Global Wind Turbine Rotor Blade Market Industry Analysis Forecast - 2024
The report offers insights into the drivers, restraints, and opportunities influencing the growth of the global wind turbine rotor blade market. It presents a detailed description of the competitive landscape of the market using analytical tools such as Porter’s five force analysis and market attractiveness analysis. It provides a holistic perspective of the market’s growth across various regions in terms of volume as well as revenue.
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Global Wind Turbine Rotor Blade Market: Drivers and Trends
The global wind turbine rotor blade market is propelled by the growing population and improving economic conditions in several parts of the world. Rising environmental concerns and economic advantages of wind power are prompting governments worldwide to support the growth of the market. Moreover, the declining cost per kWh of wind energy generation is stoking the growth of the market. Technological advancements and repowering of old projects are providing significant growth opportunities to the market. However, manufacturers need to mitigate critical challenges such as high development cost and difficulties in transportation to capitalize on potential opportunities.
The material of turbine rotor blades is of high importance as it provides the desired stiffness, density, and fatigue life features to wind turbines. Reliability, low material cost, and light weight are some of the important factors considered during material selection. Blades are usually made up of glass-reinforced plastic (GRP) and this trend is expected to continue over the forecast period. Carbon fiber reinforced plastic (CFRP) and composites are likely to gain popularity in the forthcoming years as these are helpful in cutting down weight and cost up to certain extent.
Global Wind Turbine Rotor Blade Market: Geographical Segmentation
The regional markets studied in the report are North America, Asia Pacific, Europe, and Rest of the World (RoW). The Asia Pacific market for wind turbine rotor blade is anticipated to flourish owing to increasing demand for electricity in developing countries such as India and China and growing government initiatives encouraging the production of wind energy. Europe is likely to emerge as one of the most lucrative markets during the forecast period. The demand for wind turbine rotor blades is estimated to increase, particularly in Western Europe, owing to the high acceptance of technologically advanced turbines and presence of conducive environmental conditions.
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Companies Mentioned in the Report
The abundance of wind power is fuelling the growth of the market, which in turn will boost competition in the market. In order to cut down on transportation costs and meet regulatory conditions, the key players are trying to locate their set-ups close to their target markets. Some of the key players in the global wind turbine rotor blade market are Blade Dynamics, Kemrock Industries And Exports Limited, LM Wind Power Group, Moog Inc., SGS SA, Siemens AG, and TANG Energy.
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