The Europe wind turbine rotor blade market was valued at US$ 4,518.42 million in 2022 and is expected to reach US$ 8,830.33 million by 2030; it is estimated to grow at a CAGR of 8.7% from 2022 to 2030.
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.
Further, as per the data provided by the German government, the energy sector was one of the main drivers of greenhouse gas and carbon emissions. In 2023, Germany announced plans to invest US$ 63 billion in green energy for 2024, a 60% increase over 2023 spending targets.
Such government initiatives and investments drive the wind energy industry, thereby fueling the wind turbine blade industry.
Europe was the 2nd largest region in the new capacity additions in the world with total wind power capacity additions of more than 19 GW in the year 2022. 87% of the new wind installations in Europe in 2022 were onshore wind. Countries that dominate onshore wind power are Sweden, Germany, and Turkey. The UK registered the highest number of new wind installations, accounting for most of the new offshore wind installations. This is expected to drive the growth of the wind turbine rotor blade market during the projected period.
Europe accounted for a total of 236 GW of wind capacity till 2022. As per the Wind Europe (ASBL-VZW) Association, Europe is expected to install 116 GW of new wind farms from 2022 to 2026. Three-quarters of these new capacity additions will be onshore. Germany will be Europe's largest wind market owing to the strong expected performance of its onshore market, with a capacity of 19.7 GW and a rising offshore installations capacity of 5.4 GW. Thus, such upcoming trends in installing wind power capacity are anticipated to drive the demand for wind turbine rotor blades over the projected period.
The Europe wind turbine rotor blade market is segmented based on type, deployment type, and country. Based on type, the Europe wind turbine rotor blade market is segmented into Below 40m, 41-60m, 61-70m, and Above 70m. The Above 70m segment held the largest market share in 2022.
In terms of deployment type, the Europe wind turbine rotor blade market is bifurcated into onshore and offshore. The onshore services held a larger market share in 2022.
Based on country, the Europe wind turbine rotor blade market is segmented into the France, Germany, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe wind turbine rotor blade market share in 2022.
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 are some of the leading companies operating in the Europe wind turbine rotor blade market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 4,518.42 Million |
| Market Size by 2030 | US$ 8,830.33 Million |
| CAGR (2022 - 2030) | 8.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
1. TPI Composites Inc
2. Vestas Wind Systems AS
3. ENERCON GmbH
4. LM Wind Power AS
5. Siemens Gamesa Renewable Energy SA
6. Acciona SA
7. Suzlon Energy Ltd
8. Nordex SE
9. Envision Energy USA Ltd
10. Lianyungang Zhongfu Lianzhong Composites Group Co Ltd.
The Europe Wind Turbine Rotor Blade Market is valued at US$ 4,518.42 Million in 2022, it is projected to reach US$ 8,830.33 Million by 2030.
As per our report Europe Wind Turbine Rotor Blade Market, the market size is valued at US$ 4,518.42 Million in 2022, projecting it to reach US$ 8,830.33 Million by 2030. This translates to a CAGR of approximately 8.7% during the forecast period.
The Europe Wind Turbine Rotor Blade Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Wind Turbine Rotor Blade Market report:
The Europe Wind Turbine Rotor Blade Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Wind Turbine Rotor Blade Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Wind Turbine Rotor Blade Market value chain can benefit from the information contained in a comprehensive market report.
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