Wind Turbine Blade Market Prophesied to Garner 8.6% CAGR During Forecast Period 2019 to 2027 due to rising Energy Demands to Drive the Wind Turbine Blade Market. Engineering Advances to Influence Exponential Growth in Wind Turbine Blade Market.
Key Players
Some of the players in the global wind turbine blade market, as profiled by Market Research Future, include Siemens AG (Germany), Acciona S.A. (Spain), Vestas Wind Systems (Denmark), Suzlon Energy Limited (India), Stem AS (Denmark), and Gamesa Corporacion Tecnologica (Spain).
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Wind Turbine Blade Market Overview:
A wind turbine blade is a fundamental component of a wind turbine which aids in capturing the wind energy and converting it into rotation used by the wind turbine. A wind turbine blade is an essential component that helps the wind turbine to turn the wind’s kinetic energy into electricity. According to the report published by the Market Research Future, the global wind turbine blade market is expected to garner a lucrative CAGR of 8.6% during the forecast period.
Factors contributing to the growth of the wind turbine blade market include rising demand for energy around the world and increasing demand for renewable energy sources. Furthermore, supportive government initiatives encouraging the use of renewable energy sources and stringent policies to control carbon emissions are expected to drive the global wind turbine blade market exponentially. Also, a rapid rise in the percentage of renewable energy sources used in the power generation mix is estimated to drive the demand for wind turbine blades in the foreseeable future.
Segmental Analysis
The wind turbine blade market has been segmented by type, size, axis, and design. By type, the wind turbine blade market has been segmented into glass fiber and carbon fiber. By size, the wind turbine blade market has been segmented into <27 Meter, 27-37 Meter, 38-50 Meter, and >50 Meter. By axis, the wind turbine blade market has been segmented into horizontal axis and vertical axis. By design, the wind turbine blade market has been segmented into flat blades and curved blades.
Detailed Regional Analysis
The global wind turbine blade market has been regionally segmented into North America, Europe, Asia-Pacific (APAC), and the Middle East and Africa (MEA). Europe seized a market share of more than 60% during 2016 and is estimated to dominate the global wind turbine blade market even during the forecast period. The wind turbine blade market in Europe is expected to garner exponential growth led by Germany, France, Norway, and Finland.
North America is estimated to follow Europe while accounting for the second largest share in the global wind turbine blade market. The Asia Pacific is anticipated to garner the fastest growth during the assessment period. Such rapid growth is attributed to emerging economies such as China, India, and Japan having the highest number of wind power projects under planning and construction phase. The Asia Pacific is expected to increase its investments in renewable energy production further to meet up with its increasing energy needs and to curb the usage of smog-causing energy sources such as coal, natural gas, and petroleum. In 2016, China overtook Europe, holding the largest market share for wind turbine blades by installing 50% of the world’s new wind capacity additions worldwide. Also, India is anticipated to ramp up its wind power capability up to 185 GW, causing an eight-fold increase in the last 15 years. Similar huge investments are estimated to be scaled up in countries such as Japan and South Korea, propelling demand for global wind turbine blades in the market.
Industry Update
March 2019: Halo Energy is a micro wind turbine manufacturer and now in the production of its innovative, high efficiency shrouded wind turbines. Halo Energy LLC has introduced the Halo-6.0 turbine, designed to address various energy requirements of the expanding off-grid telecom tower market worldwide. It has a rated capacity of 6 kW and is counted among the most efficient micro wind solutions in production.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porters Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Wind Turbine Blade Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued…
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