Surge in need for generation of electricity from wind has been established as a significant source for power generation. Moreover, with the increasing need to generate electricity through wind, wind turbines are likely to witness an upsurge in demand over the coming years.
New York City, NY -- (SBWIRE) -- 06/22/2017 -- Such factors will rev up demand for wind turbine rotor blades significantly in the coming years. The global wind turbine rotor blades market is expected to witness a growth of 21.2% CAGR over the forecast period, 2017-2025.
Market Dynamics
Developing technology has led to enhanced wind power generation, which has revved up demand for wind turbine rotor blades over the coming years. In addition, due to enhanced technology, the size of the solar panels are shrinking in terms of size. With the enhanced technological innovation and efficiency, the global wind turbine rotor blades market will witness a significant growth in the coming years. However, due to available sources of renewable energy sans noise pollution and moving parts will significantly pose threat to the wind turbine rotor blades market on a large scale over the coming years.
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Segmentation Analysis
Glass fibers among others will outpace carbon composites in the global wind turbine rotor blades market in the coming years. Onshore among other applications will account for a revenue share of 96.2% over the coming years. Whereas, the 40-60 meters among various other lengths will witness relatively high demand in the coming years. Moreover, the 40-60 meters will witness a growth of 19.1% CAGR over the coming years.
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Regional Analysis
Asia Pacific among other regions led by India and China will account for a relatively major share of the wind turbine rotor blades market globally in the coming years. While countries such as Japan, China, India, South Korea, United States and Taiwan have approved various offshore projects, however, offshore wind power installations are mainly concentrated in Europe. Moreover, offshore projects approved by various countries are currently under development, and will be operational over the coming years.
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Market Players
Leading market players operating in the global wind turbine rotor blades market include Siemens, LM Wind, TPI Composites, Sinoma, TPI Composites and CNBM. Moreover, generation-based incentives and feed-in-tariffs are likely to entice venture capitalist in order to invest in the global market in the coming years.