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Wind Turbine Rotor Blade Market

Wind Turbine Rotor Blade Market

Wind Turbine Rotor Blade Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

150

Base Year:

2021

Date

Jan - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1128

Segments Covered
  • By Type Carbon fiber, Fiberglass
  • By Location Onshore, Offshore
  • By Regions North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 18.47 Billion
Revenue 2028Revenue 2028: USD 37.62 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 9.3%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Wind Turbine Rotor Blade Market Share

Wind Turbine Rotor Blade Market: By Material, Blade Size, and Region

Market Synopsis:

In 2021, global Wind Turbine Rotor Blade market valued at USD 18.47 Billion and is expected to attain a value of USD 37.62 Billion by 2028 at a CAGR of 9.3% during the forecast period, 2022–2028.

Wind Turbine Rotor Blade Market Size, 2021 To 2028 (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.

Segmentation:

Below tree is interactive. You can click the nodes to get more information.

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.

Competitive Landscape

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:

Parameter Details
Segments Covered
  • Type (Carbon fiber, Fiberglass)
  • Location (Onshore, Offshore)
  • Regions (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Vestas Wind System AS (Denmark)
  • Siemens AG (Germany)
  • Suzlon Energy Limited (India)
  • Gamesa Corporacion Tecnologica (Spain) and Acciona S.A. (Spain)
Report Coverage 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 impact analysis

FAQ
Frequently Asked Question
  • The global Wind Turbine Rotor Blade valued at USD 18.47 Billion in 2020 and is expected to reach USD 37.62 Billion in 2028 growing at a CAGR of 9.3%.

  • 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).

  • The market is project to grow at a CAGR of 9.3% between 2021 and 2028.

  • The driving factors of the Wind Turbine Rotor Blade include

    • Increasing Focus Toward Renewable Energy Sources

  • Asia Pacific was the leading regional segment of the Wind Turbine Rotor Blade in 2020.