Summary

Overview Global Wind Blade Market reached US$ 22.3 billion in 2022 and is expected to reach US$ 38.5 billion by 2030, growing with a CAGR of 7.3% during the forecast period 2023-2030. The development of wind blades has been driven by a variety of interrelated variables that, taken together, support the growth of the wind energy industry and the rising demand for effective, dependable and environmentally friendly wind turbine blades. It is certain that the market for wind blades will expand as a result of these causes, which also include regulatory backing, environmental concerns and economic trends. Asia-Pacific is among the growing regions in the global wind blade market covering more than 1/3rd of the market and the Asia-Pacific is rapidly urbanizing and growing economically, which is driving up the demand for energy. A sustainable way to meet this rising need for electricity is through the utilization of wind energy, which includes wind turbines. The Asia-Pacific has a wealth of wind resources, especially in countries like China, India, Australia and South Korea. The resources present tremendous potential for capturing wind energy and promoting the construction of wind farms, which increases the need for wind turbine blades. Dynamics Increasing Demand for Electricity The rising demand for electricity is what is driving the wind blade market. Wind energy generation is now recognized as a reliable method of power generation. Over the course of the projected period, it is anticipated that the market for wind turbine blades would grow faster due to the rising need for power for various commercial, residential and industrial reasons. Additionally, onshore wind energy power generation technology has been developed to protect additional locations with lower wind speeds and to maximize the amount of electricity produced per megawatt capacity constructed during the past few years. According to data from the Wind Energy Council, the world's onshore wind market reached 72.5 GW in 2021, an 18% decrease from 2020. The decline can be attributed to a slowdown in the growth of the two largest onshore wind markets in the world China and US. However, in 2021, Europe, Africa and the Middle East saw exponential growth, with new onshore installations growing by 19%, 27% and 120%, respectively. Increasing Use of Onshore Wind Energy Applications The market for wind blades is significantly driven by the rising use of onshore wind energy applications. The approach has become more popular for a number of compelling reasons, changing the face of the renewable energy sector and affecting the demand for wind turbine blades. Onshore wind energy projects profit from the availability of enormous land areas that are frequently close to populous areas. According to the National Energy Administration (NEA) reported that China connected 47.5 GW of onshore wind capacity in 2021, bringing its total onshore installations to 310.62 GW. In addition, it is anticipated that the Chinese onshore wind market would expand rapidly over the next few years, driving up demand for essential parts and materials for both domestic and export markets. In addition, thermal energy sources account for around 70% of the electricity generated in China. The nation has been concentrating on expanding the percentage of cleaner and renewable sources in electricity generation as a result of rising pollution from thermal sources. Modern Technologies Allow Wind Farms to Produce Electricity at an Affordable Cost According to Energy Efficiency & Renewable Energy, Modern wind farms are increasing in size to multi-megawatt power ratings and are getting more and more reliable and cost-effective. The average blades producing capacity has risen since 1999, with installed blades in 2016 having an average capacity of 2.15 MW. Through the creation of longer, lighter rotor blades, taller towers, more dependable drivetrains and performance-enhancing control systems, WETO research has aided in this transformation. The Wind Energy Technologies Office (WETO) collaborates with commercial partners to reduce wind energy costs while enhancing the functionality and dependability of next-generation wind technologies. The average capacity factor (a metric of power plant productivity) has grown as a result of the office's research operations, rising from 30% in 2000 for wind turbines erected before 1998 to an average of about 35% at this time. Rising Use of Renewable Energy Sources in Wind Blades Wind blades use the mechanical energy of the wind to power a generator and produce electricity. Wind energy continues to be the largest source of renewable energy in US, which helps to reduce our reliance on fossil fuels. Annually, wind energy helps save 329 million metric Tons of carbon dioxide emissions, which is the same amount of emissions produced by 71 million cars and contributes to acid rain, pollution and greenhouse gas emissions. According to Energy Efficiency & Renewable Energy, over 120,000 people work in U.S. wind industry throughout all 50 states and that number is rising. Service technicians for wind blades are the second fastest expanding occupation in U.S. during the next ten years, according to U.S. Bureau of Labour Statistics. The wind industry might support hundreds of thousands of workers, with positions ranging from asset management to blade producer by 2050. High Manufacturing Costs The market for wind blades, an essential component of the globally renewable energy industry, is significantly constrained by high manufacturing costs. The issue has a significant effect on a number of facets of the market, including innovation and market growth. Wind turbine blade production is a complex and resource-intensive operation that requires specialized materials, cutting-edge technology and expert labor. The elements work together to raise upfront costs, which have a considerable impact on the entire cost structure of wind energy projects. Furthermore, the entire wind energy value chain may be negatively impacted by high manufacturing prices. Due to uncertain