Through 2014-19, the wind turbine rotor blade market will record a growth at a CAGR of 9.2 percent, according to reports from International Energy Agency (IEA).
Moreover, global wind energy generation will double by 2018, accounting for 25 percent of all electricity generated in the world.
In 2014, Asia-Pacific was the largest market for wind turbine rotor blade and it is estimated to grow at a faster CAGR.
Market will see healthy growth options with the wind turbine rotor blades experiencing large-scale investments in wind power projects.
Major driving factors for rotor blades in the wind market are increased electricity demand, newly introduced government policies and reducing costs of wind power generation.
In recent years, it is seen that common wind turbines come with a capacity of 1.5 to 2.5 MW with their blade length varying between 38-50 meters.
The major wind turbine rotor blade manufacturers focus on the emerging countries that are estimated to show potential demand for wind power generation in the near future.
The key players of wind turbine rotor blade prefer contracts and agreements, new product developments, and mergers and acquisitions strategies to garner a larger share in the market.
Sabeena Wahid
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