Wind Turbine Rotor Blade Market Size, Share, Analysis, Trends, Growth, 2032

Wind Turbine Rotor Blade Industry Prospective:

The global wind turbine rotor blade market size was worth around USD 90.02 billion in 2023 and is predicted to grow to around USD 158.66 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.50% between 2024 and 2032.

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Wind Turbine Rotor Blade Market: Overview

Wind turbine rotor blades are the most crucial components of a wind turbine. These are responsible for capturing the wind energy from the atmosphere and converting it into rotational energy. The structure of wind turbine rotor blades in the form of helicopter rotor blades of airplane wings allows it to leverage aerodynamic force and convert it into energy.

Wind turbine rotor blades are mostly made of carbon fiber, epoxy resin, fiberglass, and polyester resin. One of the key challenges faced by wind turbine companies is the installation of rotor blades due to their large structure and lack of sufficient transportation facilities.

Furthermore, the cost of maintaining wind turbine rotor blades is significantly high leading to a limited growth rate in the industry. During the forecast period, according to market projections, the demand for wind turbine rotor blades is expected to grow due to the surge in the number of wind turbine-based projects worldwide including offshore initiatives. In addition to this, the advancements in rotor blade technologies will generate ample growth opportunities for the industry players.

Key Insights:

• As per the analysis shared by our research analyst, the global wind turbine rotor blade market is estimated to grow annually at a CAGR of around 6.50% over the forecast period (2024-2032)
• In terms of revenue, the global wind turbine rotor blade market size was valued at around USD 90.02 billion in 2023 and is projected to reach USD 158.66 billion by 2032.
• The market is projected to grow at a significant rate due to the rising investments in wind energy.
• Based on the blade material, the carbon fiber segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the deployment, the onshore segment is anticipated to command the largest market share.
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Wind Turbine Rotor Blade Market: Growth Drivers

Rising investments in wind energy will generate a market demand rate during the forecast period

The global wind turbine rotor blade market is expected to benefit from the growing investments in harnessing wind energy. The environmental impact of excessive consumption of non-renewable energy has become evident in the form of changing climate conditions and global warming. There is an urgent need to gradually shift toward renewable and clean energy sources.

Wind turbines are useful in capturing massive amounts of wind energy and converting it into a mechanical form that can be further used to power industrial, commercial, and residential units. The growing investments in the construction of several large-scale wind turbines are projected to help create demand for rotor blades due to the importance of the component in ensuring the proper functioning of wind turbines.

In September 2024, Sany, a leading wind turbine maker from China, announced the launch of two novel onshore models with ratings up to 8MW. According to the company, the new solutions are designed for applications across Europe tailored to meet the region’s requirements. Furthermore, there is a growing segment of offshore wind turbine projects that will promote the development of robust rotor blades that can continue to deliver efficiently even in harsh weather conditions.

In September 2024, Solar Energy Corporation of India (SECI) launched a new tender for the construction of a new 500 MW offshore wind project off the coast of Gujarat state in the country.

Rising energy consumption and demand will create higher revenue for rotor blades for wind turbines

Energy consumption rate across the globe has been growing at an alarming rate. Some of the significant contributors to increased energy consumption are rapid industrialization and urbanization. Governments worldwide are struggling to keep up with the growing energy demand using conventional ways of generating power. Wind turbines offer excellent solutions to help power providers generate clean energy in large volumes and prevent disruptions in the supply chain.

Furthermore, the surging rate of advancements in major industries especially information technology (IT) & telecommunications such as the development of 5G and 6G infrastructure is expected to further amplify energy consumption patterns. These incidents are likely to create demand in the global wind turbine rotor blade market.

Wind Turbine Rotor Blade Market: Restraints

High cost of designing and constructing rotor blades will limit the industry’s expansion trend

The global wind turbine rotor blade industry is projected to be restricted by the high cost of designing and developing rotor blades. The average cost of building rotor blades for small onshore turbines may be between USD 100,000 to USD 260,000. The expense grows further in the case of building rotor blades of offshore turbines and larger counterparts.

In addition to this, the complexities associated with the logistics of rotor blades, especially in transporting finished goods to site and installation may also impact overall revenue in the market.

