Wind Turbine Blade Market Research Report - Forecast to 2027

Wind Turbine Blade Market Information Report by Type (Glass Fiber and Carbon Fiber), by size (<27 Meter, 27-37 Meter, 38-50 Meter and >50 Meter) and by Region - Forecast to 2027

ID: MRFR/E&P/0644-HCR | February 2021 | Region: Global | 120 pages

Wind Turbine Blade Market Overview


Wind Turbine Blade Market is projected to be worth USD 43.61 billion by 2027, registering a CAGR of 20.51% during the forecast period (2021 - 2027), The market was valued at USD 12.4 billion in 2020.


With a high CAGR and high Market Value, it is expected to flourish at a robust pace. The wind is a prevalent renewable source of energy. The wind turbines utilize this energy and are then utilized in various areas. The popularity of wind turbines has been increasing rapidly in the last few years due to wind usage, a renewable energy source.


The number of wind farms has increased many folds in the last few years, which indicates that the demand for renewable sources has been increased due to the shortage of non-renewable sources. Humankind has realized that they would run out of non-renewable sources very soon, so they have shifted their focus to those generated without any limits. The future for the market Revenue is very bright. It would undoubtedly reach a point where it can be relied upon entirely as a significant source of energy generation.


COVID-19 Analysis


There is nothing more fearful than a body that is not healthy and a mind that is not at peace. COVID-19 era has taken almost both of them away from every individual across the globe. Also, the financial setbacks that the pandemic has brought would instead take decades to overcome. The reports prepared for the companies dealing with the Wind Turbine Blade Market Outlook give them insights into the current Market Size and the strategies to combat the losses.


Moreover, the pandemic period is not over yet. So it needs to be made sure the strategies are implemented in a way that helps the companies to change their working pattern so that it can be benefited to the greatest extent. The in-depth market analysis by the industry experts provides a detailed analysis of the market with the steps that need to be taken to smooth the organization.


Competitive Landscape


Some of the major players in the Wind Turbine Blade Market Share include Siemens AG (Germany), Gamesa Corporacion Tecnologica (Spain), Acciona S.A. (Spain), Stem AS (Denmark), Vestas Wind Systems (Denmark), and Suzlon Energy Limited (India).


All the major players in the market have been working together to bring growth to the market. The factor that has been hampering the market’s growth is the increased costs associated with the setup being considered and worked upon to make sure they can be reduced considerably. With the reduced setup costs, there would be numerous setups and would ultimately use the sources that would never get over. They have also been working on bringing the latest technology to the market. The acquisitions, collaborations, and mergers among the top players have also bought significant growth and expanded the horizons in the market.


Market Dynamics


Growth


The Wind Turbine Blade Market Trend is undoubtedly going to touch the sky owing to the increased awareness among humanity towards the efficient use of non-renewable sources and the increased use of renewable ones.


Drivers


The major driving factors that have been responsible for bringing the Wind Turbine Blade Market Growth include the favorable policies from the governments that encourage the use of renewable energy resources to maintain a balance in the environment. Moreover, the cost of wind energy generation that has been declining is also one of the major factors responsible for the growth of the market trends.


Restraints


No wonder the cost of wind energy production is declining rapidly, but the cost to set up the plant to generate the energy is still very high, which is one of the major restraints in the industry’s growth. It is not just about the installation but the load it is supposed to carry, location, and various other factors that tend to affect the cost of setting up a wind turbine.


Regulatory Implications


The regulatory implications by the regulatory bodies and the governments worldwide have bought about a tremendous increase in the Wind Turbine Blade Market Size. The regulatory bodies have been trying to encourage the set up of such plants that use renewable sources of energy that would never come to an end, instead of the non-renewable ones, which have already been exploited to a great extent by the human race. Such policies have been boosting the industry’s growth and ensuring that the energy produces is used in the best possible way.


