Wind Turbine Blade Market Analysis

Wind Turbine Blade Market is projected to be worth USD 43.61 billion, registering a CAGR of 20.51% during the forecast period (2022 - 2030).

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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COVID-19 Impact on the Worldwide Market

The COVID-19 outbreak, which began in China, has had a significant influence on the world economy in a number of ways. The COVID-19 pandemic has had a substantial influence on the energy sector, since the industry is dealing with a number of challenges that are causing a drop in electricity demand, especially from the industrial and commercial sectors. Furthermore, the worldwide renewable industry has been badly affected by this pandemic since most countries are dependent on other countries for imports and exports of raw materials and components essential for the beginning of renewable energy generation sources. Furthermore, the pandemic has not only disrupted the renewable energy supply chain but has also influenced the market in a variety of other ways, including changing government policies, delaying the start of renewable energy projects, and halting government subsidies to promote renewable energy sources. Furthermore, the pandemic's lockdown and travel restrictions have limited the movement of people and products, which will eventually drive up the capital expenditures of renewable power projects, especially wind energy projects. Many countries across the world, including the United States, India, and Spain, depend substantially on other countries for wind turbine blade imports. As a result of the outbreak, wind turbine blade manufacture has ceased, resulting in a disruption in the supply of wind turbine blades worldwide. As per the US Department of Energy, the US imports about 30–50% of its blades and hubs from other countries, mainly China.

Key Players

Some of the major players in the Wind Turbine Blade Market Share include Siemens AG (Germany), Gamesa Corporacion Tecnologica (Spain), Acciona S.A. (Spain), Stem AS (Denmark), Vestas Wind Systems (Denmark), and Suzlon Energy Limited (India).

Market Segmentation

The worldwide wind turbine blade market has been segmented into type and size. 

Regional Analysis

APAC to Dominate the Global Market

Wind energy is becoming more popular in countries such as India, China, and Japan. These are also the regions where governments have enacted advantageous policies to encourage the installation of wind turbines. As a result of the aforementioned factors, Asia-Pacific dominates the Wind Turbine Blade Market Revenue. Another factor driving the expansion in Global Market Value is increased awareness of the benefits of using renewable energy to generate power that can be used in a variety of fields.