returns on investment, developers may have trouble acquiring finance for projects and investors may be more cautious. The difficulty of transporting large wind blades to remote or offshore places The market for wind turbine blades also has limitations in several ways. Delivering big wind blades to far away or offshore locations is a major logistical and transportation problem. Due to the size and weight of the blades, shipping is difficult and expensive, requiring specialized infrastructure and machinery. Furthermore, wind blade production requires expensive up-front expenses and advanced manufacturing processes, which may harm profitability and restrain market expansion. Additionally, rigorous restrictions concerning noise emissions and environmental effects provide difficulties for wind blade producers and the need for adherence to rigid standards and guidelines. Segment Analysis The global wind blade market is segmented based on material, blade size, application and region. Rising Demand for Carbon Fiber Used in Fabrication of Wind Blade The carbon fiber segment holds a major share of around XX% in the global wind blade market. Composites constructed from carbon fiber have great durability and fatigue resistance. Carbon fiber wind turbine blades have longer operational lifespans because they are better able to handle rigorous operating circumstances, such as cyclic loading and weather exposure. For Instance, Gurit acquired a 60% stake in Fiberline Composites A/S, a world-class producer of pultruded glass and carbon fiber components used in the fabrication of wind turbine blades. With the addition of significant and structurally important pultruded carbon and glass goods, Gurit's current tooling, core materials and core kitting product offerings for the wind energy sector are enhanced by the acquisition of Fiberline Composites A/S. Additionally, In contrast to infused glass alternatives, the core technology of carbon fiber pultrusion significantly reduces weight, allowing wind turbines to have larger, stiffer and lighter wind blades. A new Gurit business unit identified as Structural Profiles will be formed from the Fiberline Composites operations. Geographical Penetration Asia-Pacific Growing Government Initiatives and Policies in the Marine Applications The Asia-Pacific wind blade market has witnessed significant growth and popularity covering 1/3th share in 2022. The is a consequence of expanding government initiatives and policies supporting the use of wind turbine blades in marine applications, which are pushing the market in this region. The Indian wind blade market was the one in the Asia-Pacific with the quickest rate of growth and China's wind blade market had the largest market share. According to the Global Wind Energy Council, A total of 22,893 wind turbines with a combined capacity of 63,076 MW were installed by about 33 wind turbine manufacturers in different parts of the world in 2019. Twenty of the 33 suppliers come from APAC. Asia-Pacific, which is also the location of the world's largest wind turbine manufacturing base, erected 12,784 wind turbines in 2019, accounting for 55.8% of the total number produced globally. Competitive Landscape The major global players include Vestas Wind Systems, LM Wind Power, Siemens Gamesa, Suzlon Energy, Enercon, Nordex Group, GE Renewable Energy, ACCIONA Windpower, Goldwind and WINDAR Renovables. COVID-19 Impact Analysis The COVID-19 pandemic presented significant challenges for the global wind energy sector, a key actor in the switch to sustainable energy sources. The pandemic, which started in late 2019 and turned into a global emergency in 2020, set off a chain reaction of disruptions that reverberated across the wind blade business and its related industries. Components including wind blades, towers and nacelles must arrive on schedule for wind farm construction to begin. The epidemic, however, made it difficult to relocate people and equipment, which led to delays in project timetables. Due to the aforementioned uncertainty brought on by the pandemic's effect on the world economy, several projects were even delayed or abandoned. The COVID-19 pandemic's effects on the wind turbine blade market were conflicting. Even if the pandemic originally caused project delays and supply chain hiccups, the market's prognosis is still favorable in the long run. Following the epidemic, the industry for renewable energy, which includes wind energy, is anticipated to be essential to programs for green stimulus. Investments in wind energy projects are rising as a result of the growing need for sustainable and clean energy sources. In the post-COVID scenario, it is anticipated that the wind blade market will experience significant development as economies recover and nations concentrate on decarbonization. Russia-Ukraine War Impact The ongoing conflict between Russia and Ukraine at the time had the potential to have an effect on a number of industries, including that of renewable energy and, consequently, the market for wind turbine blades. For parts like wind blades, the wind energy industry depends on a global supply chain. The availability of wind turbine parts, particularly blades, could have been affected if the war resulted in delays or shortages in transportation routes or trade restrictions. Economic uncertainty, which can undermine investor confidence and finance for renewable energy projects, including wind farms, can be brought on by geopolitical tensions and conflicts. The demand for wind turbine blades and the growth of new wind energy projects may be impacted by this matter. By Material • Glass Fiber • Carbon Fiber • Others By Blade Size • <30 meters • 30-60 meters • >60 meters By Application • Onshore • Offshore By Region • North America o U.S. o Canada o Mexico • Europe o Germany o UK o France o Italy o Russia o Rest of Europe • South America o Brazil o Argentina o Rest of South America • Asia-Pacific o China o India o Japan o Australia o Rest of Asia-Pacific • Middle East and Africa Key Developments • On May 2, 2023, Suzlon Group the second order of the 3 MW product series was obtained, India's largest provider of renewable energy solutions, for Juniper Green Energy Private Limited's development of a 69.3 MW wind power plant. 