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Offshore Wind Turbine Blade Market Trends

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

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Offshore Wind Turbine Blade Market Trends

Setting up of environmental goals, growing energy security needs, and advancements in wind technology along with ongoing investments by governments and private sectors to expand the offshore wind capacity will stimulate the business statistics. Countries with established industries like the U.K. and Denmark are setting new records, while emerging markets such as South Korea, Taiwan, and Vietnam are quickly adopting offshore projects to meet their energy and climate goals driving the market growth.

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.