The wind turbine blades have variable sizes, depending on the type of plant set up and its load. Governments worldwide have been making sure that they cut down the prices for the industries as much as possible, but the very high initial setup cost has been hampering market growth to a great extent.


Segmentation Overview


The market can be classified into the following subcategories:



  1. Based on material

  2. Based on size

  3. Based on capacity

  4. Based on application


Based on material:


Based on the material, the Wind Turbine Blade Industry has the following segments:



  1. Glass fiber

  2. Carbon fiber


Based on the size


Based on the size, the market has the following subsections:



  • 28-37 meters

  • 38-50 meters

  • Up to 27 meters

  • More than 50 meters


Based on the capacity


Based on the capacity, the market is divided into the following categories:



  1. 5MW

  2. Less than 2 MW

  3. 2MW-5MW


Based on application


Based on the application, the  market has the following subtypes:



  1. Onshore

  2. Offshore


Regional Analysis


Based on the regions, the Wind Turbine Blade Industry has the following segments:



  1. Europe

  2. Asia-pacific

  3. North America

  4. Rest of the world


There has been an increased demand for wind energy in the countries like India, China, and Japan. These are also the regions that have been experiencing favorable laws from th governments to promote the setups of the wind turbines. Hence Asia-pacific dominates the Wind Turbine Blade Market Revenue due to all such mentioned reasons. Another reason behind the growth of the Global Market Value is the increase in awareness about the advantages of using a renewable source of energy to generate power that can be used in multiple fields.


Europe is also one of the major markets and is expected to gain the highest profit during the forecast period. The market outlook in Europe is attributed to favorable environmental circumstances and the increased demand in various industries.


Recent Advancements


Here is a list of recent advancements in the market:



  1. Vibration dampers have been introduced in the market to dampen the sound caused during the production of energy. This advancement has ensured about setting up the plants even in the populated regions, which were earlier not possible due to the excessive sound.

  2. In the case of weather, that experiences extreme winds, the protection of the caretaker owners was a concern. But steps have been taken to take care of the problem.

  3. Various electronics have been designed that are supposed to meet the safety needs and maintain durability standards.

  4. Attempts are being made to make the units of the wind turbine setups more attractive to look at.

  5. Units are being installed with wireless display units that make the work easier and manageable.


Report Overview


The exclusive reports that have been prepared for the market have all the laments required for the smooth and efficient running of the business. It includes the overview of the market and the Wind Turbine Blade Market Analysis made by the industry experts about the effects of COVID-19 on the market and the steps that can be taken to combat the losses. It also has the details of the market dynamics, including growth, drivers, and market growth restraints.


The regulatory implications and market segmentation based on material, size, capacity, application, and region have been discussed in detail. Also, the major players in the market and the steps they have taking towards the growth of the market share have been discussed. The recent advancements in the market have also been included to make the companies self-analyze their current position and work on the areas where they lack focus. The overall business development planning is included in the report to guide the business owners and the staff at every step.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 43.61 billion
  CAGR   20.51% CAGR
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and size
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Siemens AG (Germany), Acciona S.A. (Spain), Vestas Wind Systems (Denmark), Suzlon Energy Limited (India), Stem AS (Denmark), and Gamesa Corporacion Tecnologica (Spain)
  Key Market Opportunities   favorable government policies and attractive investment opportunities
  Key Market Drivers   mix of awareness and economic benefits


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Frequently Asked Questions (FAQ) :


Favorable government policies are driving the wind turbine blade market.

Asia Pacific will lead the wind turbine blade market.

Carbon fiber and glass fiber are the different types of wind turbine blades.

Wind turbine blades come in different sizes such as >50 meter, 38-50 meter, 27-37 meter, and <27 meter.

Key players profiled in the wind turbine blades market include Siemens AG (Germany), Acciona S.A. (Spain), Vestas Wind Systems (Denmark), Suzlon Energy Limited (India), Stem AS (Denmark), and Gamesa Corporacion Tecnologica (Spain).