The Wind Turbine Composites Material Market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The Global Wind Turbine Composites Material Market accounted for USD 7.60 billion in 2016 and is projected to grow at a CAGR of 9.5% during the forecast period of 2017 to 2024.
the Global Wind Turbine Composites Material Market, Fiber Type (Glass Fiber, Carbon Fiber, others), By Resin (Epoxy, Polyester, Vinyl Ester, others), By Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles, Others) By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
Wind turbine composites materials are used for the manufacturing of advanced and more powerful wind turbines blades. Blades, nacelles and other such parts of wind turbines are manufactured using these composites.
High demand for wind turbine blades and increasing importance of renewable energy sources are driving this market.
Major Market Drivers:
- Increasing length of wind turbine blades
- Use of carbon fiber in wind blades
- Demand for renewable energy sources
- High cost of carbon fiber and epoxy resin
- High dependence of wind energy industry on government subsidies
Market Segmentation: Global Wind Turbine Composites Material Market
The wind turbine composites material market is segmented on the basis of type into glass fiber, carbon fiber and others.
On the basis of resin, the market is segmented into epoxy, polyester, vinyl ester and others.
On the basis of manufacturing process, the market is segmented into vacuum injection molding, prepreg, and hand lay-up.
On the basis of application, the market is segmented into blades, nacelles and others.
On the basis of geography, the wind turbine composites material market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
In 2017, Asia-Pacific is expected to dominate the market.
Competitive Landscape: Global Wind Turbine Composites Material Market
The global wind turbine composites material market is consolidated with the presence of a limited number of manufacturers. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors: Global Wind Turbine Composites Material Market
Some of the major players in wind turbine composites material market include AREVA, Avic Huiteng Wind Power Equipment Company Limited, Enercon GmbH, Gamesa Corporation Technology, Kemrock Industries and Exports Limited, LM Wind Power, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd, Mfg Wind, Nordex SE, Senvion, Siemens AG, Suzlon Energy Limited, TPI Composites, Inc., United Power, Vestas Wind Systems A/S and many more.
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