This represents a CAGR of 9.2% for forecast period from an estimated value of US$10,914.3 million in 2014, says a new report.
The report, "Wind Turbine Rotor Blade Market by Material (Glass Fiber, Carbon Fiber), by Blade Size", published by MarketsandMarkets, defines and segments the wind turbine rotor blade market with analysis and forecasting of volume as well as value. It also identifies the driving forces and restraining factors for the market, highlighting the latest trends and identifying opportunities.
The wind turbine rotor blade market is driven by policy support from governments and reducing costs of wind power generation. Governments across the world have been pushing to include more renewable power to their energy mix, an approach that is driving many new wind power projects, generating demand for wind turbine rotor blades, the report suggests. The declining cost per kWh of generating power from wind is making it the most attractive renewable energy option.
Promising forecasts
However, high capital costs for such projects may act as a restraint for the market, along with the use of expensive raw material required for manufacturing larger blades. Future growth projections for the wind energy sector are very promising, indicating opportunities for in the rotor blade market, but the market is required to handle critical challenges such as difficulty in transportation to fully capitalize on potential opportunities.
In 2013, Asia-Pacific was the largest market for wind turbine rotor blades and accounted for a market share of 54.13%. The use of carbon fiber in blade manufacturing is growing at a fast pace as blade sizes are increasing in size.
