Agreements and Expansions are key Development Strategies Adopted by Leading players in the Wind Turbine Composite Market
The use of composites to develop structural parts of wind turbines is growing due to the increase in demand for high strength, lightweight, corrosion resistive, and durable materials. The wind turbine composite market is projected to reach USD 12.17 Billion by 2021, at a CAGR of 9.28% from 2016 to 2021.
Key companies operating in the wind turbine composite market have adopted various organic and inorganic strategies to strengthen their positions in the market. Between 2011 and 2016, agreements and expansions were the key strategies adopted by industry players in the wind turbine composite market. These strategies accounted for shares of 92.1% and 4.8%, respectively, of all strategies adopted between 2011 and 2016. Market players have concentrated on consolidation through agreements and expansions with the intention of increasing their market shares and enhancing their sustainability.
The major manufacturers of wind turbines profiled in this report are 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 companies have adopted various organic and inorganic growth strategies such as new product developments, agreements, acquisitions, and expansions to expand their global presence and increase their market shares.
LM Wind Power (Denmark), Gamesa Corporation Technology (Spain), and Vestas Wind Systems A/S (Denmark) are major companies that have accounted for the maximum number of growth strategies between 2011 and 2016 in the wind turbine composite market. Vestas Wind Systems A/S (Denmark) is the world’s largest manufacturer of wind turbine composite materials. The company adopted dynamic growth strategies such as agreements, acquisitions, and expansions to enhance its customer base. For instance, in December 2016, Vestas Wind Systems A/S (Denmark) signed around 50 supply agreements with companies such as MidAmerican Energy Company (U.S.), a subsidiary of Berkshire Hathaway Energy (U.S.), EDF Energies Nouvelles (France), Datang Renewables (China), Ausines (Spain), Fortum (Finland), Energix Renewable Energies (Israel), and CGN Wind Energy (China), among others to manufacture and supply Vestas wind turbines, each with an energy capacity of 2.0 MW. This has helped Vestas to cater to the increasing demand for composites from the wind energy industry.
TPI Composites, Inc. (U.S.) is one of the leading providers of composite structural parts for wind turbines. The company is an independent manufacturer of composite wind turbine blades based in the U.S. TPI Composites is focused on expansions and signing agreements with different companies to expand its distribution network. For instance, in November 2016, the company entered into a long-term supply agreement with Nordex SE (Germany) to deliver cost competitive and high quality wind turbine blades to Nordex. This development strategy has helped the company increase its market share in the European wind turbine composite market.
Related Reports:
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
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