LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global wind turbine rotor blade market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
This market research report segments the global wind turbine rotor blade market into the following applications, including onshore and offshore and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the rise in consumption of wind energy as a key factor contributing to the growth of the global wind turbine rotor blade market:
Rise in consumption of wind energy
During 2012-2020, the global net electricity produced from wind power is expected to grow at an annual rate of 12.24%. Countries across the globe are bound to shift focus toward renewable sources to produce power due to the diminishing conventional resources and growing greenhouse gas (GHG) emissions. Wind power is one of the most abundant sources of alternative energy and one of the most efficient sources to generate electricity. Countries such as China was leading the market in terms of cumulative installed capacity in wind energy, followed by the US. In 2016, the installation was done in China with a wind power capacity of 23.37 GW. Efforts made by these countries will contribute to the growth of the global wind turbine rotor blade market.
According to a senior analyst at Technavio for power, “Rising awareness about the benefits of wind energy is one of the factors driving the demand for wind turbines as they can increase the output of energy and rotational speed, thereby ensuring a high ROI for investors from wind projects. The increase in demand for wind power plants is driving the demand for wind turbine rotor blades.”
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Global wind turbine rotor blade market segmentation
Of the two major applications, the onshore segment held the largest market share in 2017, accounting for nearly 97% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is offshore, which will increase 5% by 2022.
APAC was the leading region for the global wind turbine rotor blade market in 2017, accounting for a market share of 44%. This region is expected to continue its dominance in the market throughout the forecast period.
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