Wind Turbine Blade Market Overview

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.

According to the Wind Turbine Blade Market analysis, the current market is anticipated to generate a market size worth USD 43.61 billion by the end of the year 2027. However, the current market for Wind Turbine Blade has been predicted to register the market value at a CAGR of 20.51% between the assessment period of 2021 to 2027. 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.

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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.

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.

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Industry News

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. 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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