22 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower of Suzlon's new product, each with a 3.15 MW rating, will be constructed. • On June 3, 2021, CS Wind Corp. of South Korea acquired Vestas the largest tower manufacturing factory in the world, which is located in US. CS Wind and Denmark's Vestas Wind Systems A/S agreed to a transaction under which CS Wind will pay US$ 150 million for a 100% share in Vestas' wind tower manufacturing. • On April 30, 2020, Siemens Gamesa Renewable Energy acquired all of the shares of Ria Blades, S.A., the company that owns and runs the onshore wind turbine blade manufacturing facility in Vagos, Portugal, as well as other necessary operating assets. With the completion of this transaction, the business will have fully acquired certain Senvion assets. Why Purchase the Report? • To visualize the global wind blade market segmentation based on material, blade size, application and region, as well as understand key commercial assets and players. • Identify commercial opportunities by analyzing trends and co-development. • Excel data sheet with numerous data points of wind blade market-level with all segments. • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study. • product mapping available as excel consisting of key products of all the major players. The global wind blade market report would provide approximately 62 tables, 56 figures and 181 Pages. Target Audience 2023 • Manufacturers/ Buyers • Industry Investors/Investment Bankers • Research Professionals • Emerging Companies

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Table of Contents

1. Methodology and Scope 1.1. Research Methodology 1.2. Research Objective and Scope of the Report 2. Definition and Overview 3. Executive Summary 3.1. Snippet by Material 3.2. Snippet by Blade Size 3.3. Snippet by Application 3.4. Snippet by Region 4. Dynamics 4.1. Industry Analysis Impacting Factors 4.1.1. Drivers 4.1.1.1. Increasing Demand for Electricity 4.1.1.2. Modern Technologies Allow Wind Farms to Produce Electricity at an Affordable Cost 4.1.1.3. Increasing Use of Onshore Wind Energy Applications 4.1.1.4. Rising Use of Renewable Energy Sources in Wind Blades 4.1.2. Restraints 4.1.2.1. High Manufacturing Costs 4.1.2.2. Difficulty of Transporting Large Wind Blades to Remote or Offshore Places 4.1.3. Opportunity 4.1.4. Impact Analysis 5. Industry Analysis 5.1. Porter's Five Force Analysis 5.2. Supply Chain Analysis 5.3. Pricing Analysis 5.4. Regulatory Analysis 6. COVID-19 Analysis 6.1. Analysis of COVID-19 6.1.1. Scenario Before COVID 6.1.2. Scenario During COVID 6.1.3. Scenario Post COVID 6.2. Pricing Dynamics Amid COVID-19 6.3. Demand-Supply Spectrum 6.4. Government Initiatives Related to the Market During Pandemic 6.5. Manufacturers Strategic Initiatives 6.6. Conclusion 7. By Material 7.1. Introduction 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material 7.1.2. Market Attractiveness Index, By Material 7.2. Glass Fiber* 7.2.1. Introduction 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 7.3. Carbon Fiber 7.4. Others 8. By Blade Size 8.1. Introduction 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Blade Size 8.1.2. Market Attractiveness Index, By Blade Size 8.2. <30 meters* 8.2.1. Introduction 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 8.3. 30-60 meters 8.4. >60 meters 9. By Application 9.1. Introduction 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 9.1.2. Market Attractiveness Index, By Application 9.2. Onshore* 9.2.1. Introduction 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 9.3. Offshore 10. By Region 10.1. Introduction 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region 10.1.2. Market Attractiveness Index, By Region 10.2. North America 10.2.1. Introduction 10.2.2. Key Region-Specific Dynamics 10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type 10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Blade Size 10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 10.2.6.1. U.S. 10.2.6.2. Canada 10.2.6.3. Mexico 10.3. Europe 10.3.1. Introduction 10.3.2. Key Region-Specific Dynamics 10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type 10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Blade Size 10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 10.3.6.1. Germany 10.3.6.2. UK 10.3.6.3. France 10.3.6.4. Italy 10.3.6.5. Russia 10.3.6.6. Rest of Europe 10.4. South America 10.4.1. Introduction 10.4.2. Key Region-Specific Dynamics 10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type 10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Blade Size 10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 10.4.6.1. Brazil 10.4.6.2. Argentina 10.4.6.3. Rest of South America 10.5. Asia-Pacific 10.5.1. Introduction 10.5.2. Key Region-Specific Dynamics 10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type 10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Blade Size 10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 10.5.6.1. China 10.5.6.2. India 10.5.6.3. Japan 10.5.6.4. Australia 10.5.6.5. Rest of Asia-Pacific 10.6. Middle East and Africa 10.6.1. Introduction 10.6.2. Key Region-Specific Dynamics 10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type 10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Blade Size 10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 11. Competitive Landscape 11.1. Competitive Scenario 11.2. Market Positioning/Share Analysis 11.3. Mergers and Acquisitions Analysis 12. Company Profiles 12.1. Vestas Wind Systems * 12.1.1. Company Overview 12.1.2. Product Portfolio and Description 12.1.3. Financial Overview 12.1.4. Key Developments 12.2. LM Wind Power 12.3. Siemens Gamesa 12.4. Suzlon Energy 12.5. Enercon 12.6. Nordex Group 12.7. GE Renewable Energy 12.8. ACCIONA Windpower 12.9. Goldwind 12.10. WINDAR Renovables LIST NOT EXHAUSTIVE 12.11. About Us and Services 12.12. Contact Us