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Offshore Wind Turbine Blade Market Size

Report ID: GMI12018
Published Date: Oct 2024
Report Format: PDF

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Offshore Wind Turbine Blade Market Size

The global offshore wind turbine blade market was valued at USD 10.7 billion in 2023 and is estimated to grow at a CAGR of 13.3% from 2024 to 2032. An offshore wind turbine is a large, wind-powered generator designed specifically for installation in bodies of water, typically seas or oceans, to harness wind energy in open, offshore environments. These turbines convert wind energy into electricity, which is then transmitted to the shore through underwater cables.

offshore wind turbine blade market

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Ongoing adoption of AI, and predictive maintenance technologies in blade manufacturing and monitoring will drive the industry scenario. Smart manufacturing processes will continue for rapid prototyping and customization, speeding up technological advancements in blade design, thereby contributing to the product demand. Further, innovations in materials, such as carbon fiber and hybrid composites, have made blades longer and lighter without compromising strength will encourage the product adoption.

Offshore Wind Turbine Blade Market Report Attributes
Report Attribute	Details
Base Year:	2023
Offshore Wind Turbine Blade Market Size in 2023:	USD 10.7 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	13.3%
2024 – 2032 Value Projection:	USD 45.4 Billion
Historical Data for:	2021-2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Size, Capacity, Material and Region
Growth Drivers:	Global offshore wind capacity expansion Technological Advancements
Pitfalls & Challenges:	High initial capital cost

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Growing advancement in blade technology that maximizes the energy output per turbine and reduces the number of turbines needed will enhance the product demand. Innovations in materials, such as carbon fiber and hybrid composites, have made blades longer and lighter without compromising strength, allowing for both increased efficiency and reduced wear on turbine components? thereby contributing to the business momentum. Additionally, high demand for offshore wind energy across the developed nations will strengthen the industry dynamics.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for offshore wind turbine blade was reached USD 10.7 billion in 2023 and is estimated to grow at a 13.3% CAGR from 2024 to 2032, driven by global offshore wind capacity expansion and technological advancements.

The > 90 m segment is anticipated to surpass USD 36.5 million by 2032, propelled by the demand for larger turbines and ongoing advancements in blade designs and materials.

The > 5 MW segment is set to grow at a CAGR of over 11.5% through 2032, supported by significant demand for high-capacity systems, technological advances, and economies of scale.

The Asia Pacific market for offshore wind turbine blade is likely to exceed USD 35.5 billion by 2032, led by regional investments in renewable energy, advancements in turbine technology, and supportive government policies.

Key players in the industry include Doosan Heavy Industries & Construction, Envision Energy, GE Renewable Energy, Goldwind, Hitachi Energy, MingYang Smart Energy, Nordex SE, Senvion, Shanghai Electric Wind Power, Suzlon Energy, and Vestas Wind Systems.