Wind Turbine Composites Market Size, Share, Growth, Industry Trend, Upcoming Trends and Huge Growth By 2028

Wind Turbine Composites Market Size, Share, Growth, Industry Trends study provides details about the market dynamics affecting the market, Market scope, Market segmentation, and overlays shadow upon the leading market players highlighting the advantageous competitive landscape and trends prevailing over the years. Wind Turbine Composites market report also provides a thorough understanding of the cutting-edge competitive analysis of the emerging market trends along with the drivers, restraints, challenges, and opportunities in the Wind Turbine Composites market to offer worthwhile insights and current scenarios for making the right decision.

The wind turbine composites market was valued at US$ 5,621.0 million in 2018 and is expected to grow at a CAGR of 5.8% from 2019 to 2027 to reach US$ 9138.6 million by 2027.

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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. The global wind turbine composites market, by fiber type, has been segmented into glass fiber and carbon fiber and others. The glass fiber segment dominated the global wind turbine composites market in 2018. Moreover, the carbon fiber & other fiber type segment is anticipated to grow at a faster pace over the projected period. Glass fibers are being increasingly used to manufacture wind turbine composites. Glass fiber under type E (electrical) is the most widely preferred for the preparation of composites. Glass fibers for composites have a good combination of properties: moderate stiffness, high strength, and moderate density.

Wind energy is one of the renewable energy technologies which is growing at a rapid pace. The global installed capacity of wind energy has increased 75 times in the past two decades. According to the International Renewable Energy Agency, it rose from 7.5 gigawatts in 1997 to ~564 gigawatts in 2018. The demand for wind turbine composites is dependent on factors such as new wind turbine installations and the rising demand for flexible materials in applications such as blades, tower, and others. The growing number of wind farms in China, Europe, and North America is expected to drive the market for wind turbine composites. According to the World Wind Energy Association, the global capacity of windmills reached 597 gigaWatt in 2018. The growing capacity of wind farms and surge in the number of wind farm projects globally are expected to drive the market for wind turbines, and consequently generate significant demand for wind turbine composites.

Market Insights

Wind energy is one of the renewable energy technologies which is growing at a rapid pace. The global installed capacity of wind energy has increased 75 times in the past two decades. According to the International Renewable Energy Agency, it rose from 7.5 gigawatt in 1997 to ~564 gigawatt in 2018. The demand for wind turbine composites is dependent on factors such as new wind turbine installations and rising demand of flexible materials in applications such as blades, tower and others. The growing number of wind farms in China, Europe, and North America is expected to drive the market for wind turbine gear oil. According to the World Wind Energy Association, the global capacity of windmills reached 597 gigaWatt in 2018. The imperative to achieve the objectives of the Paris Climate Change agreement and the Sustainable Development Goals have accelerated government led investments in new wind farm projects. The decommissioning of coal-based and nuclear power plants, and the growing need for clean energy is expected to drive the need for installing wind farms. The expanding share of wind energy in the global energy sector is anticipated to drive the sales of wind turbines. Wind turbine composites are the materials which are utilized in the production of equipment parts and blades of wind turbine. These materials includes fiber and matrix which provides resilience and high tensile strength. The growing demand for wind turbine composites can be attributed to installations of new wind turbines in offshore and onshore projects due to increasing governmental focus towards renewable energy forms. The growing capacity of wind farms and surge in the number of wind farm projects globally are expected to drive the market for wind turbines, and consequently generate significant demand for wind turbine composites.

Type Insights

Wind turbine composites are increasingly used to manufacture wind turbine components such as blades and nacelles and others. Such composites possess excellent mechanical properties, reduces operating costs, and improves the lifespan of the components. Wind turbine composite market has been divided as fibre and resin type. The global wind turbine composites market based on fiber type has been segmented into glass fiber, carbon fiber, and others. Glass is regarded as the oldest and most familiar form of performance fibers which are being prominently used across various end use industries. Glass fibers are being increasingly used to manufacture wind turbine composites. The glass fiber under type E (electrical) is the most widely preferred for preparation of composites. Such fibers have diameters normally under the range of 10 to 20 µm and are manufactured from molten glass by pulling fibers from spinnerets into bundles of individual fibers. Carbon fiber is defined as a long thin strand of material which is made up of carbon atoms and has a diameter of about 0.005mm to 0.010mm. Such fibers provide high tensile strength along with high-temperature tolerance and durability.

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The report covers the prominent players in the market with detailed SWOT analysis, financial overview, and key developments of the products/services from the past three years. Moreover, the report also offers a 360º outlook of the market through the competitive landscape of the global industry player and helps the companies to garner Wind Turbine Composites market revenue by understanding the strategic growth approaches.

Leading Wind Turbine Composites Market Players:

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

Wind Turbine Composites market - Global Analysis to 2028 is an exclusive and in-depth study which provides a comprehensive view of the market includes the current trend and future amplitude of the market with respect to the products/services. This report provides qualified research on the market to evaluate the key players by calibrating all the relevant products/services to understand the positioning of the major players in Wind Turbine Composites market.

The report is a combination of qualitative and quantitative analysis of the virtual reality industry. The global market majorly considers five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America (SACM). The report also focuses on the exhaustive PEST analysis and extensive market dynamics during the forecast period.

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Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
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