Turbine Rotor Blade Market
Wind Turbine Rotor Blade Market - Global Industry Assessment & Forecast
- By Type Carbon fiber, Fiberglass
- By Location Onshore, Offshore
- By Regions North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 19.62 Billion|
|Revenue 2030:||USD 39.11 Billion|
|Revenue CAGR (2023 - 2030):||9.00%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Wind Turbine Rotor Blade Market: By Material, Blade Size, and Region
In 2022, global Wind Turbine Rotor Blade market valued at USD 19.62 Billion and is expected to attain a value of USD 39.11 Billion by 2030 at a CAGR of 9.00% during the forecast period, 2022–2028.
Wind Turbine Rotor Blade Market Size, 2022 To 2030 (USD Billion)
The increasing demand for larger turbines with broader rotors has created opportunities for longer blades as well as those with complex airfoil shapes such as those incorporating scimitar tips where the trailing edge sweeps back over the tip region. In addition, composite materials are now often used for high-performance blades to reduce weight while maintaining product stiffness and strength. For example, carbon fiber composites are used for high-thrust, stiff blades with large root diameters that are subjected to the highest loads.
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By Material, Carbon Fiber to continue Leading the Wind Turbine Rotor Blade Market
The global demand for Wind Turbine Rotor Blades made from carbon fiber is forecasted to increase significantly in a relatively short period of time, as major manufacturers from around the world are expected to use these blades on a large scale from 2021 onwards. Moreover, a number of industry announcements have occurred recently regarding research, development and certification of carbon fiber components for wind turbines. Also, it has been found that the energy sector is willing to invest in carbon fiber technology, while aerospace manufacturers are also exploring the use of this composite material for wind turbine blades and potentially other applications.
The global market for carbon fiber used in rotor blades is expected to increase at a CAGR (compound annual growth rate) of approximately 15% from 2018 to 2025, This growth can be attributed mainly to the high strength-to-weight ratio offered by such components as well as their potential for improving wind energy output. Another factor that is driving market revenue is the increasing demand for green energy. Carbon fiber has been gaining traction in the wind energy industry, owing to its lightweight yet strong properties. With a specific gravity of around 3kg/m3 , carbon fiber is not only much lighter than other metal alloys or fiberglass but also much stronger. Carbon fiber components are preferred by manufacturers as there are no load-bearing restrictions for the blades and they can be made thinner with less material usage.
Asia is the Largest Wind Turbine Rotor Blade Market
International trade in Wind Turbine Rotor Blade is rising fast, with a boom in orders from China and the US. In 2018, China was the biggest importer of blades, importing a total of 2.6 GW worth of wind turbine blade sets from all countries, accounting for 42% of global imports. The US imported 1.2 GW worth in the same year, making up 22% share in world market. The Netherlands and Germany were also major exporters to the US with a share around 10%. Japan's leading position is under threat from expanding wind power industries in other Asian countries such as Korea and China. Japan exported only 0.12GW worth of blades to the region while an amount much smaller than that went to the US (0.2GW). However, since then exports have been on steady rise and are expected to reach at least 0.5GW by 2021/22 fiscal year.
JSR's wind turbine blades are exported to markets such as Europe, the US, South America and North Africa. They are sold under the brand name of "ROTEX". JSR is exporting an average of 1 GW per year to overseas countries with increasing production capacity.
Vestas Wind System AS (Denmark), Siemens AG (Germany), Suzlon Energy Limited (India), Gamesa Corporacion Tecnologica (Spain) and Acciona S.A. (Spain) are some of the key players in the global Wind Turbine Rotor Blade market.
The Wind Turbine Rotor Blade is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Wind Turbine Rotor Blade in terms of revenue?
The global Wind Turbine Rotor Blade valued at USD 19.62 Billion in 2022 and is expected to reach USD 39.11 Billion in 2030 growing at a CAGR of 9.00%.
Which are the prominent players in the market?
The prominent players in the market are Vestas Wind System AS (Denmark), Siemens AG (Germany), Suzlon Energy Limited (India), Gamesa Corporacion Tecnologica (Spain) and Acciona S.A. (Spain).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.00% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Wind Turbine Rotor Blade include
- Increasing Focus Toward Renewable Energy Sources
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Wind Turbine Rotor Blade in 2022.