LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global wind turbine composite materials market to grow to USD 5,421.6 million by 2021, at a CAGR of more than 7% over the forecast period, according to their latest report.
The research study by Technavio on the global wind turbine composite materials market for 2017-2021 provides a detailed industry analysis based on resin type (thermoset resin and thermoplastic resin), fiber composite (glass fiber), and geography (APAC, the Americas, and EMEA).
|APAC is the leading regional segment of the wind turbine composite materials market, responsible for generating both the highest revenue and maximum incremental growth through the forecast period. The increasing focus on development, rising energy requirements, and rapid industrialization in the region are the key reasons behind its dominance.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global wind turbine composite materials market:
- Wind power capacity additions
- Cost-effective wind energy power generation
- Increasing demand for composite materials for varied blade sizes
Wind power capacity additions
“Wind energy is emerging as an affordable source of renewable energy for the generation of electricity. Developed nations in North America and Western Europe account for the highest investments in the total wind tower installations across the globe,” says Hitesh Bhatia, a lead analyst at Technavio for textile, fiber, and composites research.
It is a high-potential application area for carbon fiber composites, with turbine blades being the fastest growing product in this segment. Thermoset prepregs are widely used for the manufacture of wind turbine blades as these exhibit superior performance characteristics such as high strength-to-weight ratio and durability.
Cost-effective wind energy power generation
Renewable power generation such as wind energy not only aids in the sustainable development and reduce the greenhouse effect but also pave the way for an affordable, long-term solution to the energy crisis. Wind installations in the gigawatt scale are being installed every year, which is leading to the improvement of wind turbine design and their subsequent reduction in cost. Wind energy is a highly potential application area for advanced composites, with turbine blades being the fastest-growing product application in the wind energy segment.
Increasing demand for composite materials for varied blade sizes
“In the wind energy sector, lightweight materials are increasingly being demanded to make the long rotating blades of a wind turbine blade. The wind turbine design makes it necessary for the material of the blades to be able to bear high stress to tackle high wind speeds and the size of the blades,” says Hitesh.
Between 1990 and 2007, there was a 50-fold increase in the world’s total wind electricity capacity and is expected to further increase in the coming years. For achieving ambitious expansion targets, there is a need for composite materials to develop stronger and lighter materials that will enable the manufacturing of blades for larger rotors.
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