Wind Turbine Blade Market Trends and Forecast
The future of the wind turbine blade market looks promising with opportunities in the onshore and offshore market. The global wind turbine blade market is expected to grow with a CAGR of 16% to 18% from 2023 to 2028. The major drivers for this market are increasing demand for clean energy around the world, growing number of offshore and onshore wind energy installations across the world, increasing awareness towards energy security, and economic benefits considering decline in cost of wind generation.
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Wind Turbine Blade Market by Segment
The study includes a forecast for the global wind turbine blade market by material, blade size, application, and region, as follows:
Wind Turbine Blade Market by Material [Value ($B) Shipment Analysis from 2017 to 2028]:
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Carbon Fiber
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Glass Fiber
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Others
Wind Turbine Blade Market by Blade Size [Value ($B) Shipment Analysis from 2017 to 2028]:
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Up to 27 Meters
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28-37 Meters
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38-50 Meters
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Up To 27 Meters
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More Than 50 Meters
Wind Turbine Blade Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
Wind Turbine Blade Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
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North America
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Europe
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Asia Pacific
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The Rest of the World
List of Wind Turbine Blade Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies wind turbine blade companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the wind turbine blade companies profiled in this report include.
Wind Turbine Blade Market Insights
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Lucintel forecasts that glass fiber will remain the largest segment over the forecast period due to their superior properties, such as higher chemical resistance, strength, and stiffness, as compared to the carbon fiber material.
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Onshore is expected to remain the largest segment due to declining prices of wind turbine installation as the infrastructure required for onshore wind turbine is less expensive compared to that of offshore wind turbine. Growing demand for renewable energy based power generation in residential and industrial sectors. Growth in onshore wind turbine blade production (a labour-intensive process) establishment in nations with low labour costs in order to fulfil global demand of wind turbine blade.
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APAC will remain the largest region due to growing demand for renewable energy sources in China, India, and Japan, government incentives and tax benefits for installation of wind turbines is promoting its demand, the surge in demand for lightweight and high-strength materials used in the manufacturing of various sections of wind turbines, and supporting government measures such as favourable regulations and wind power development programs.
Features of the Wind Turbine Blade Market
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Market Size Estimates: Wind turbine blade market size estimation in terms of value ($B)
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Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
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Segmentation Analysis: Wind turbine blade market size by various segments, such as by material, blade size, application, and region.
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Regional Analysis: Wind turbine blade market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
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Growth Opportunities: Analysis on growth opportunities in different material, blade size, application, and regions for the wind turbine blade market.
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Strategic Analysis: This includes M&A, new product development, and competitive landscape for the wind turbine blade market.
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Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the wind turbine blade market size?
Answer: The global wind turbine blade market is expected to reach an estimated $xx billion by 2028.
Q2. What is the growth forecast for wind turbine blade market?
Answer: The global wind turbine blade market is expected to grow with a CAGR of 16% to 18% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the wind turbine blade market?
Answer: The major drivers for this market are increasing demand for clean energy around the world, growing number of offshore and onshore wind energy installations across the world, increasing awareness towards energy security, and economic benefits considering decline in cost of wind generation.
Q4. What are the major segments for wind turbine blade market?
Answer: The future of the wind turbine blade market looks promising with opportunities in the onshore and offshore market.
Q5. Who is the key wind turbine blade companies?
Answer: Some of the key wind turbine blade companies are as follows:
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LM Wind Power
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Vestas
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Enercon
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Tecsis
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Gamesa
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Suzlon Group
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TPI Composites
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Siemens
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CARBON ROTEC
Q6. Which wind turbine blade segment will be the largest in future?
Answer: Lucintel forecasts that glass fiber will remain the largest segment over the forecast period due to their superior properties, such as higher chemical resistance, strength, and stiffness, as compared to the carbon fiber material.
Q7. In wind turbine blade market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region due to growing demand for renewable energy sources in China, India, and Japan, government incentives and tax benefits for installation of wind turbines is promoting its demand, the surge in demand for lightweight and high-strength materials used in the manufacturing of various sections of wind turbines, and supporting government measures such as favourable regulations and wind power development programs.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1. What are some of the most promising, high-growth opportunities for the wind turbine blade market by material (carbon fiber and glass fiber), blade size (up to 27 meters, up to 27 meters, 28-37 meters, 38-50 meters, up to 27 meters, and more than 50 meters), application (onshore and offshore), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to wind turbine blade market or related to wind turbine blade companies, wind turbine blade market size, wind turbine blade market share, wind turbine blade analysis, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.