Market Definition and Growth Factors:
The rising shift towards the generation of renewable energy is likely to pave the way for demand generation for wind turbine composites. Market Research Future (MRFR) has asserted in its report that the global wind turbine composites market is poised to expand at a moderate CAGR through the forecast period 2017 to 2023. The increasing demand for sustainable energy sources is anticipated to support the expansion of the market in the years to come.
These composites offer advantages such as corrosion resistance, tensile strength, etc. This, in turn, is expected to catalyze the growth of the wind turbine composites market over the next couple of years. The rising awareness about enhances the life span of the product is also projected to catapult the market on upward trajectory.
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The key participants of the share analysis of the global wind turbine composites market are:
- LM Wind Power (Denmark),
- Vestas (Denmark),
- Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd (China),
- AVIC Huiteng Windpower Equipment Co Ltd ( China),
- Gamesa Corporation Technology (U.S.), Suzlon Energy Limited (India),
- TPI Composites (U.S.),
- AREVA (France),
- Siemens AG (Germany),
- Molded Fiber Glass Companies (U.S.)
In June 2019, Covestro AG, a world-leading supplier of high-tech polymer materials, has completed the delivery of polyurethane resin for wind blades to China.
In April 2019, a GE Renewable Energy business, LM Wind Power, has announced the installation of a 107-meter-long wind turbine blade at its factory in Cherbourg, France.
IN March 2019, General Electric Company, an American multinational conglomerate, has completed the installation of its onshore wind turbine prototype. The Cypress 5.3-megawatt prototype is installed in Wieringermeer, Netherlands and features a two-piece blade design.
The global Wind Turbine Composites Market, by fiber type, has been segmented into glass, carbon, and others. Among these, the glass segment is projected to exhibit robust growth rate owing to its ease of application and cost-effectiveness.
On the basis of resin, the wind turbine composites market has been segmented into epoxy, polyester, vinyl ester, polyurethane, and others. The epoxy resin segment is poised to witness increased consumption in the foreseeable future. It is anticipated to expand at a moderate CAGR over the assessment period.
Based on process, the global wind turbine composites market has been segmented into vacuum injection prepeg, molding, and hand lay-up. Among these, the vacuum injection segment is likely to dictate the growth pattern of the market in the years to come.
The wind turbine composites market, by application, has been segmented into nacelles, hub, blades, tower, and others. The blades segment is expected to strike a comparatively higher CAGR during the forecast period owing to strong mechanical strength and corrosion strength.
The global wind turbine composites market, by region, is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa (MEA). Asia Pacific is expected to hold the largest share of the global market over the next few years. The primary factor expected to boost the revenue growth of the regional wind turbine composites market is the adoption of lightweight materials for installation. The rising demand for glass fiber is projected to favor market growth in the region. China, Japan, and India are forecasted to merge as the most prominent country-level markets in Asia Pacific.
North America is also expected to demonstrate a steep rise in the growth curve. Investments in end-user industry verticals are likely to propel the expansion of wind turbine composites market in the region during the assessment period. The U.S, Canada, and Mexico are anticipated to contribute significantly to the development of the regional market in the forthcoming years. The market in Europe is also poised to expand at a substantial rate owing to the increasing generation of renewable energy.
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