Market Size of Wind Turbine Rotor Blade Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine Rotor Blade Market Analysis
The Global Wind Turbine Rotor Blade Market size was estimated at about USD 20.49 billion in the current year and is projected to register at a CAGR of more than 7% during the forecast period.
The market was moderately impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
- The major driving factor of the market is the growing number of offshore and onshore wind energy installations across the world.
- On the flip side, the associated high cost of transportation and cost competitiveness of alternate clean power sources, like solar power, hydropower, etc., have the potential to hinder market growth.
- The wind power industry has been in demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There were instances where old turbines were replaced, not because of the damage but due to the availability of more efficient blades in the market. Hence, technological developments present themselves as opportunities for the wind turbine rotor blade market.
- Asia-Pacific dominated the wind turbine rotor blade market in 2022, with the majority of the demand coming from countries like China, India, and Australia.
