Market Size of Asia Pacific Wind Turbine Rotor Blade Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 11.66 Billion |
| Market Size (2029) | USD 18.29 Billion |
| CAGR (2024 - 2029) | 9.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Wind Turbine Rotor Blade Market Analysis
The Asia-Pacific Wind Turbine Rotor Blade Market size is estimated at USD 11.66 billion in 2024, and is expected to reach USD 18.29 billion by 2029, growing at a CAGR of 9.43% during the forecast period (2024-2029).
Over the medium term, factors such as the declining cost of wind energy and increasing investments in the wind power sector are expected to drive the wind turbine rotor blade market in the Asia-Pacific region during the forecast period.
On the other hand, factors such as the associated high cost of transportation and cost competitiveness of alternate clean power sources like solar power, hydropower, etc., have the potential to hinder the market growth during the forecast period.
Nevertheless, the wind power industry has been in demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There were instances where old turbines were replaced, not because of the damage but due to the availability of more efficient blades in the market. Hence, technological developments present themselves as a good opportunity for the wind turbine rotor blade market soon.
China is expected to dominate the wind turbine rotor blade market in the Asia-Pacific region during the forecast period.
Asia-Pacific Wind Turbine Rotor Blade Industry Segmentation
Wind turbine rotor blades are the key components of wind turbines, as they are in direct contact with high-speed winds. Rotor blades convert wind's kinetic energy into rotational energy, which is later converted into electrical energy.
Asia-Pacific wind turbine rotor blade market is segmented by location of deployment, blade material, and geography. By location of deployment, the market is segmented into onshore and offshore. By blade material, the market is segmented into carbon fiber, glass fiber, and other blade materials. The report also covers the market size and forecasts for the wind turbine rotor blade market across major countries such as China, India, South Korea, and Japan.
For each segment, the market sizing and forecasts have been done based on revenue (USD).
Asia Pacific Wind Turbine Rotor Blade Market Size Summary
The Asia-Pacific wind turbine rotor blade market is poised for significant growth over the forecast period, driven by the declining cost of wind energy and increased investments in the wind power sector. The region's market is expected to expand substantially, with China anticipated to lead the charge due to its massive energy consumption and commitment to renewable energy expansion. The evolution of onshore wind energy technology, including larger turbines and blades, has further bolstered market prospects. However, challenges such as high transportation costs and competition from alternative clean energy sources like solar and hydropower could impede growth. Despite these challenges, technological advancements in rotor blade efficiency present lucrative opportunities for market players.
China's aggressive renewable energy targets and provincial initiatives to boost wind and solar capacity are central to the region's market dynamics. The country's focus on reducing emissions and increasing non-fossil fuel energy sources aligns with its broader environmental commitments, driving demand for wind turbine rotor blades. Meanwhile, India is also making strides in wind energy, supported by strategic collaborations and government initiatives aimed at expanding onshore wind power capacity. The market landscape is moderately fragmented, with key players like TPI Composites Inc., LM Wind Power, and Siemens Gamesa Renewable Energy actively participating in the region's growth. As the market evolves, innovations such as advanced blade services and large-scale offshore projects are expected to further enhance the industry's trajectory.
Asia Pacific Wind Turbine Rotor Blade Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Declining Cost of Wind Energy
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1.5.1.2 Increasing Investments in Wind Energy Power Generation Projects
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1.5.2 Restraints
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1.5.2.1 Increasing Adoption of Alternate Clean Power Sources
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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Asia Pacific Wind Turbine Rotor Blade Market Size FAQs
How big is the Asia Pacific Wind Turbine Rotor Blade Market?
The Asia Pacific Wind Turbine Rotor Blade Market size is expected to reach USD 11.66 billion in 2024 and grow at a CAGR of 9.43% to reach USD 18.29 billion by 2029.
What is the current Asia Pacific Wind Turbine Rotor Blade Market size?
In 2024, the Asia Pacific Wind Turbine Rotor Blade Market size is expected to reach USD 11.66 billion.
