HOME › Press Releases › Wind Turbine Composites Material Market worth 12.17 Billion USD by 2021
Wind Turbine Composites Material Market worth 12.17 Billion USD by 2021
The report "Wind Turbine Composites Material Market by Fiber Type (Glass Fiber, Carbon Fiber), Resin (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles), Region - Global Forecast to 2021", In terms of value, the wind turbine composite market was valued at USD 7.15 Billion in 2015, and is projected to reach USD 12.17 Billion by 2021, at a CAGR of 9.28% between 2016 and 2021.
Browse 96 market data tables and 49 figures spread through 144 pages and in-depth TOC on “Wind Turbine Composites Material Market by Fiber Type (Glass Fiber, Carbon Fiber), Resin (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles), Region - Global Forecast to 2021"
Early buyers will receive 10% customization on reports.
The increasing demand for composites that help enhance the strength and stiffness of structural parts of wind turbines, such as blades and nacelles, among others is driving the growth of the wind turbine composite market.
Blades: Largest application segment of the wind turbine composite market
The blades segment is the largest application segment of the wind turbine composite market. Blades account for the highest amount of composite consumption in their manufacturing. The use of composites in wind turbine blades provides long shelf life, less maintenance, resistance to corrosion, and high strength-to-weight ratio.
The glass fiber segment accounts for the largest share of the wind turbine composite market
The market for glass fiber composites is expected to grow at the highest CAGR from 2016 to 2021. Good strength, chemical resistance, and good stiffness offered by glass fibers and their easy availability and cost effectiveness are key factors accelerating the demand for glass fiber composites.
Asia-Pacific accounts for a major share in the wind turbine composite market
The Asia-Pacific region is leading the wind turbine composite market, both in terms of value and volume. Major factors contributing to the growth of the 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, and 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. Key players such as Suzlon Energy Limited (India) and AVIC Huiteng Windpower Equipment Co., Ltd. (China) have their manufacturing bases in the Asia-Pacific region.
Some of the key players in the wind turbine composite market include TPI Composites, Inc. (U.S.), MFG Wind (U.S.), LM Wind Power (Denmark), Gamesa Corporation Technology (Spain), Vestas Wind Systems A/S (Denmark), and Suzlon Energy Limited (India), among others. These players have adopted various organic and inorganic developmental strategies during the past five years.
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India