Wind turbine blade Market Size, Share & Industry Analysis, By Material (Carbon Fiber, Glass Fiber, Others), By Blade Size (Up to 27 Meter, 28-37 Meter, 38-50 Meter, Above 50 Meter), By Application (Onshore, Offshore) and Regional Forecast, 2024-2032

Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as wind energy is renewable energy backed with the government's ambitious green energy targets, it has become a significant attraction for investors. Over the last decade countries like China, USA, Germany, and India have come up as wind powerhouses and increased the production of electricity by wind energy which in turn has helped the wind turbine blade market to grow.

On the basis of material, the wind turbine blade market can be segmented into carbon fiber, glass fiber, and other material. Based on blade size, the market is bifurcated into up to 27 meter, 28-37 meter, 38-50 meter, and above 50 meters. On the basis of application, global wind turbine blade market is segmented by onshore and offshore locations. 

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The major market driver for the global wind turbine blade market is the increasing demand for clean energy around the world. Many Countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of wind farms, wind  energy is one of the most adopted amongst the available renewable sources.

The key market restraint for the global wind turbine blade market is the high cost of installation of the wind turbine. Also, the wind turbine requires periodic repair and maintenance of parts and outer structure, which increases the overall cost of the system.

Key Players Covered

Some of the major companies that are present in the wind turbine blade market are GE, Siemens Energy, MFG Wind, Arkema, Suzlon Group, ENERCON Gmb, Vestas, Tecsis – Tecnologia E Sistemas Avançados, TPI Composites, Inc, Carbon Rotec, ACCIONA, and Inox Wind.    

Segmentation

Regional Analysis

The global wind turbine blade market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. China has the largest installed capacity of wind energy and has over the one-third capacity of the world. China has the world’s largest onshore wind farm. The USA has the second-largest installed capacity and houses 6 of the world’s 10 largest onshore wind farms. Germany stands third in the production of wind energy and has the world’s largest offshore wind facility. India is the fourth-largest producer of electricity harnessing the winds. Spain, UK, France, and Italy are ranked fifth, sixth, seventh and tenth respectively amongst the world’s largest wind energy producer. Canada ranks eighth while Brazil ranks ninth in the list of top 10 wind energy producer. Europe is the world leader in wind energy production and has utilized maximum potential of wind energy. Although some European countries do not feature on the list of top wind energy producers, wind energy satisfies the energy requirements of the individual countries. Sometimes production exceeds the demand in few European countries which has enabled export of renewable energy. Through the Renewable Directive of European Union is promoting production by means of renewable means. Middle-East and Africa have the largest potential for wind energy installations. Asia-Pacific and Latin American region also have the sizeable untapped potential of wind energy.

Key Industry Developments

• In August 2019, Montenegro’s Ministry of Economy has launched tendering for a long-term lease to state land for the construction of a wind farm with a minimum installed capacity of 70 MW on the Brajići locality in the municipalities of Budva and Bar.


• By the end of 2019, Mexico is expected to 10 additional operational wind power plants to produce electricity. It is expected to increase the installed capacity of Mexico by 800 MW to 1.2 GW.


• In August 2019, major Turkish wind power plant investor, Borusan EnBW Energy has announced plans to build 10 new renewable energy plants in Sivas, Malatya, Hatay, Mersin, Edirne, Afyon and Manisa, of Turkey, increasing its total capacity by 600 megawatts (MW) approximately.