At 10.2% CAGR, Asia Pacific Wind Turbine Rotor Blade Markets Projected to be Worth US$ 17,354.84 Million by 2030, says Business Market Insights.

According to Business Market Insights’ research, the Asia Pacific wind turbine rotor blade market was valued at US$ 7,966.08 million in 2022 and is expected to reach US$ 17,354.84 million by 2030, registering a CAGR of 10.2% from 2022 to 2030. Government initiatives to boost green energy production and innovations in wind turbine blade designs are among the critical factors attributed to the Asia Pacific wind turbine rotor blade market expansion.             

According to recent data from the International Energy Agency (IEA), the amount of money allocated by governments to promote clean energy investment has increased since 2020 to reach USD 1.34 trillion. Various are investing heavily to reduce their carbon footprint. In 2021, global carbon emissions reached 37 billion metric ton from 35 billion metric ton in 2015.

In 2022, China's total power sector emissions were five times higher in 2022 than in 2000. Thus, the demand for renewable energy increased significantly. Also, in 2023, the Indian Ministry of New and Renewable Energy announced a new auction process for wind power generation plants. Under a new auction mechanism, the government will invite bids for 8 GW wind power projects per year from 2023 to 2030 to boost the renewable energy sector. Moreover, at the United Nations Biodiversity Conference 2023, the government of China announced plans to build 400 GW of wind and solar energy plants. As a result, government initiatives and investments for the development and adoption of renewable energy increased.

Such government initiatives and investments drive the wind energy industry, thereby fueling the wind turbine blade industry.

On the contrary, high cost of wind turbine installation and maintenance hurdles the growth of Asia Pacific wind turbine rotor blade market.

Based on type, the Asia Pacific wind turbine rotor blade market is categorized into Below 40m, 41-60m, 61-70m, and Above 70m. The Above 70m segment held 63.8% market share in 2022, amassing US$ 5,080.68 million. It is projected to garner US$ 11,756.44 million by 2030 to expand at 11.1% CAGR during 2022–2030.

In terms of deployment type, the Asia Pacific wind turbine rotor blade market is bifurcated into onshore and offshore. The onshore segment held 75.0% share of Asia Pacific wind turbine rotor blade market in 2022, amassing US$ 5,977.23 million. It is projected to garner US$ 12,917.42 million by 2030 to expand at 10.1% CAGR during 2022–2030.

Based on Country, the Asia Pacific wind turbine rotor blade market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 87.0% share of Asia Pacific wind turbine rotor blade market in 2022. It was assessed at US$ 6,928.21 million in 2022 and is likely to hit US$ 14,311.75 million by 2030, exhibiting a CAGR of 9.5% during 2022–2030.            

Key players operating in the Asia Pacific wind turbine rotor blade market are TPI Composites Inc, Vestas Wind Systems AS, ENERCON GmbH, LM Wind Power AS, Siemens Gamesa Renewable Energy SA, Acciona SA, Suzlon Energy Ltd, Nordex SE, Envision Energy USA Ltd, and Lianyungang Zhongfu Lianzhong Composites Group Co Ltd, among others.

• In September 2022, Siemens Gamesa again takes strong command of circularity within wind turbine blades, launching its RecyclableBlade for onshore wind power projects. This milestone is set to propel the activities that make wind energy even more sustainable, creating a fully circular sector.

• In July 2023, ACCIONA Energía announced its participation in RenerCycle, an initiative to develop circular economy solutions for the wind energy sector, as one of the leading partners in the consortium. The main activities of RenerCycle will revolve around the repair and reconditioning of wind turbine components, as well as the promotion of new business lines to recycle metallic materials, composites from blades and nacelles, and organic materials.

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