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Businesses across different industries are striving not only to reopen but also to grow. Business leaders are leveraging the rescue packages from the government to restructure themselves with digital conversions and agile organizational structures. They are taking swift actions to get ready for greater resilience and better productivity in a future where the usual business does not exist. The industry leaders are investing in future technologies to automate facilities and physical processes to comply with social distancing norms.
The industrial sector is transforming towards centralized and automated non-core tasks. The businesses are evaluating and re-aligning service capabilities and network models to adapt with the new normal. To overcome the impact of disrupted supply chain models, the businesses are creating transparent system with help of big data, connected ecosystem and intelligent system. Besides all the organizational level changes, the market players in industrial sector are increasing work safety precautions to fall in line with the social-distancing norms issued by the government.
The global wind turbine rotor blade market is expected to surpass US$ 7 Bn in revenues by 2017-end. The market is anticipated to grow at a CAGR of 21.2% during the period 2017-2025 and reach nearly US$ 33 Bn in revenues.
According to Persistence Market Research (PMR), global wind energy installations have increased from 282.2 GW in 2012 to 486.7 GW in 2016. This is positively impacting the growth of the global wind turbine rotor blade market.
Increasing emphasis on wind power generation, combined with favorable government policies and assistance are also contributing to steady adoption of wind turbine rotor blades. Feed-in-tariffs and generation-based incentives enticing venture capitalists to invest in this fledgling market.
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According to PMR’s report, wind energy harnessing was concentrated in developed regions; however, it is now being steadily adopted in emerging regions of Asia, Africa, and Latin America. Emphasis on wind energy is also expected to receive a fillip from the long-term target adopted by Climate Change Conference of the Parties (COP21).
Although PMR maintains a positive outlook on the global wind turbine rotor blade market, technological competition with solar panels, combined with public issues surrounding wind project management can impede growth in the long-term.
The key opportunities identified by Persistence Market Research include offshore wind system installations and development of carbon composite wind turbine rotor blades.
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Key trends shaping the global wind turbine rotor blade market include,
By blade length, the global wind turbine rotor blade market has been segmented into,
Among these, demand for 45-60 meters rotor blades is the highest, with this segment accounting for nearly 66% revenue share. In terms of revenue, the 45-60 meter rotor blades are expected to grow at 19.1% CAGR to reach US$ 18.93 Bn in revenues.
By blade material, the global wind turbine rotor blade market has been segmented into glass fiber and carbon composite. Currently, glass fibers outsell carbon composites, and the trend is expected to remain so during the forecast period. According to Persistence Market Research, glass fibers segment accounted for 95.5% revenue share of the market.
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