Selbyville, Delaware, June 08, 2020 (GLOBE NEWSWIRE) -- The worldwide wind turbine composites market was valued at USD 5,6210 million in 2018 and is estimated to account for USD 9,138.6 million, increasing at a growth rate of 5.8 per cent over 2019-2027. Extensive use of wind turbine composites in production of wind turbine parts like blade, nacelles, and others is expected to produce an upsurge in the market growth over the foreseeable time period.
Moreover, the market has been fragmented into different product types, application, and regions, whose elaborative details have been addressed in the given study subject to their individual market shares and sizes, current and projected growth rates, technologies, regulatory framework. It also talks about recent developments in terms of company acquisitions, partnerships, mergers, and product launches that enable market players to score a competitive edge over the rivals.
Wind turbine composites are mainly defined as components which are used to exhibit resilience and tensile strength across various applications. The use of these composites support the production of lightweight components with superior characteristics, resistance to corrosion, long product life, and comparatively lower maintenance costs.
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The overall wind turbine composites industry has been fragmented into various segments including fiber type, resin type, applications, regions, and a widespread competitive landscape.
Considering the application gamut, wind turbine composites market has been sub-divided into blades and nacelles. The blades segment acquired a considerable stake of global wind turbine composites market share in 2018. Wind turbine blades are airfoil shaped blades which are primarily used in harnessing of wind energy while also driving the rotor of a wind turbine.
Wind turbine blades constitute of two faces including pressure side and suction side which are combined together either by one or several integral web linking the upper as well as the lower parts of the blade shell. Also, blades are mostly composed of fiberglass-reinforced polyester.
Whereas, nacelles segment across the application spectrum, is also likely to witness appreciable proceeds on the upcoming years.
In terms of the geographical analysis, Asia Pacific seized a lion’s share of the wind turbine composites industry in 2018, both in terms of volume and value, owing to the expanding wind energy sector. Besides, rising production of composites in the region, elevating demand for renewable energy sources, and growing demand for high strength and lightweight materials for the production of various parts of these turbines, are anticipated to drive the overall growth of Asia Pacific wind turbine composites market in the upcoming years.
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Above that, favorable government policies, wind power advancement programs, stringent regulations concerning renewable energy, and adjusted feed-in tariffs for land based wind power installation have stimulated the industry outlook over the years.
Global wind turbine composites industry is rather fragmented and claims presence of top notch companies including Hexcel Corporation, ENERCON GmbH, LM Wind Power, Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd, Molded Fiber Glass Companies, and several others.
Global Wind Turbine Composite Market Fiber Type Analysis (Revenue, USD Million, 2017-2027)
- Glass Fiber
- Carbon Fiber and Others
Global Wind Turbine Composite Market Resin Type Analysis (Revenue, USD Million, 2017-2027)
- Epoxy
- Polyester
- Vinyl Ester
Global Wind Turbine Composite Market Application Analysis (Revenue, USD Million, 2017-2027)
- Blades
- Nacelles
Global Wind Turbine Composite Market Competitive Landscape Analysis (Revenue, USD Million, 2017-2027)
- 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
Table of Contents:
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Wind Turbine Composites Market, by Fiber Type
1.3.2 Wind Turbine Composites Market, by Resin Type
1.3.3 Wind Turbine Composites Market, by Application
1.3.4 Wind Turbine Composites Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Wind Turbine Composites Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 Middle East and Africa PEST Analysis
4.2.5 South America PEST Analysis
4.3 Expert Opinion
5. Wind Turbine Composites Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Growing Number of Wind Turbine Installations
5.1.2 Increasing Length of Wind Turbine Blades
5.2 Restraints
5.2.1 High Dependence of Wind Energy Industry on Government Subsidies
5.3 Opportunities
5.3.1 Increasing Focus of Governments on Offshore Wind Energy Installations
5.4 Future Trends
5.4.1 Adoption of Natural Fiber Reinforced Polymer (NFRP) Composites
5.5 Impact Analysis Of Drivers and Restraints
6. Wind Turbine Composites Market– Global Market Analysis
6.1 Global Wind Turbine Composites Market Overview
6.2 Global Wind Turbine Composites Market Forecast and Analysis
7. Global Wind Turbine Composites Market Analysis – by Fiber Type
7.1 Overview
7.2 Global Wind Turbine Composites Market Breakdown, by Fiber Type, Value, 2018 & 2027
7.3 Glass Fiber
7.4 Carbon Fiber and Others
8. Global Wind Turbine Composites Market Analysis – by Resin Type
8.1 Overview
8.2 Global Wind Turbine Composites Market Breakdown, by Resin Type, 2018 & 2027
8.3 Epoxy
8.4 Polyester
8.5 Vinyl Ester
9. Global Wind Turbine Composites Market Analysis – by Manufacturing Process
9.1 Overview
9.2 Global Wind Turbine Composites Market Breakdown, by Manufacturing Process, 2018 & 2027
9.3 Vacuum Injection Molding
9.4 Prepreg
9.5 Hand Lay-Up
10. Global Wind Turbine Composites Market Analysis – by Application
10.1 Overview
10.2 Global Wind Turbine Composites Market Breakdown, by Application, 2018 & 2027
10.3 Blades
10.4 Nacelles
11. Wind Turbine Composites Market – Geographical Analysis
Related Report:
Wind Turbine Market Size, Share & Forecast to 2024
Wind Turbine Market share will exceed USD 70 billion by 2024, as per new research report. Rising energy demand from private wind farm projects and utility aided sustainable establishments has positively influenced the industrial regime, across the globe. The major concern for industrial participants and utilities is to maintain a balance between the demand and supply of these units which in turn has intensified investments toward the improvement of renewable power generation technologies.
Rising R&D investment toward technologies based on wind power coupled with growing adoption of large capacity plants will significantly affect the overall product cost. Increasing industrial competition have rendered considerable decrease in the costs of rotor modules along with volume manufacturing & their operational effectiveness. Inclination toward enhanced tower length & blade size to integrate effective resource operation will further augment the global wind turbine market share.
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