Global Wind Turbine Market to Surpass US$ 8.5 Bn, Backed By Favorable Support from Government
Global wind turbine materials market is estimated to be valued US$ 5,012 Million by 2019 end and is forecast to witness a significant growth of around 7% CAGR during the forecast period.
Key driving factor in global wind turbine materials market comes from an increasing number of wind power projects worldwide.
There has been a significant rise in the number of wind projects, which is the main outcome of rising demand for conventional energy resources.
Materials that are simply incorporated in the manufacturing of wind turbines are referred to as wind turbine materials.
Furthermore, favourable government stances towards installation of wind power projects have raised the standard consumption of wind turbine materials globally.
In addition, rising need for energy security and energy independence has also promoted consumption of wind power materials.
On the backdrop of the aforementioned factors, wind turbine materials market is experiencing an upwards trend globally. However heavy cost of installation is set to obstruct growth.
Wind Blades to Amp up Demand for Wind Turbine Materials, Fiber to Remain Highly Preferred
Wind energy is a proven environment-friendly power generation process. Lightweight wind turbine materials are composite materials which harness wind energy with high efficiency.
Thus, its demand for wind turbine composite materials is rising. Based on application, wind blades have been leading the wind turbine materials market in 2019.
Mounting requirement for wind energy is playing a significant role in market progress.
Spurring demand for environment friendly resources such as wind energy has led to the construction of larger wind blades that deal with higher power output.
This has resulted in increased consumption of composite materials for blades. Furthermore, wind turbine materials are substituting the use of conventional materials such aluminum and steel.
These materials offer a longer life cycle, higher corrosion resistance, higher strength-to-weight ratio, and low maintenance.
By material, fiber captured a significant chunk of the market share in 2019 and will continue to maintain its supremacy throughout the forecast period.
China to Remain At the Forefront, MEA & Latin America to Signify Profitable Opportunities
From the regional point of view, East Asia along with South Asia & Oceania are forecast to lead with over half of the market share by 2019 end owing to the increasing wind energy infrastructure in the region.
China is at the forefront of demand, with around one third of global supply of wind turbines materials.
The country also ranks first in terms of total number of wind power system installations. In the past two years, Chinese government has raised the total investment on renewable energy to about US$ 360 Mn till 2020 end.
The country has also shut down several key projects involving coal-fired power plants. This situation is likely to boost the number of wind power installations in the country, which create opportunities in the global wind turbines materials market. Further, India ranks fourth in terms of installed capacity of wind power currently.
Wind turbine materials market in Latin America and Middle East and Africa are still in its nascent phase. These regions have limited large-scale wind farms in comparison with other regions.
However, several countries from these regions have come up with regulations to reduce the dependency on non-renewable resources such as petroleum.
This situation is providing lucrative opportunities for wind turbine material manufacturers to expand their geographical reach in a largely unexplored market.
Market Players Focused On Inorganic Growth
Global wind turbine materials market is moderately fragmented in nature. Prominent players with established market presence in global wind turbine materials market are
- Siemens AG
- Teijin Limited
- Toray Industries Inc.
- Reliance Industries Limited
- Lianyungang Zhongfu Lianzhong Composites Group Co.Ltd
- Molded Fiber Glass Companies
- Gurit Holding AG
- Hexcel Corporation.
Global players in market have targeted acquisitions and mergers as a key strategy for future development.
- For Instance, In October 2018, Gurit Holding (Switzerland) acquired all shares in JSB Group (Denmark) for US$ 72 Mn. JSB group is one of the key players in core material kits for wind turbine blades. This strategic move has enhanced Gurit’s value chain and will allow the company to offer wind energy OEMs a full solution of structural core materials, core material kits and wind turbine blade molds.
- Likewise, in April 2017, Siemens concluded the merger of its wind power business with Gamesa.
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Wind Turbine Materials Market Segmentation
Fact.MR has studied the Wind Turbine Materials market with detailed segmentation on the basis of type, application and key regions.
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