The wind turbine blade market global industry share is projected to grow from USD 18.68 billion in 2023 to USD 83.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.50% during the forecast period (2024 - 2032). The wind turbine blade market size was valued at USD 15.5 billion in 2022. Favorable government policies that promote the usage of renewable energy and a rising number of offshore and onshore wind energy installations globally are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market CAGR for wind turbine blade is being driven by the increasing requirement for electricity. Producing electricity from wind energy is now designated as a dependable source of power generation. The increasing demand for electricity for different commercial, residential, and industrial purposes is expected to assist in accelerating the wind turbine blade market over the forecast period. Besides this, supporting environment preservation policies for energy production will allow attracting high wind turbine blade revenue over the forecast period.
Moreover, the onshore wind energy power generation technology has been created over the last few years to maximize electricity created per megawatt capacity established and to protect more sites with lower wind speeds. As per the data issued by the Wind Energy Council, the onshore wind market counted 72.5 GW globally in 2021, 18% lower than in 2020, owing to a slowdown in the growth of the onshore wind market in China and the US, the globe's two most extensive wind markets. However, in 2021, explosive growth was noticed in Europe, Africa, and the Middle East, where unexplored onshore installations expanded by 19%, 27%, and 120%.
Supportive government guidelines are playing a significant role in the growth of the market. The governments of different countries are delivering incentives and subsidies to encourage wind power generation. For instance, the Chinese government has set a target to establish approximately 200 GW of wind power capability by 2030. Similarly, the Indian government has established a target to establish 175 GW of renewable power by 2022, out of which 100 GW is anticipated to come from solar, 10 GW from biomass, 60 GW from wind, and 5 GW from small hydro driving the wind turbine blade market revenue.
The wind turbine blade market segmentation, based on type, includes glass fiber and carbon fiber. The glass fiber segment dominated the market, accounting for 35% of market revenue (6.53 Billion). In developing economies, category growth is driven due to their special properties, such as higher chemical resistance, stability, and stiffness. However, carbon fiber is the fastest-growing due to its high resilience and lightweight nature.
The wind turbine blade market segmentation, based on size, includes up to 27 meters, 28-37 meters, 38-50 meters, and more than 50 meters. The more than 50 meters category generated the most income (70.4%). This is due to its increased efficiency and lower cost. However, up to 27 meters is the fastest-growing category over the forecast period. This is majorly due to high investment and shifts in government policy.
The wind turbine blade market segmentation, based on capacity, includes less than 2 MW, 2 MW-5 MW, and 5 MW. The 2 MW-5 MW segment dominated the market, permitting wind power to be utilized in a broader range of applications, from small-scale residential to large-scale industrial applications. However, 5 MW is the fastest-growing category due to growing concerns regarding the atmosphere and fossil fuel consumption.
The wind turbine blade market segmentation, based on application, includes onshore and offshore. The offshore category generated the most income (70.4%). This is due to the improvement in the usage of offshore turbines directing to improved wind turbine blade demand. However, onshore is the fastest-growing category over the forecast period, majorly owing to the growing demand for wind energy on land.
Figure 1: Wind Turbine Blade Market, by Application, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American wind turbine blade market will dominate over the forecast period, owing to the increasing use of wind turbines and rising energy demand in this region. Further, the US wind turbine blade market held the largest market share, and the Canada wind turbine blade market was the fastest-growing market in the European region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Wind Turbine Blade Market Share By Region 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Europe wind turbine blade market accounts for the second-largest market share due to the increased adoption of technologically sophisticated turbines and the availability of favorable environmental conditions. Further, the German wind turbine blade market held the largest market share, and the UK wind turbine blade market was the fastest-growing market in the European region.
The Asia-Pacific wind turbine blade market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to growing government initiatives and measures promoting the deployment of wind turbine blade in marine applications is driving the market in this region. Moreover, China wind turbine blade market held the largest market share, and the Indian wind turbine blade market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the wind turbine blade market grow even more. Market participants are also undertaking numerous strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the wind turbine blade industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the wind turbine blade industry to benefit clients and increase the market sector. Prominent players in the wind turbine blade market, including Siemens AG (Germany), Acciona S.A. (Spain), Vestas Wind Systems (Denmark), Gamesa CorporacionTecnologica (Spain), and others, are attempting to expand market demand by investing in research and development operations.
Zebra Technologies Corporation provides electronic products. The Company offers mobile computers, printers, barcode scanners, RFID, locating systems hardware, software, interactive kiosks, printing supplies, and accessories. Zebra Technologies serves clients worldwide. In March 2022, The ZEBRA consortium was a new step in the wind energy industry's transition to a circular economy by producing its 100% recyclable wind turbine blade. The 62-meter wind turbine blade was made using Arkema's Elium resin, a thermoplastic resin well known for its recyclable properties, and the new high-performance Glass Fabrics from Owens Corning.
