According to the recent study the wind turbine blade market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 16% to 18% from 2023 to 2028. Growth in this market is primarily driven by increasing demand for clean energy around the world, growing number of offshore and onshore wind energy installations across the world, increasing awareness towards energy security, and economic benefits considering decline in cost of wind generation.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in wind turbine blade market by material (carbon fiber and glass fiber), blade size (up to 27 meters, up to 27 meters, 28-37 meters, 38-50 meters, up to 27 meters, and more than 50 meters), application (onshore and offshore), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Glass fiber market is expected to remain the largest segment during the forecast period.”
Based on material, the wind turbine blade market is segmented into carbon fiber and glass fiber. Lucintel forecasts that the Glass fiber market is expected to remain the largest segment due to their superior properties, such as higher chemical resistance, strength, and stiffness, as compared to the carbon fiber material.
“Within the wind turbine blade market, the onshore segment is expected to remain the largest application”
Based on application the onshore segment is expected to witness the highest growth over the forecast period due to declining prices of wind turbine installation as the infrastructure required for onshore wind turbine is less expensive compared to that of offshore wind turbine. Growing demand for renewable energy based power generation in residential and industrial sectors. Growth in onshore wind turbine blade production (a labour-intensive process) establishment in nations with low labour costs in order to fulfil global demand of wind turbine blade.
“Asia pacific will dominate the wind turbine blade market in near future”
APAC will remain the largest region due to growing demand for renewable energy sources in China, India, and Japan, government incentives and tax benefits for installation of wind turbines is promoting its demand, the surge in demand for lightweight and high-strength materials used in the manufacturing of various sections of wind turbines, and supporting government measures such as favourable regulations and wind power development programs.
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Major players of wind turbine blade market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. LM Wind Power, Vestas, Enercon, Tecsis, Gamesa, Suzlon Group, TPI Composites, Siemens, CARBON ROTEC are among the major wind turbine blade providers.
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