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Wind Turbine Composites Market Forecast Estimated to Flourish
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The wind turbine composites market was valued at US$ 5,621.0 million in 2018 and is expected to grow at a CAGR of 5.8% from 2019 to 2027 to reach US$ 9138.6 million by 2027.
Wind turbine composites are defined as the composites or components which are utilized in the production of wind turbine parts, such as blades and nacelles and others, which exhibits resilience and tensile strength. The use of composites helps in the production of lightweight components with excellent characteristics, low maintenance cost, resistance to corrosion, and long life of products. The global wind turbine composites market, by fiber type, has been segmented into glass fiber and carbon fiber and others. The glass fiber segment dominated the global wind turbine composites market in 2018. Moreover, the carbon fiber & other fiber type segment is anticipated to grow at a faster pace over the projected period. Glass fibers are being increasingly used to manufacture wind turbine composites. The glass fiber under type E (electrical) is the most widely preferred for the preparation of composites. Glass fibers for composites have a good combination of properties: moderate stiffness, high strength, and moderate density.
Wind energy is one of the renewable energy technologies which is growing at a rapid pace. The global installed capacity of wind energy has increased 75 times in the past two decades. According to the International Renewable Energy Agency, it rose from 7.5 gigawatts in 1997 to ~564 gigawatts in 2018. The demand for wind turbine composites is dependent on factors such as new wind turbine installations and the rising demand for flexible materials in applications such as blades, tower, and others. The growing number of wind farms in China, Europe, and North America is expected to drive the market for wind turbine composites. According to the World Wind Energy Association, the global capacity of windmills reached 597 gigaWatt in 2018. The growing capacity of wind farms and surge in the number of wind farm projects globally are expected to drive the market for wind turbines, and consequently generate significant demand for wind turbine composites.
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The market for global wind turbine composites market is concentrated with some very well-established players. Some of the key players in the global wind turbine composites market are ENERCON GmbH, Hexcel Corporation, Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd, LM Wind Power, Molded Fiber Glass Companies, Nordex SE, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, TPI Composites, Inc., Vestas Wind Systems A/S, among others.
Wind Turbine Composites Market to 2027 - Global Analysis and Forecasts by Fiber Type (Glass Fiber, Carbon Fiber and Others); Resin Type (Epoxy, Polyester, Vinyl Ester); Manufacturing Processes (Vacuum Injection Molding, Prepreg, Hand Lay-Up); Application (Blades, Nacelles), and Geography
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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