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.|
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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.
Browse Related Reports:
- Global Fiberglass Electrical and Electronic Products Market 2017-2021
- Wood Manufacturing Market in Bosnia and Herzegovina 2016-2020
- Paper Manufacturing Market in Bosnia and Herzegovina 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like chemical engineering equipment, glass and ceramics, and industrial gases. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.