Global Wind Turbine Composites Market Introduction
"The global Wind turbine composites Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Wind turbine composites are used in the production of blades and equipment parts that offer exceptional tensile strength and resilience to the product. Wind turbine composites offer various advantages such as low maintenance, corrosion resistance, and long product life.
Therefore, wind turbine composites are used in different sectors such as nacelles, hubs, towers, blades, and others. In addition, the lightweight property of these composites enables blades to rotate faster as compared to other materials at the same wind speed. Furthermore, the reduced weight of the turbine reduces the requirement for a robust turbine.
Global Wind Turbine Composites Market Dynamics
Increasing demand for wind turbine composites across various end-use applications such as blades and nacelles is a major factor expected to drive the growth of the global market over the next few years. In addition, increasing use of carbon fiber in the manufacturing of wind blades and rising demand for renewable energy sources are other factors projected to drive the growth of the global market over the next few years.
In addition, the increasing focus of governments in various developed and developing countries on installations of offshore wind energy resources is another factor estimated to drive the growth of the global market over the forecast period.
However, the high cost of epoxy resin and carbon fiber and the high dependence of the wind energy industry on subsidies provided by governments are major factors expected to hamper the growth of the global market to a certain extent.
On the basis of resin type, the epoxy segment is estimated to dominate the global wind turbine composites market. The epoxy segment revenue is projected to register the highest CAGR over the forecast.
On the basis of fiber type, the glass fiber segment is estimated to account for a significant share in terms of revenue in the global market. The glass fiber segment revenue is also projected to register the highest CAGR over the forecast.
On the basis of application, the blades segment is estimated to account for a major share in terms of revenue in the global market. Composites used in wind turbine blades offer less maintenance, long shelf life, high strength-to-weight ratio, and resistance to corrosion. The blades segment revenue is also anticipated to register the highest CAGR over the forecast.
Asia Pacific wind turbine composites market is expected to account for a significant share in terms of revenue in the global market. The Asia Pacific market is also anticipated to register the fastest growth in terms of revenue over the next few years, owing to increasing demand for the renewable energy sources, supportive government initiatives including favorable policies, government regulations regarding renewable energy, wind power development programs, and growing demand for high strength and lightweight materials used in the production of various parts of the wind turbines in the countries in the region.
Global wind turbine composites market segmentation:
Segmentation by resin type:
- Vinyl Ester
Segmentation by fiber type:
- Glass fiber
- Carbon fiber
- Others (Aramid Fiber, Basalt Fiber, and Hybrid Fiber)
Segmentation by manufacturing process:
- Vacuum Injection Molding
- Hand Lay-up
Segmentation by application:
- Others (Towers and Hub)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- LM Wind Power A/S
- AVIC Huiteng Windpower Equipment Co. Ltd.
- Vestas Wind Systems A/S
- Gamesa Technology Corporation, Inc.
- TPI Composites, Inc.
- Suzlon Energy Limited
- AREVA SA
- Siemens AG
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- ENERCON GmbH
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