Wind Turbine Rotor Blade Market: Opportunities

Ongoing advancements in rotor blade technology will generate expansion possibilities

The global wind turbine rotor blade market is projected to generate growth opportunities due to the ongoing advancements in blade technology. In October 2024, Envision Energy, a leading Chinese company in the industry, launched a 5 MW onshore wind turbine equipped with a rotor diameter of 182 meters in the Indian market.

According to official claims, the new wind turbine equipped with advanced rotors can improve annual energy output (AEP) by 40% from the current EN 156/3.3MW platform offered by the company. Envision has spent nearly INR 500 crore to establish itself as a leading player in the Indian market. In a recent move, Siemens Gamesa announced the launch of the world’s first recyclable wind turbine blade that has commercial offshore applications. The company plans to make turbines fully recyclable by 2040.

In addition to this, GE Renewable Energy launched the next-generation platform under the name Cypress. The new platform is equipped with a revolutionary two-piece blade design which is expected to help manufacturers experiment with longer lengths while also reducing logistics cost. The introduction of new materials for wind turbine rotor blades and integration with advanced sensors and Artificial Intelligence (AI)--powered systems will also create significant revenue in the industry.

Wind Turbine Rotor Blade Market: Challenges

Responsible disposal of rotor blades is a major challenge for the industry players

The global wind turbine rotor blade industry is plagued by the challenges faced during responsible and environmentally-conscious disposal of equipment.

According to industry research, rotor blades cannot be easily recycled and occupy a large volume of land in case of disposal. The industry will be further affected by changing the supply rate of raw materials required for rotor blade production.

Wind Turbine Rotor Blade Market: Report Scope

Wind Turbine Rotor Blade Market: Segmentation

The global wind turbine rotor blade market is segmented based on blade material, location of deployment, and region.

Based on the blade material, the global market segments are glass fiber, carbon fiber, and others. In 2023, the highest growth was listed in the carbon fiber segment. The material offers several advantages and is widely regarded for its excellent performance index especially when deployed in large-scale settings.

According to market analysis, the overall weight of rotor blades can be reduced by over 24% by using carbon fiber. The advancements in the overall performance of carbon fiber as a raw material will further amplify segmental demand in the coming years.

Based on the location of deployment, the global market divisions are offshore and onshore. In 2023, the highest growth rate was listed in the onshore segment. It deals with the construction and deployment of wind turbines on land. Onshore construction is easier than offshore projects.

Furthermore, rotor blades used for onshore sites do not need to exhibit the same level of strength as compared to offshore counterparts due to the absence of extremely harsh weather. Around 42 states in the US have land-based wind farms showing utility-based capacity.

Wind Turbine Rotor Blade Market: Regional Analysis

Asia-Pacific will emerge as the leading player during the projection period

The global wind turbine rotor blade market will be led by Asia-Pacific during the forecast period. In 2023, more than 47.01% of the global revenue was generated by Asian countries. China, for instance, is one of the world’s leading producers of advanced rotor blades serving customers across the global stage.

In October 2024, three leading manufacturers of wind turbines Goldwind, China State Shipbuilding Corporation Haizhuang Windpower Co., Ltd, and Shanghai Electric, announced plans to launch around 25 MW offshore wind turbines in the coming years. According to the claims made by the companies, the demand for supersized wind turbines is growing as opposed to the expected slump demand.

In November 2024, another Chinese company Sino-Wind Energy announced its plans to set up a wind turbine blade manufacturing facility in Uzbekistan. The estimated cost of the plant will be around USD 50 million. India, on the other hand, has witnessed increased investments in renewable energy. In September 2024, Senvion India launched a 4.2MW wind turbine which is one of the strongest players in the Indian market.

Wind Turbine Rotor Blade Market: Competitive Analysis

The global wind turbine rotor blade market is led by players like:

• Siemens Gamesa Renewable Energy S.A.
• Hitachi Power Solutions
• Suzlon Energy Limited
• LM Wind Power (a GE Renewable Energy business)
• Aeris Energy
• Nordex SE
• RewAir
• TPI Composites Inc.
• Envision Group
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
• MFG Wind
• Vestas Wind Systems A/S
• Enercon GmbH
• Mingyang Smart Energy Group Co. Ltd.
• Acciona S.A.

The global wind turbine rotor blade market is segmented as follows:

By Blade Material

• Glass Fiber
• Carbon Fiber
• Others

By Location of Deployment

• Offshore
• Onshore

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa