The global wind rotor blade material market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Wind turbines have been frequently deployed to transform wind energy into electrical energy. The rotor blades in the wind turbine power the generator in the turbine, in turn leading to the production of electricity.
Rotor blades are key components of any wind turbine and the overall efficiency of a wind turbine is dependent on factors such as the raw material used to develop rotor blades.
Wind turbines are available in several configurations and sizes and can be manufactured using different materials such as glass fibre and carbon fibre.
Wind energy is often termed the cleanest and most easily available renewable energy source and has no history of adversely impacting the environment.
Rising awareness about the economic benefits offered by wind power, worldwide is the key growth driver for the global wind rotor blade material market.
In addition to this, growing concerns worldwide about the environment and fossil fuel consumption is also expected to drive the growth in the wind rotor blade material market, in the coming years.
Also, the repowering of aging wind power infrastructure is expected to propel the demand for wind turbine rotor blade material and help create revenue-generating opportunities for leading market players, in the upcoming years.
Furthermore, growing use of renewable energy sources is also projected to bolster the wind turbine rotor blade material demand and trigger market growth, in future.
The offshore wind turbine rotor blade segment is anticipated to emerge as largest revenue contributor to the overall market in future owing to the increased demand for offshore wind turbines globally.
The carbon fiber type of wind turbine rotor blades are expected to contribute the most, in terms of revenue, to the overall market in the years ahead due to product characteristics such as high strength and lightweight nature.
The global wind rotor blade material market comprises several leading players, many of whom are expected to account for a large share in the overall market, in the coming years.
Prominent players in the wind rotor blade material market are expected to focus on research and development activities in future in a bid to produce improved quality of product, which would meet customer requirements and increase the consumer base.
Leading wind rotor blade material market players could engage in growth strategies such as new product launches which could help the players in gaining an edge over other players and help create revenue-generating opportunities.
Some of the well-established players in the wind rotor blade material market include Siemens Gamesa Renewable Energy SA, MFG Wind, General Electric, TPI Composites Inc., and Vestas Wind Systems A/S.
The global wind rotor blade material market is divided into four regions, namely, North America, Asia Pacific, Europe, and the rest of the world.
Asia Pacific is expected to be maximum revenue-generating region in the global wind rotor blade material market in the coming years. Government initiatives and measures promoting the use of wind turbine rotor blades in marine applications is anticipated to be the key growth driver for the market in the region.
Europe is projected to witness substantial growth in the global wind rotor blade material market in future owing to the rising adoption of technologically advanced wind turbines in countries such as Germany and UK.
North America is anticipated to witness moderate growth in the wind rotor blade material market in the upcoming years.
The rest of the world is expected to witness sluggish growth in the wind rotor blade material market, in the years ahead.
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Wind Rotor Blade Material Market
*86 figures and 60 tables includes