Favorable policy environment and declining cost of wind energy generation to Thrive Market
In the past few decades, the population across the globe is increasing at an unprecedented level. Moreover, the rapid pace of urbanization and industrialization is likely to propel market growth. The demand for renewable-based clean electricity is increasing swiftly across the globe. In developing countries, the government is motivating people regarding the use of green energy by taking several initiatives. All countries focusing on reducing the carbon content and adopting renewable energy sources with an aim of boosting this scenario have led to the creation of various initiatives and proposals. Furthermore, Increasing environmental concerns and the economic benefits of wind power are compelling governments across the globe to encourage the market’s expansion. Furthermore, the technological advances, as well as the repowering of existing projects, are offering several growth opportunities to the industries.
Moreover, along with the increasing demand for energy, the investment in research and development (R&D) sector is increasing tremendously from the government and several private organizations. Thus, is anticipated to propel the market growth in the near future over the forecast period which drives from 2022-2028.
What Will Be The Market By 2028?
Our report on Wind Turbine Rotor Blade Market has covered the study of the latest development and investment in the market. In addition, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for the wind turbine rotor blade market. Moreover, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, and forecasts & predictive analysis. The global Wind Turbine Rotor Blade Market valued at USD 18.47 Billion in 2021 and expected to reach USD 37.62 Billion in 2028 at CAGR of 9.3%.
Some of the key players in the Wind Turbine Rotor Blade Market include - Vestas Wind System AS (Denmark), Siemens AG (Germany), Suzlon Energy Limited (India), Gamesa Corporacion Tecnologica (Spain) and Acciona S.A. (Spain).
Asia Pacific is estimated to dominate the Wind Turbine Rotor Blade Market over the forecast period driving from 2022-2028. The presence of a large population and a high number of automobile manufacturing factories adds up a huge amount of greenhouse gases in the environment, due to which the country governments in the Asia Pacific are actively investing in producing renewable energy. Countries in the Asia Pacific including China and India are at the forefront of investing in the renewable energy sector, driving the Asia Pacific wind turbine rotor blade market.