According to TechSci Research report, “Global Offshore Wind Turbine Rotor Blade Market - By Region, Competition, Forecast & Opportunities, 2028”, Global Offshore Wind Turbine Rotor Blade Market is anticipated to grow at an 8.04% CAGR in the forecast period, 2024-2028, The wind power industry has been in demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There were instances where old turbines were replaced, not because of the damage but due to the availability of more efficient blades in the market. Hence, technological developments present themselves as opportunities for the Offshore Wind Turbine Rotor Blade market.

Based on Blade Material, the market's largest contribution will be the Carbon Fiber segment. The discovery of new oil and gas resources is helping the demand for onshore oilfield equipment. Oil and gas companies are focusing on exploring new oil and gas resources in order to meet the rising demand. Oil and gas drilling need oilfield equipment. They are therefore positioned at the gas or oil drilling hole. Oilfield equipment is widely utilised in onshore applications for pressure sealing of the whole casing employed in the relevant activity. Additionally, offshore oil and gas exploration and production activities offer a growing market growth potential that has the potential to be very profitable.

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Based on Region, Asia Pacific region is expected to dominate the market for Offshore Wind Turbine Rotor Blade during the forecast period. Asia-Pacific is one of the largest regions in the global Offshore Wind Turbine Rotor Blade market. Most of the demand is generated from China, India, and Japan. Since the invention of the modern wind turbine generator (WTG) in 1891, China has recognized that wind energy technology offers an effective way to provide electricity to rural and isolated areas. China's installed wind capacity grew from a mere 4 MW in 1990 to 338.30 GW in 2021 due to policy reforms, dedicated R&D initiatives, new financing mechanisms, and clear goals in the most recent Five-Year Plans. Both China's installed capacity and new capacity in 2021 were the largest in the world by a wide margin. According to IRENA, China is expected to continue to dominate the onshore wind power industry, with more than 50% of global installations by 2050. Also, due to the high population, high electricity demand in the country is expected to promote growth in wind energy. Several multinational corporations, including Chinese firms, are investing in this sector with the help of federal and provincial governments across the country.

According to the National Energy Administration (NEA), China connected 47.5 GW of onshore wind capacity in 2021, boosting its total onshore installations to 310.62 GW. Further, the Chinese onshore wind market is expected to grow steadily in the coming years, with rising needs for key components and materials, not only for the national market but also for international exports. Besides, in China, nearly 70% of the electricity produced is from thermal energy sources. As there is increasing pollution from thermal sources, the country has been focusing on increasing the share of cleaner and renewable sources in power generation. Furthermore, out of the total 21.10 GW of newly installed offshore capacity worldwide, 80% (16.90 GW) of the new installations came from China in 2021, and China's cumulative offshore wind capacity stood at 27.68 GW. All of this indicates that China is expected to be the largest market for Offshore Wind Turbine Rotor Blades market in the Asia-Pacific region.

Furthermore, India is trying to expand its green energy portfolio by harnessing the entirely unexploited offshore wind energy potential along its 7,600-kilometer coastline. The focus on offshore increased in recent years. The renewable energy ministry has set a target of 30 GW of offshore wind installations by 2030. Therefore, factors, such as upcoming wind power projects, along with supportive government policies and regulations in different countries across the region, are expected to increase the demand for Offshore Wind Turbine Rotor Blades in the Asia-Pacific during the forecast period.

Major companies operating in the Global Offshore Wind Turbine Rotor Blade market are:

• TPI Composites Inc.
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
• LM Wind Power (a GE Renewable Energy business)
• Nordex SE
• Siemens Gamesa Renewable Energy, S.A.
• Vestas Wind Systems A/S
• MFG Wind
• Sinoma wind power blade Co. Ltd
• Aeris Energy
• Suzlon Energy Limited

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“The Global Offshore Wind Turbine Rotor Blade Market is expected to expand during the projected period. The global Offshore Wind Turbine Rotor Blade Market is driven by several key factors. Firstly, the increasing global wind energy capacity is a primary driver. Governments and organizations worldwide are investing heavily in wind energy as a clean, renewable source of power, leading to a growing demand for rotor blades. Advancements in wind turbine technology are another crucial driver. Longer blades, improved materials, and enhanced designs lead to higher energy capture, improved efficiency, and reduced costs.

Offshore wind energy expansion is also driving demand for specialized rotor blades, as offshore winds are stronger and more consistent. Environmental concerns and renewable energy goals, combined with cost reduction initiatives, are propelling the market. Additionally, government incentives and policies support the development of wind energy projects. Technological innovation, supply chain expansions, and increasing investment in renewable energy are further bolstering the Offshore Wind Turbine Rotor Blade Market, making it a vital component of the global transition towards cleaner and more sustainable energy sources.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Offshore Wind Turbine Rotor Blade Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Blade Material (Carbon Fiber, Glass Fiber, and Other Blade Materials), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Offshore Wind Turbine Rotor Blade market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Offshore Wind Turbine Rotor Blade market.

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