At 11.3% CAGR, Middle East & Africa Wind Turbine Rotor Blade Markets Projected to be Worth US$ 871.09 Million by 2030, says Business Market Insights.

According to Business Market Insights’ research, the Middle East & Africa wind turbine rotor blade market was valued at US$ 370.90 million in 2022 and is expected to reach US$ 871.09 million by 2030, registering a CAGR of 11.3% from 2022 to 2030. Increased energy consumption and trends of clean energy production and growing investments in offshore wind projects are among the critical factors attributed to the Middle East & Africa wind turbine rotor blade market expansion.             

The demand for energy has rapidly increased since 2000 owing to factors such as industrialization, urbanization, increasing population, and technological developments. As per the IEA’s report, investment in renewable energy has been significantly boosted by the rebound from the COVID-19 pandemic-related downturn and the response to the global energy crisis. When comparing projections for 2023 with the data from 2021, annual investment in clean energy has increased far more quickly than that of fossil fuels throughout this time (24% vs. 15%). Global energy demand is increasing every day, resulting in an energy crisis and contamination of the environment due to carbon emissions. Energy derived from fossil fuels is unsustainable due to limited, depleting supply and the environmental impact. As a result, the trends of sustainable and clean energy production increased in the last few years.

In addition, as per the IREA (International Renewable Energy Agency), wind energy has developed rapidly since 2000, owing to R&D and reduction in developmental costs. Such factors have affected the development and installation of wind power positively. For instance, global onshore wind capacity increased from 178 GW in 2010 to 699 GW in 2020, whereas offshore wind capacity increased from 3.1 GW in 2010 to 34.4 GW in 2020. Moreover, during 2013-2022, wind energy continued to consolidate its dominance, attracting 32% of global renewable energy investments. Investments in offshore wind have picked up, attracting 8% of the total.  Thus, with increased demand for electricity owing to growing population, urbanization, industrialization, and increased preferences for clean energy, the demand for onshore and offshore wind energy projects increased, ultimately driving the wind turbine blades market.

On the contrary, high cost of wind turbine installation and maintenance hurdles the growth of Middle East & Africa wind turbine rotor blade market.

Based on type, the Middle East & Africa wind turbine rotor blade market is categorized into Below 40m, 41-60m, 61-70m, and Above 70m. The Above 70m segment held 46.5% market share in 2022, amassing US$ 172.44 million. It is projected to garner US$ 490.79 million by 2030 to expand at 14.0% CAGR during 2022–2030.

Based on deployment type, the Middle East & Africa wind turbine rotor blade market is bifurcated into onshore and offshore. The onshore segment held 100.0% share of Middle East & Africa wind turbine rotor blade market in 2022, amassing US$ 370.90 million. It is projected to garner US$ 871.09 million by 2030 to expand at 11.3% CAGR during 2022–2030.

Based on country, the Middle East & Africa wind turbine rotor blade market has been categorized into Saudi Arabia, Egypt, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that South Africa captured 40.0% share of Middle East & Africa wind turbine rotor blade market in 2022. It was assessed at US$ 148.36 million in 2022 and is likely to hit US$ 258.10 million by 2030, exhibiting a CAGR of 7.2% during 2022–2030.            

Key players operating in the Middle East & Africa 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, and Envision Energy USA Ltd, among others.

• In January 2023, Composites, Inc. (TPI) (Nasdaq: TPIC), a global company focused on innovative and sustainable solutions to decarbonize and electrify the world, announced that it has extended its supply agreements with GE Renewable Energy (GE) through 2025. GE and TPI also plan to work together on GE’s next generation blade types including the possibility of adding more production lines in 2023, in addition to the nine production lines GE has in operation with TPI.

• In February 2023, Vestas presented a new solution that renders epoxy-based turbine blades circular without the need for changing the design or composition of blade material. Combining newly discovered chemical technology developed within the CETEC initiative and partnerships with Olin and Stena Recycling, the solution can be applied to blades currently in operation.

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