Wind Turbine Composites Market to 2027 - Global Analysis and Forecasts by Fiber Type (Glass Fiber, Carbon Fiber and Others); Resin Type (Epoxy, Polyester, Vinyl Ester); Manufacturing Processes (Vacuum Injection Molding, Prepreg, Hand Lay-Up); Application (Blades, Nacelles), and Geography
The global wind turbine composites market accounted for US$ 5,621.0 Mn in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period 2019 – 2027, to account for US$ 9,138.6 Mn by 2027. Wind turbine composites are defined as the composites or components which are utilized in the production of wind turbine parts, such as blades and nacelles and others, which exhibits resilience and tensile strength. The use of composites helps in the production of lightweight components with excellent characteristics, low maintenance cost, resistance to corrosion, and long life of products.
Based on application, the wind turbine composites market has been segmented into blades and nacelles. The blades segment dominated the wind turbine composites market in 2018. Moreover, the nacelles segment is projected to grow at a faster pace over the forecast period. Wind turbine blades are defined as the airfoil-shaped blades which are involved in the harnessing of wind energy and driving the rotor of a wind turbine. The airfoil-shaped-design applies a lift perpendicular to the direction of the wind in the blades. A wind turbine blades comprise of two faces, which includes the suction side and the pressure side, combined together either by one or several integral web linking the upper and lower parts of the blade shell or by a box beam. Mostly, blades are composed of fiberglass-reinforced polyester or epoxy.
In 2018, the Asia Pacific region dominated the wind turbine composites market, both in terms of value and volume owing to the expansion of the wind energy sector along with the rising production of composites in the region. Other major factors leading to the rapid growth of wind turbine composite market in this region include increasing demand for renewable energy sources, growing demand for lightweight and high strength materials used in the manufacturing of various parts of wind turbines. Furthermore, 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 have boosted the demand for wind turbine composites.
Some of the players present in global wind turbine composites market are ENERCON GmbH, Hexcel Corporation, Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd, LM Wind Power, Molded Fiber Glass Companies, Nordex SE, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, TPI Composites, Inc., Vestas Wind Systems A/S, among others.
The overall global wind turbine composites market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the wind turbine composites market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the wind turbine composites market.
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