Wind turbine composites Market Insights, Trends & Growth Outlook to 2027
According to reliable estimates, global wind turbine composites market is expected generate significant avails and expand with a strong CAGR during 2019-2027. Renewable energy industry has mushroomed swiftly over the past few years, on grounds of favorable regulatory scenario pertaining to emission mitigation in every part of the world. Against this background, augmentation in renewable deployments, emphasis on energy efficiency, and strict regulations regarding environmental conservation have programmed wind turbine composites industry trends to a considerable extent.
For those unfamiliar, composites help in increasing the lifecycle of wind turbines as well as aid in reducing the overall maintenance cost. They are used during the manufacture of wind turbine components including nacelles and blades among others.
Powered by sustainability initiatives, there has been an exponential increase in wind power generation capacities worldwide which further stimulates the market outlook. Apart from this, various governments are introducing schemes, financial aid, and tax benefits for enterprises adopting wind energy solutions, thereby augmenting wind turbine composites industry size.
Rising dependency on fossil fuel and depleting reserves have clearly impelled the demand for sustainable energy sources, which is slated to impact future remuneration in a positive sense. However, high costs of composite materials and uncertain global economic conditions may act as a restraining factor to the growth of global wind turbine composites industry.
As per fiber type, global wind turbine composites market is segmented into carbon fiber, glass fiber, and others. Estimates cite that glass fiber segment is expected to register substantial growth during the study period. Glass fiber composites not only offer thermal and electrical insulation, but also provide corrosion & chemical resistance in consort with better strength.
Moving on to resin type, the industry is bifurcated into vinyl ester, polyester, and epoxy segments. As per industry analysts, the epoxy resin segment of worldwide wind turbine composites market is predicted to expand significantly during the analysis timeframe. Not only do these resins offer high chemical and moisture resistance but also put forth exceptional electrical properties. Thus, growing demand for such resins while producing the blades of wind turbines is fueling the segmental share.
In terms of process type, global wind turbine composites market is categorized into hand lay-up, vacuum injection molding, and prepreg segments. Vacuum injection molding segment is estimated to capture mainstream revenues in the forthcoming years, owing to its high flexibility and eco-friendly properties.
Highlighting the application scope, the industry is classified into nacelles and blades segments. Industry experts claim that global wind turbine composites market is anticipated to witness highest CAGR through 2027 from blades applications. Wind turbine composites when used in blades help in improving the shelf life as well as in reducing the maintenance cost involved. Additionally, corrosion resistance and high-strength to weight ratio is favoring segmental expansion.
From the regional point of view, the market is divided into Europe, North America, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific wind turbine composites market is slated to record remunerative growth during the estimated timeframe which is built upon growing demand for green sources of energy and favorable regulatory scenario. Additionally, rising adoption of lightweight and high strength materials for producing wind turbine equipment has impacted wind turbine composites industry trends in a significant manner in APAC over the last decade.
The competitive landscape of global wind turbine composites market is defined by companies such as Hexcel Corporation, TPI Composites Inc., Siemens Gamesa Renewable Energy S.A., Vestas Wind Systems A/S, Nordex SE, Enercon GmbH, Suzlon Energy Ltd., Molded Fiber Glass Companies, LM Wind Power, and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. among others.