Driven by the rising demand for wind energy, turbines are likely to witness an upsurge in demand over the coming years. As a result, global wind turbine rotor blades market is expected to witness a growth of 21.2 percent CAGR over the forecast period, 2017-2025, says a new report from Persistent Market Research.
Developing technology has led to enhanced wind power generation, which has revved up demand for wind turbine rotor blades over the coming years. In addition, due to enhanced technology, the size of the solar panels is shrinking in terms of size.
With the enhanced technological innovation and efficiency, the global wind turbine rotor blades market will witness a significant growth in the coming years. However, due to available sources of renewable energy sans noise pollution and moving parts will significantly pose threat to the wind turbine rotor blades market on a large scale over the coming years.
Glass fibers among others will outpace carbon composites in the global wind turbine rotor blades market in the coming years, the research said. Onshore among other applications will account for a revenue share of 96.2 percent over the coming years. Whereas, the 40-60 meters among various other lengths will witness relatively high demand in the coming years. Moreover, the 40-60 meters will witness a growth of 19.1 percent CAGR over the coming years.
Asia Pacific among other regions led by India and China will account for a relatively major share of the wind turbine rotor blades market globally in the coming years.
While countries such as Japan, China, India, South Korea, United States and Taiwan have approved various offshore projects, however, offshore wind power installations are mainly concentrated in Europe. Moreover, offshore projects approved by various countries are currently under development, and will be operational over the coming years.
Leading market players operating in the global wind turbine rotor blades market include Siemens, LM Wind, TPI Composites, Sinoma and CNBM. Moreover, generation-based incentives and feed-in-tariffs are likely to entice venture capitalist in order to invest in the global market in the coming years.