Global Wind Turbine Rotor Blade Market to Surpass US$ 33 Bn by 2025

The global wind turbine rotor blade market is expected to surpass US$ 7 Bn in revenues by 2017-end. The market is anticipated to grow at a CAGR of 21.2% during the period 2017-2025 and reach nearly US$ 33 Bn in revenues.

According to Persistence Market Research (PMR), global wind energy installations have increased from 282.2 GW in 2012 to 486.7 GW in 2016. This is positively impacting the growth of the global wind turbine rotor blade market. Increasing emphasis on wind power generation, combined with favorable government policies and assistance are also contributing to steady adoption of wind turbine rotor blades. Feed-in-tariffs and generation-based incentives enticing venture capitalists to invest in this fledgling market.

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In the Paris Climate Change Conference of the Parties (COP21), the long term target adopted by 186 countries that attended this conference is to make the power sector 100% emission free by 2050. This strengthens the position of wind energy as a major portion of renewable power will be supplied by wind energy, along with solar energy. China and the United States are the major producers of renewable energy. As the generation of electricity from wind creates no emissions, wind energy will play a major role in helping the two countries meet their commitments under the COP21 agreement. This will create a big boost in the sales of wind turbine rotor blades in the coming years.

Generation of renewable and clean sources of energy from offshore wind is a relatively new technology and has just taken off in many countries of the world. The rotor blades required for such harsh offshore environments require more technological advancements in terms of design and build. As of now, offshore wind power installations are mainly concentrated across Europe. However, countries such as China, Japan, South Korea, India, Taiwan and the United States have approved many offshore projects, which are under development and are expected to be operational in the near future.

In its report, Persistence Market Research offers market forecast and analysis on North America, Latin America, Europe, Asia Pacific, and MEA. Key companies profiled in the report include LM Wind, Siemens, CNBM, Sinoma, and TPI Composites.

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