Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Wind Turbine Composite Materials Market (Type: Glass Fiber, Carbon Fiber, Others; Application: Wind Blade, Nacelle, Tower, Base, Others; Manufacturing Process: Resin Infusion Technology, Prepreg, Hand Lay-up, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, estimates that the global market for wind turbine composite materials could reach a market value of more than 12 billion by 2023 and is expected to grow at CAGR around 9.6% from now to 2023.
The report comprises the historical market size for the period 2013 – 2015 and forecasts for 2017 to 2023 of the global wind turbine composite material market. The global demand of wind turbine composite material has improved in recent years, primarily owing to the funding in wind turbine projects throughout the globe. Furthermore, the advanced quality wind turbine parts are in widespread demand owing to their capability to sustain harsh weather conditions.
Increased investment in renewable energy sources
Emission of greenhouse gases has led to the increased funding for renewable energy sources. Several countries across the globe are profoundly investing on wind farms with European countries leading the way. Europe’s wind farms have taken over coal and became the second largest source for having the capacity to generate power extensively. The wind energy being economical and sustainable has reached far-flung offshore arenas. The countries across the globe are capitalizing heavily in wind farms which are opening up the opportunity for the trade of composite materials in the production of wind turbines.
Furthermore, physical properties of composites when compared with conventional materials such as aluminum and steel are far superior. These materials permit wind turbines to work in facing contrary weather conditions as well as progress the efficacy of wind turbine. The advancement in technology and modifications in design for wind turbine blade have augmented the demand for bigger blades and highly able to produce a great amount of energy. These factors predict the potential of wind turbine, composite-material market, thus driving the market growth at a noteworthy rate.
Insights on market segments
The wind turbine composite materials market is segmented based on type, application, manufacturing process and geography. Based on type, it is classified into glass fiber, carbon fiber, others. On the basis of application, the market is divided into wind blade, nacelle, tower, base, others. Manufacturing process segment is further segmented into resin infusion technology, prepreg, hand lay-up, others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Rest of the World (RoW). Furthermore, North America is segmented into U.S., Canada and Rest of North America. Also, Europe is bifurcated into major countries such as Germany, U.K., France, Denmark and Rest of Europe. Asia-Pacific is sub-classified into China, Japan, Korea, India and Rest of Asia-Pacific. The Middle East and Africa (MEA) is further segmented South Africa, UAE and Rest of MEA. Rest of the World (RoW) is sub-classified into Brazil, Chile and Rest of the World (RoW).
Increasing government support for wind farm projects
On the basis of geography, the wind turbine composite material market is bifurcated into North America, Asia-Pacific, Middle East and Africa, Europe, and Rest of the world. Asia-Pacific dominates the global wind turbine market and is anticipated to maintain its dominance throughout the forecast period. In Asia-Pacific, the search for clean energy sources and growing government support for wind farm projects is driving the growth of wind turbine composite materials market. The improvements in manufacturing area have made India and China the leaders in wind turbine composite materials market in the region. North America is estimated to witness high growth owing to the increased support from governments of Canada & the U.S in terms of several tax benefits offered. Coupled with growing government support, the wind power capacity is expected to increase significantly with the rising acceptance for wind power projects and technological advancement in the region.
Some of the major companies profiled in the report include Teijin Limited, LM Wind Power, Cytec Solvay Group, Vestas Wind System A/S, Hexcel Corporation, Koninklijke Ten Cate NV, Toray Industries Inc, Gurit Holding AG, TPI Corporation and Molded Fiber Glass Companies among others.
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