Offshore wind farms are thought to be more efficient than onshore wind farms due to higher wind speeds, greater consistency, and a lack of physical interference from land or man-made things. Offshore wind speeds are typically higher than on land. Small changes in wind speed result in substantial gains in energy production: a turbine operating in a 15-mph wind can produce twice as much energy as a turbine operating in a 12-mph wind. Faster offshore wind speeds mean that significantly more energy can be generated. Offshore wind speeds are more consistent than on land. A more consistent supply of wind means a more dependable source of energy. Thus, owing to higher efficiency compared to onshore wind farms, the investments in offshore farms are increasing. In 2023, Octopus Energy, based in the UK, announced plans to invest US$ 20 billion in offshore wind by 2030. In 2023, the government of the US approved the fourth offshore wind project. This announcement marked another step toward the US' aim of deploying 30 Gigatons (GW) of offshore wind energy capacity by 2030.
India has also set an ambitious goal of constructing 30 gigatons (GW) of offshore wind capacity by 2030. In addition, EnBW, a German utility, announced a definitive commitment to construct its US$ 2.6 billion offshore wind farm. Such investments are expected to drive the adoption of offshore wind farms, ultimately generating lucrative opportunities for the wind turbine rotor blade market growth. In addition, floating wind farms are gaining notable traction owing to their higher efficiency. In 2022, the US government launched initiatives to develop a 15 GW floating wind farm project. In 2023, Equinor opened the largest floating wind farm in Norway, which has a capacity of 88 MW. Such investments are expected to fuel the demand for offshore wind farms in the future, ultimately generating lucrative opportunities for the wind turbine rotor blade market.
Key Findings of Market Study:
The Asia-Pacific wind turbine rotor blade market share is classified into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the wind turbine rotor blade market due to minimized cost of wind energy, favorable government initiatives, and a rise in investment in wind energy projects. The wind turbine rotor blade market expansion in Asia Pacific is primarily attributed to increasing investment in the renewable industry, exponential increase in industrialization and urbanization, wind energy generation capacity, new electrification projects, and grid strengthening initiatives.
According to the Global Wind Energy Council, newly added wind capacity in Asia Pacific in 2022 accounted for 56% of total wind capacity additions globally, with China contributing 87% of total additions in Asia Pacific. The wind energy sector in Asia Pacific is set for rapid expansion. It could make up nearly a quarter of the power capacity mix in the area this decade, according to a new study, as high domestic demand for offshore wind power turns Mainland China into the world's largest market by 2030. Thus, the rapid expansion of wind energy installations in the region is anticipated to propel the wind turbine rotor blade market growth from 2022 to 2030.
TPI Composites SA, Vestas Wind Systems A/S, Enercon GmbH, LM Wind Power, Siemens Gamesa Renewable Energy SA, Acciona SA, Suzlon Energy Ltd, Nordex SE, Envision Group, and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd are among the key wind turbine rotor blade market players profiled during this market study. In addition, several other essential wind turbine rotor blade market players were also studied and analyzed to get a holistic view of the global wind turbine rotor blade market and its ecosystem.
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