Wind energy being a clean and renewable energy source, is backed by favorable governments policies. This situation has led to an increased number of investments in wind power generation plants
Global wind turbine materials market is forecast to surpass $8 Bn by 2029 on the back of an anticipated Compounded Annual Growth Rate (CAGR) of around 7 per cent, backed by the escalating number of wind power installations worldwide, according to a new report.
The rising consumption of fossil fuels worldwide has led to severe climatic conditions such as global warming and the governments of several countries have initiated key projects and executed schemes to promote and encourage the uptake of conventional sources of energy generation.
"Wind energy being a clean and renewable energy source, is backed by favorable governments policies. This situation has led to an increased number of investments in wind power generation plants," the report by Dublin-headquartered market research firm Fact.MR said.
It also said the strict standards and guidelines aimed at reducing greenhouse gas emissions are also propelling demand growth in wind power generation.
"Global wind turbine materials market is forecast to add 1.8 times more value in 2029 in comparison with 2019, registering an absolute opportunity of around $3.5 Bn during forecast period. Fiber-type wind turbine materials have accounted for over 3/4th of the market share as these materials are mainly used in producing turbines," the report said.
Glass fiber accounted for largest market share in fiber type segment with the capability to offer high efficiency in wind power operations. Based on application, wind blades have maintained their supremacy in the wind turbine materials market in 2019, as turbine materials in wind blades have been replacing conventional materials such as aluminum and steel.
According to the report, East Asia is poised to remain a prominent hub for wind power systems worldwide, which has resulted in high demand for wind turbines materials. The region accounts for around a third of the market share in 2019.
Global market for wind turbine materials is fragmented in nature, with Siemens AG, Teijin Limited, Toray Industries, Reliance Industries limited as the main players.