Wind Turbine Blade Market Worth Estimated 76,321 Million at Driving CAGR of 20.5% Insights by Siemens, Gamesa, Acciona, Stem, Vestas Wind Systems, Suzlon

Wind Turbine Blade Market Overview

Wind Turbine Blade Market is projected to be worth USD 76,321 Million, registering a CAGR of 20.5% during the forecast period (2022 – 2030), due to mix of awareness and economic benefits.

The wind turbine blade market has seen significant growth in recent years due to the increasing demand for renewable energy sources and the development of wind energy technology. Wind turbine blades are a crucial component of wind turbines, as they are responsible for capturing wind energy and converting it into mechanical energy, which can then be used to generate electricity.

The wind is known as a prevalent renewable energy source. In general, wind turbines use this energy in different areas. In the last few years, the popularity of wind turbines has been raised because of wind usage as a renewable energy source.

Top Listed Industry Players:

The major competitive players in the Wind Turbine Blade industry are,

• Gamesa Corporacion Tecnologica (Spain)
• Stem AS (Denmark)
• Suzlon Energy Limited (India)
• Siemens AG (Germany)
• Acciona S.A. (Spain)
• Vestas Wind Systems (Denmark)
• and others.

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Industry News

For instance, in 2019, a big order was received by the prominent market player Siemens Gamesa Renewable Energy. This big order was for Taiwan’s Ørsted 900 MW offshore wind farm. In this order, the company has to supply 8 M.W. offshore wind turbines to Taiwan.

Wind Turbine Blade Market Growth Drivers:

The global wind turbine blade market is expected to continue to grow in the coming years, driven by the increasing demand for renewable energy sources and the ongoing development of wind energy technology.

The declining cost of wind energy generation is expected to drive the global Wind Turbine Blade Market growth during the forecast period. Moreover, the rising awareness and economic benefits are predicted to fuel worldwide market growth. However, the high cost of setting up the plant to generate energy is estimated to hamper the global market growth.

Wind Turbine Blade Market Segmentation

The global Wind Turbine Blade Market has been segmented based on material type, capacity, size, and application.

In terms of material type segment, the current market for Wind Turbine Blade has been classified into Carbon Fiber and Glass Fiber. On the basis of capacity segment, the worldwide market for Wind Turbine Blade has been segregated into 2 Mw, 5 Mw, Less Than 2 Mw, and 5 Mw.

Based on the size segment, the global market for Wind Turbine blades has been categorised into More Than 50 Meters, Up To 27 Meters, 38 50 Meters, and 28 37 Meters. On the basis of the application segment, the global market for Wind Turbine Blade has been segmented into Offshore and Onshore.

Industry News

For instance, in 2019, a big order was received by the prominent market player Siemens Gamesa Renewable Energy. This big order was for Taiwan’s Ørsted 900 MW offshore wind farm. In this order, the company has to supply 8 M.W. offshore wind turbines to Taiwan.

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Wind Turbine Blade Market Regional Analysis

The regions like Europe, North America, Asia-pacific, and the rest of the world are playing a significant role in the growth of the global Wind Turbine Blade Market.

The dominant regional market is Asia Pacific regional market during the forecast period. This regional market is growing because of the rising demand for wind energy in the countries like China, Japan, and India. Moreover, these regional parts have governmental support with favourable laws that promote the setup of wind turbines. Along with these, the rising awareness about the benefits of using a renewable energy source to generate power is expected to bring growth to this regional market.

Furthermore, the highest profitable regional market during the assessment period in Europe. This region is expanding due to the rising demand in various industries and favourable environmental circumstances.

The Report Answers Following Questions:

1. What are the key drivers of this market growth?
2. What are the emerging trends that could impact the demand for this industry in the future?
3. How will market evolve over the next 5-10 years?
4. What strategies do you think companies should adopt to meet the demand and capitalize on market growth opportunities?
5. What will be the future growth rate of the market?
6. What is the current demand for this market?

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