DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Wind Turbine Composites Material Market - Global Forecast to 2021" report to their offering.
The wind turbine composite market is projected to reach USD 12.17 billion by 2021, at a CAGR of 9.28% from 2016 to 2021.
Increase in demand for carbon fibers for manufacturing wind turbine blades and rise in demand for renewable energy sources are driving the growth of this market. However, issues related to the high cost of raw materials such as carbon fiber and epoxy resin, and recyclability issue of composites are factors restraining the growth of the market.
The blades application segment accounts for the highest composite consumption. Composites used in wind turbine blades provide them with properties such as long shelf life, less maintenance, resistance to corrosion, and high strength-to-weight ratio.
The Asia-Pacific wind turbine composite market is witnessing significant growth both, in terms of value and volume. The increasing demand for lightweight and high strength materials is driving the growth of the wind turbine composite market in this region. Moreover, the supportive government initiatives such as favorable policies, wind power development programs, government regulations concerning renewable energy, and adjusted feed in tariffs for land-based wind power installations in this region are offering an impetus to the wind turbine composite market.
- Increasing Length of Wind Turbine Blades
- Increase in the Use of Carbon Fiber in Wind Blades
- Rising Demand for Renewable Energy Sources
- High Cost of Carbon Fiber and Epoxy Resin
- Recyclability Issue of Composites
- High Dependence of Wind Energy Industry on Government Subsidies
- Growing Demand From Emerging Markets
- Increasing Focus of Governments on Offshore Wind Energy Installations
- Reducing the Cost of Carbon Fiber
Porter's Five Forces Analysis
- Avic Huiteng Wind Power Equipment Company Limited
- Enercon GmbH
- Gamesa Corporation Technology
- Kemrock Industries and Exports Limited
- LM Wind Power
- Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd
- Mfg Wind
- Nordex Se
- Siemens AG
- Suzlon Energy Limited
- TPI Composites, Inc.
- United Power
- Vestas Wind Systems A/S
For more information about this report visit http://www.researchandmarkets.com/research/n8g36v/wind_turbine