(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, June 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global T urbine B lade M arket is projected to flourish at a CAGR of 4.9% from 2023 to 2031. As per the report published by TMR, the global medium voltage fuse market is expected to reach a value of us$ 57.6 billion by 2031. The market was valued at US$37.9 billion in 2022.
Increasing energy demand owing to increasing urbanization, industrialization, and increased population drive the turbine blade market. To convert various forms of energy into mechanical energy for electricity generation turbine blades found their application in gas turbines, steam turbines, and wind turbines
The increasing focus on renewable energy sources is driving the demand for turbine blades, especially in the wind energy sector. Increasing investment in renewable energy sources and increased government regulation to reduce carbon emissions and increased demand for clean energy led to turbine blade market development.
Increasing technological advancements and innovation in blade design, materials, and manufacturing processes lead to improved turbine efficiency and performance. Increased demand for more efficient and durable turbine blades, to drive the market growth during the forecast period.
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Market Snapshot:
| Report Coverage | Details |
| Market Revenue | US$ 37.9 Bn |
| Estimated Value | US$ 57.6 Bn |
| Growth Rate - CAGR | 4.9% | |
| Forecast Period | 2023-2031 |
| No. of Pages | 181 Pages |
| Market Segmentation | By Type, Material, Blade Design, Flow Type, Cooling System, Application, End-user, Distribution Channel |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
Key Takeaways from the Market Report
As of 2023, the turbine blade market is forecast to reach US$ 39.7 billion Based on blade design, the impulse turbines segment is expected to remain popular during the forecast period. Based on End-User, the power generation segment to account for a significant market share during the forecast period. Based on distribution channel, the direct sales segment remains the most favored segment in the turbine blade market North America is projected to be the lucrative market for the turbine blade market
Turbine Blade Market: Prominent Drivers and Trends
The increasing demand for energy is expected to drive the turbine blade market. The increased application of different types of turbine blades to drive the market growth during the forecast period Increasing technological advances and innovations and the availability of improved performance turbines offer an opportunity for market expansion. Increasing demand for renewable energy sources and growing concern about climate change accelerates the growth of the market during the forecast period
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Medium Voltage Fuse Market: Regional Analysis
North America is a significant market for turbine blades with the presence of a well-established wind energy sector and a growing market for gas turbines in the United States driving the market growth in the region. The favorable government policies, such as production tax credits and renewable portfolio standards, drive the demand for turbine blades in North America. Growing investments in wind energy projects in states like Texas, California, and Iowa, contribute to the growth of the turbine blade market in North America. Asia-Pacific region is witnessing significant growth in the turbine blade market owing to the rising energy demand, and supportive government initiatives to increase renewable energy. Increased demand for wind power and gas turbines in countries like India, Japan, and South Korea also contributes to the market growth. Increased demand for wind energy and a high number of wind turbine installations in China drive market growth in the region.
Competitive Landscape
Transparency Market Research has profiled the following players in its global turbine blade market report:
Acciona S.A. Ansaldo Energia S.p.A. General Electric Company Kirloskar Brothers Limited PBS Group a. s. Sandvik AB Siemens AG Suzlon Energy Limited Turbocam Inc. Vestas Wind Systems A/S
The market players are heavily investing in research & development activities to develop innovative products with high performance.
In April 2023- Sandvilk announced the acquisition of MCB services and minerals, with this acquisition Sandvik expanded in Latine America Vestas is a leading manufacturer of wind turbines and turbine blades and is focusing on developing advanced blade designs and materials to optimize wind turbine performance. Vestas has introduced longer and lighter blades that improve energy production while reducing loads on the turbine. They also utilize carbon fiber technology to enhance blade strength and durability. GE developing advanced turbine blades for gas turbines and wind turbines. GE has made significant advancements in the design and manufacturing of turbine blades, incorporating advanced materials and aerodynamic features to improve turbine efficiency and performance.
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Turbine Blade Market: Key Segments
By Type
Moving Blades Fixed Blades
By Material
Metal Steel Titanium Cobalt Rhenium Nickel-based Alloys Composite Carbon Glass Polyester Glass Fiber Reinforced Plastics (GRP)
By Blade Design
Impulse Turbines Reaction Turbines Impulse-reaction Turbines
By Flow Type
Axial Flow Radial Flow Mixed Flow
By Cooling System
Internal Cooling External Cooling
By Application
Gas Turbines Steam Turbines Wind Turbines Water Turbines
By End-user
Aerospace Industrial Power Generation Automobile Others (Marine, Defense, etc.)
By Distribution Channel
Region
North America Europe Asia Pacific Middle East & Africa South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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