Wind Turbine Blade Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Wind Turbine Blade Market Research Report, Type, Size and Region - Forecast till 2027” the market is projected to be worth USD 43.61 billion by 2030, registering a CAGR of 20.51% during the forecast period (2022 - 2030), The market was valued at USD 12.4 billion in 2022.
Multiple Factors to Augment Market Growth
The Wind turbine blade market trend will surely reach new heights as a result of greater awareness among people about the efficient use of non-renewable resources and the increased usage of renewable ones. The primary driving factors that have contributed to the growth of the wind turbine blade market are favorable government regulations that encourage the use of renewable energy resources in order to maintain environmental balance. Furthermore, the lowering cost of wind energy generation is one of the primary factors responsible for the market's growth.
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List of the notable players profiled in the global wind turbine blade market research report include:
- Siemens AG (Germany)
- Gamesa Corporacion Tecnologica (Spain)
- Acciona S.A. (Spain)
- Stem AS (Denmark)
- Vestas Wind Systems (Denmark)
- Suzlon Energy Limited (India), among others.
All of the market's top participants have been working together to drive growth. The additional expenses associated with the setup being evaluated and worked on to ensure they can be significantly lowered have been an issue impeding the market growth. With lower setup costs, there would be more setups, and they would eventually consume the sources that would never be exhausted. They have also been attempting to provide the most up-to-date technology to the market. Acquisitions, collaborations, and mergers among the market's top competitors have also resulted in considerable expansion and increased the market's horizons.
COVID-19 to Impact the Global Market
The COVID-19 pandemic, which began in China, has had a significant influence on the world economy in a number of ways. The COVID-19 outbreak has had a substantial influence on the energy sector since the industry is dealing with a number of challenges that are causing a drop in electricity demand, particularly from the industrial and commercial sectors. Furthermore, the global renewable industry has been badly impacted by this pandemic since most countries are dependent on other countries for imports and exports of raw materials and components essential for the start-up of renewable energy generation sources. Furthermore, the pandemic has not only impacted the renewable energy supply chain but has also influenced the market in a variety of other ways, including changing government policies, delaying the start of renewable energy projects, and halting government subsidies to promote renewable energy sources. Moreover, the pandemic's lockdown and travel restrictions have restricted the movement of people and products, which will eventually drive up the capital expenditures of renewable power projects, particularly wind energy projects.
Many countries around the world, including the United States, India, and Spain, rely substantially on other countries for wind turbine blade imports. As a result of the pandemic, wind turbine blade manufacture has ceased, resulting in a disruption in the supply of wind turbine blades worldwide. According to the US Department of Energy, the US imports about 30–50% of its blades and hubs from other countries, principally China.
According to the World Wind Energy Association (WWEA), global wind turbine installation capacity increased by 10.1% in 2019 compared to 2018, with an addition of 59.67 GW in 2019. However, due to the COVID-19 pandemic, wind power project installation had been halted in 2020, resulting in the delayed installation of wind power projects worldwide. Furthermore, numerous wind turbine blade manufacturers, including Siemens, LM Wind Power, and Acciona, have closed their production facilities, resulting in massive backlogs and delays in completing orders for wind power projects. Furthermore, key countries involved in the manufacturing of wind turbine blades, such as China, Spain, and Italy, have been severely impacted by the COVID-19 outbreak due to lockdown measures, resulting in the shutdown of industrial centers. This has caused production delays all around the world, thus stalling wind installation projects all over the world. As the sector faces numerous challenges, such as reduced output, tight restrictions, and others, worldwide market participants are focusing on the development of preventive measures and innovative business models to handle the global market condition.
The global wind turbine blade industry has been segmented into material, size, capacity, and application.
Based on material, the global wind turbine blade industry has been segmented into glass fiber and carbon fiber.
Based on the size, the global wind turbine blade industry has been segmented into 28-37 meters, 38-50 meters, up to 27 meters, and more than 50 meters.
Based on the capacity, the global wind turbine blade industry has been segmented into 5MW, less than 2 MW, and 2MW-5MW
Based on application, the global wind turbine blade industry has been segmented into onshore and offshore.
APAC to Lead the Global Market
Wind energy is in high demand in countries such as India, China, and Japan. These are also the areas where governments have enacted favorable legislation to encourage the installation of wind turbines. As a result of all of the factors mentioned above, Asia Pacific controls the wind turbine blade market revenue. Another factor driving the increase in global market value is increased awareness of the benefits of using renewable energy to generate power that can be used in a variety of fields.
Segmentation of Market covered in the research:
Information by Type (Glass Fiber and Carbon Fiber), by size (lt;27 Meter, 27-37 Meter, 38-50 Meter and gt;50 Meter) and Region (North America, South America, Europe, Asia- Pacific, and Middle East Africa)
Browse In-depth Market Research Report (120 pages) on Wind Turbine Blade
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