Market Research Future (MRFR) study on the global market for wind turbine composites (2021-2027) analyzes COVID-19 on the major factors that influence market growth. The report addresses market competition and global market trends, offering a detailed summary of growth drivers and restraints, which may have a significant effect on the prospects of the industry during the forecast period.
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Wind turbine composites are used to manufacture equipment parts and blades that provide the product with durability and extraordinary tensile strength. Furthermore, low maintenance, long product life, and resistance to corrosion are significant trends and factors that positively impact the market. They are also used in several industries, such as blades, nacelles, hubs, towers, and others.
Market Dynamics
The need for cleaner ways of generating energy has increased the use and installation of wind turbines. Composite materials are used to improve the strength of materials against factors such as abrasion and corrosion. Wind turbine composites help reduce blade weight without losing its physical properties. Increasing concerns about carbon emissions from fossil fuels have drawn the government's attention, as wind power is a cleaner and more sustainable energy source. Wind energy installations have been growing across the globe, thus raising the demand for wind turbine composites.
However, solar, hydro, nuclear energy, as an alternative to wind energy, may limit the demand for hybrid wind turbines.
Market Segmentation
The global market for wind turbine composites has been segmented into the type of fiber, resin, process, and application.
By type of fiber, the global market for wind turbine composites has been segmented into glass, and carbon segments. Of these, the glass fiber segment holds a significant share of the market due to the exceptional features offered by the product, such as the cost-effective nature and ease of use.
By resin, the global market for wind turbine composites has been segmented into epoxy, polyester, vinyl ester, and polyurethane. Of these, the epoxy resin segment holds a majority of the market due to its increasing usage in paints and coatings in the construction sector.
By process, the global market for wind turbine composites has been segmented into the vacuum injection molding, prepeg, and hand layout segments. Of these, the vacuum injection molding segment is expected to rise at a higher pace than other industrial processes due to its low VOC emissions and low-cost blade manufacturing.
By application, the global market for wind turbine composites has been segmented into blades, nacelles, hubs, towers, and others. Among these, the blade segment is expected to rise at a higher rate due to the high use of composites in the manufacture of equipment. In addition, these composites also have high mechanical strength, corrosion resistance, and minimal maintenance on wind turbine blades.
Key Players
Some of the prominent players identified by MRFR in the global wind turbine composites market are LM Wind Power (Denmark), Windpower Equipment Co Ltd ( China), AVIC Huiteng, Vestas (Denmark), Gamesa Corporation Technology (U.S.), AREVA (France), TPI Composites (U.S.), Suzlon Energy Limited (India), Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd (China), Siemens AG (Germany), and Molded Fiber Glass Companies (U.S.) among others.
Regional Analysis
The global market for wind turbine composites has been segmented across five regions: Asia Pacific, Latin America, North America, Europe, and the Middle East Africa.
The Asia Pacific has a significant market share due to the growing use of lightweight materials in wind turbine installation systems. The main portion of the glass fiber segment is expected to remain dominant in the market due to the growing adoption of lightweight materials in the industry. As a result, countries like China, Japan, and India are the major players in this market.
The North American region is increasing substantially due to the increased consumption of low-density materials in generators, gearbox housing, and others. Growing investment in end-use industries is anticipated to propel the market in the region during the forecast period. Increasing use of composites in major industries has led countries such as the United States, Canada, and Mexico to achieve spectacular market growth as they provide excellent durability, stability, and low product maintenance.
The European market has also seen significant growth due to the introduction of new rules and regulations introduced by the government to follow up on renewable energy sources in the industry. The market was driven by the implementation of this law in the nacelle, tower, and base segments. It is projected that increasing innovation and technological advancements are expected to fuel growth in countries such as the United Kingdom, Italy, Germany, and France during the forecast period.
It is estimated that the Latin American region witnessed a recognized development in the market due to the growing consumption of low-density materials and increased awareness of renewable sources in the industry.
The Middle East Africa is expected to see increased market growth due to the launch of several wind power projects.
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