Chicago, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Wind Turbine Protection Market is forecast to reach USD 2.8 billion by 2029 from an estimated USD 1.7 billion in 2024, at a CAGR of 10.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Wind turbine protection are primarily used to protect the turbines from factors like lightning strikes, high winds, and extreme temperatures. Wind turbine protection keeps turbines functional, protects investments, safeguards workers and wildlife, and contributes to a stable and reliable power grid.
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Wind Turbine Protection Market Scope:
| Report Coverage | Details |
| Market Size | USD 2.8 Billion by 2029 |
| Growth Rate | 10.5% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Protection type, Equipment, End user |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing R&D towards the improved efficiency of wind protection coating materials |
| Key Market Drivers | Rising demand for renewable energy sources |
This report segments the Wind Turbine Protection Market based on four equipment’s: Blades, Nacelle, Tower and Others. The Blades in the Wind Turbine Protection Market is expected to be the second fastest, because the blades are a critical focus area for the Wind Turbine Protection Market, as safeguarding the blades through coatings, tapes, and regular maintenance is crucial to optimizing turbine performance and extending operational lifespans.
This report segments the Wind Turbine Protection Market based on protection type into two segments: Coatings, Tapes & Films. The Tapes & films in the Wind Turbine Protection Market is expected to be the second fastest, because Tapes can be easily applied in both factory and field settings, providing a consistent and reliable solution for blade protection. They are designed for simple application via rope or platform access.
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This report segments the Wind Turbine Protection Market based on end user into two segments: onshore and offshore. The offshore in the Wind Turbine Protection Market is expected to be the second fastest due to the Increasing energy demand, depletion of onshore reserves and technological advancements. The Wind Turbine Protection Market for offshore installations is increasingly due to exposure to harsh marine conditions, including saltwater corrosion, high humidity, and strong winds.
The Wind Turbine Protection Market is experiencing growth due to the need to protect wind turbines from environmental factors like climate change. The rising energy demand causes increasing energy consumption mostly in the emerging markets, which further drives the need for more effective and efficient techniques to meet the demand. Continuous improvements in materials, manufacturing processes, and monitoring technologies are enabling wind turbines to operate effectively for longer periods with proper protection and refurbishment.
“Asia Pacific”: The fastest region in the Wind Turbine Protection Market.
Asia Pacific is the fastest region in the Wind Turbine Protection Market owing to the region experiencing significant population growth and economic development, leading to a corresponding increase in energy demand. The Asia-Pacific region, led by countries like China, India, and Japan, is rapidly expanding its installed wind power capacity to meet growing energy demands and renewable energy targets. The combination of rapid capacity additions, supportive policies, offshore wind expansion, aging turbine fleets, and technological advancements make the Asia-Pacific region the fastest growing market for wind turbine protection solutions.
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Key Market Players:
Some of the major players in the Wind Turbine Protection Market are BASF SE (Germany), 3M (US), Akzo Nobel N.V. (Netherlands), Trelleborg AB (Sweden), Hempel A/S (Denmark). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
Recent Developments
- In June 2021, Hempel A/S acquired ground-breaking technology from Das Lack Enertherm (DLE) to develop insulation coatings, enhancing worker safety and lowering environmental footprint as part of their Double Impact strategy.
- In June 2024, AkzoNobel N.V. has opened the world’s first purpose-built wind turbine blade testing facility at its Felling plant in the UK. The facility supports the development of the International protective coatings brand, capable of running rain erosion simulations at 176 meters per second. It includes a 1,000-liter water recycling tank to simulate harsh weather conditions and aims to triple the number of weekly rain erosion tests.
- In February 2021, BASF contracted EDF Energy North America to enhance the energy balance and reduce CO2 emissions at its Texas production sites. The contract included a 35 MW Wind Power Purchase Agreement (PPA) for two sites and 55 MW Solar PPA for Freeport site.
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