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Wind Turbine Blade Market Growth Projections and Opportunities
The global wind turbine blade market is experiencing consistent growth, driven by the increasing demand for clean energy sources worldwide and substantial technological investments by major manufacturers. Key players in the market are also enhancing their research and development capabilities, further contributing to the market's expansion during the forecast period.
Projected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2030, the global wind turbine blade market witnessed dominance by Asia-Pacific in 2021, accounting for a significant 59.4% share. Following Asia-Pacific, North America, Europe, South America, and the Middle East and Africa held shares of 18.1%, 14.7%, 5.9%, and 2.0%, respectively. Notably, countries like China and Vietnam are anticipated to exhibit substantial growth throughout the forecast period.
The segmentation of the global wind turbine blade market includes blade material, blade size, application, and drive. Glass Fiber, Carbon Fiber, and other materials constitute the blade material segment, with Glass Fiber estimated to grow at 5.6% during the forecast period, holding a substantial 70.9% share in 2021.
Blade size categories encompass Upto 50 meters, 50 to 100 meters, and Above 100 meters. The 50 to 100 meters segment is projected to grow at 6.2% during the forecast period, representing 42.3% of the global wind turbine blade market in 2021.
Applications of wind turbine blades are categorized as Offshore wind and Onshore Wind, with the Onshore Wind segment expected to grow at 5.8% during the forecast period, holding a significant 72.1% market share in 2021.
The drive mechanisms include Direct Drive and Gear Driven, with the Gear Driven segment projected to grow at 6.0% during the forecast period, commanding a substantial 65.1% share in 2021.
The global wind turbine blade market's comprehensive segmentation reflects the industry's dynamic landscape, presenting opportunities for growth and innovation in various regions and applications.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 15.5 Billion |
| Market Size Value In 2023 | USD 18.68 Billion |
| Growth Rate | 20.50% (2023-2032) |
Wind Turbine Blade Market Highlights:
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