EnBW Energie Baden-Württemberg AG, or EnBW, is a publicly-traded energy enterprise headquartered in Karlsruhe, Germany. EnBW was founded on January 1997 as the result of a merger between two energy firms from Badenwerk AG, Baden-Württemberg, and Energie-Versorgung Schwaben AG (EVS). EnBW subsequently merged with Neckarwerke Stuttgart AG on 1 October 2003. In August 2019, Borusan EnBW Energy announced plans to build 10 unique renewable energy plants in Sivas, Hatay, Mersin, Malatya, Edirne, Afyon, and Manisa, Turkey, increasing its total capacity by 600 megawatts (MW) approximately.
October 2022: Vestas has manufactured and rolled out the first 115.5-meter blade built for the V236-15.0 MW offshore wind turbine blade. The wind turbine blade was manufactured in Vestas' production facility in Nakskov, Denmark, using the mold built at the Lem, Denmark factory.
March 2022: Hitachi Power Solutions will commence advanced services titled - Blade Total Service. It is expected to mitigate the risks of wind power facilities, including deterioration due to wear and tear of wind turbine blades, the stress inflicted by violent winds during storms, and damage induced by lightning by integrating AI and other digital technologies with advanced drone technology.
September 2021: Siemens Gamesa introduced the Recyclable Blade, the globe's first wind turbine blade that can be recycled at the end of its lifecycle. This breakthrough is a critical step towards Siemens Gamesa's ambitious objective to create wind turbine blades completely recyclable by 2040.
August 2019: Montenegro's Ministry of Economy has launched tendering for a long-term lease to state land to construct a wind farm with a minimum installed capacity of 70 MW in the Brajići locality in the municipalities of Budva and Bar.
In April 2022, Hitachi Power Solutions utilized the assistance of Al as well as other digital technologies together with drones to mitigate dangers at wind power facilities. The "Blade Total Service" is based on service guidelines for greater security and safety of wind power facilities while inspecting blades for repair. It also integrates the inspection process using digital technology with repair work and maintenance planning. Additional benefits include the reduced time required for inspection yet increased efficiency in doing it together with enhanced accuracy.
In March 2022, the ZEBRA (Zero wastE Blade ReseArch) consortium introduced the first prototype of its recyclable wind turbine blade. The largest thermoplastic blade is manufactured at the LM Wind Power plant utilizing Owens Corning's new high-performance glass materials along with Arkema's Elium resin. The manufacturing process involves the usage of automation to reduce production waste and energy consumption. Besides, there will be full-scale structural lifetime testing launched in the coming weeks that will be followed by recycling methods scheduled to happen before the end quarter of 2022.
In April 2023, Sandvik AB announced that MCB Services and Minerals had been successfully acquired. This acquisition enables diversification into the market by the company and a focus on developing a growth strategy that will boost its presence in South America, thereby supporting Sandvik's strategic aim to expand into that market.
In March 2023, Ansaldo Energia S.p.A. prepared a new industrial plan for its future. Such an industrial plan provides development in technology and know-how within conventional gas turbine and nuclear power industries while exploiting the diversification of business during the energy transition.
In March 2023, Ansaldo Energia S.p.A recently unveiled its new industrial plan covering hitherto not known aspects of nuclear and gas turbine industries which are the mainstay of its business.
In November 2022, Acciona S.A. announced plans for constructing a wind farm to increase generating capacity in Australia. This investment allows for the involvement of manufacturing businesses in Australia and allows for direct entry into Australian market by the organization.
In March 2022, the ZEBRA (Zero Waste Blade Research) consortium represented a new milestone in the wind energy industry's move toward a circular economy with its recyclable 100% blade wind turbine prototype production. The blade was produced using Arkema's Elium resin, a thermoplastic resin well-known for its recyclability, and Owens Corning's new high-performance Glass Fabrics.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 15.5 Billion |
| Market Size 2023 | USD 18.68 Billion |
| Market Size 2032 | USD 83.03 Billion |
| Compound Annual Growth Rate (CAGR) | 20.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends |
| Segments Covered | Material Type, Size, Capacity, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Siemens AG (Germany), Acciona S.A. (Spain), Vestas Wind Systems (Denmark), Suzlon Energy Limited (India), Stem AS (Denmark), and Gamesa CorporacionTecnologica (Spain) |
| Key Market Opportunities | Favorable policies from the government |
| Key Market Dynamics | The rising number of offshore and onshore wind turbine blade installation |
Wind Turbine Blade Market Highlights:
Frequently Asked Questions (FAQ) :
The wind turbine blade market size was valued at USD 15.5 Billion in 2022.
The market is projected to grow at a CAGR of 20.50% during the forecast period, 2024-2032.
North America had the largest share of the market till 2032.
The key players in the market are Acciona S.A. (Spain), Vestas Wind Systems (Denmark), Suzlon Energy Limited (India), Siemens AG (Germany), Stem AS (Denmark), and Gamesa Corporacion Tecnologica (Spain).
The glass fiber category dominated the market in 2022.
The more than 50 meters had the largest share in the market.
The 2 MW-5 MW had the largest share in the market.
The offshore had the largest share in the market.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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