The global wind turbine rotor blade market is expected to surpass US$
7 Bn in revenues by 2017-end. The market is anticipated to grow at a
CAGR of 21.2% during the period 2017-2025 and reach nearly US$ 33 Bn
in revenues.
According to Persistence Market Research (PMR), global wind energy
installations have increased from 282.2 GW in 2012 to 486.7 GW in
2016. This is positively impacting the growth of the global wind
turbine rotor blade market.
Increasing emphasis on wind power generation, combined with favorable
government policies and assistance are also contributing to steady
adoption of wind turbine rotor blades. Feed-in-tariffs and
generation-based incentives enticing venture capitalists to invest in
this fledgling market.
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According to PMR’s report, wind energy harnessing was concentrated
in developed regions; however, it is now being steadily adopted in
emerging regions of Asia, Africa, and Latin America. Emphasis on wind
energy is also expected to receive a fillip from the long-term target
adopted by Climate Change Conference of the Parties (COP21).
Although PMR maintains a positive outlook on the global wind turbine
rotor blade market, technological competition with solar panels,
combined with public issues surrounding wind project management can
impede growth in the long-term.
The key opportunities identified by Persistence Market Research
include offshore wind system installations and development of carbon
composite wind turbine rotor blades.
Among these, demand for 45-60 meters rotor blades is the highest,
with this segment accounting for nearly 66% revenue share. In terms
of revenue, the 45-60 meter rotor blades are expected to grow at
19.1% CAGR to reach US$ 18.93 Bn in revenues.
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By blade material, the global wind turbine rotor blade market has
been segmented into glass fiber and carbon composite. Currently,
glass fibers outsell carbon composites, and the trend is expected to
remain so during the forecast period. According to Persistence Market
Research, glass fibers segment accounted for 95.5% revenue share of
the market.
By application, the global wind turbine rotor blade market has been
segmented into onshore and offshore. Currently, bulk of rotor blades
are deployed onshore, with this segment accounting for 96.2% revenue
share of the market. In terms of revenue, the onshore segment was
valued at US$ 5.87 Bn in 2016.
In its report, Persistence Market Research offers market forecast and
analysis on North America, Latin America, Europe, Asia Pacific, and
MEA. Key companies profiled in the report include LM Wind, Siemens,
CNBM, Sinoma, and TPI Composites.
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