Global Wind Turbine Composite Materials Market
Growing concerns about greenhouse emissions have led to the increasing demand for clean and sustainable power sources. Wind energy is ideal for environment-friendly power generation. Lightweight composite materials help to harness wind energy with high efficiency. As a result, the demand for wind turbine composite materials is rising. The global wind industry is shifting toward larger turbines with longer blades, as larger blades are capable of producing higher amount of energy at low costs. Composite materials offer higher reliability and stability. Hence, these are of great importance in the manufacturing of parts of wind turbine, especially rotor blades.
Fibers such as carbon fiber and glass fiber are majorly used in the global wind turbine composite materials market. Glass fibers are high in demand in turbine manufacturing. The most commonly used resins available in the market are polyester, epoxy, vinyl ester, polyurethane, and others. Wind turbine composite materials are used to manufacture hub, nacelle, rotor blade, and towers. Rotor blades are the most important component of a wind turbine. Properties of rotor blades determine the lifetime and performance of a turbine. In fact, rotor blades are the most expensive part of a wind turbine. Rotor blades constitutes the largest application segment of the global wind turbine composite materials market. The technology to manufacture rotor blades has evolved significantly in the last 20 years. Focus has been shifted to reduce cycle time, thereby lowering cost and probability of defects. New wind turbine composite materials are being studied to generate cost-effective wind energy.
Global Wind Turbine Composite Materials Market: Overview
Increased demand from the wind energy sector has propelled the growth of the global wind turbine composite materials market. Various environmental regulations and government initiatives to boost the usage of wind energy are expected to further augment the growth of the market. Composite materials perform better than conventional materials such as steel and aluminum, as they possess properties such as high strength-to-weight ratio, corrosion resistance, long lifecycle, and lower maintenance. All these factors are likely to propel the demand for wind turbine composite materials.
High cost of these materials is estimated to negatively affect the market’s growth. The rising cost of carbon fiber is also likely to challenge the growth of the market during the forecast period. The overall market has high scope to expand, led by the extensive research and development activities being carried out by market players to introduce various composite materials with advanced properties.
Global Wind Turbine Composite Materials Market: Region-wise Outlook
The global wind turbine composite materials market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. The rising awareness about alternative sources of energy, new product launches, and growth of installed wind power size in India and China have augmented the wind turbine composite materials market in Asia Pacific. In fact, the region is anticipated to drive the demand for wind turbine composite materials during the period between 2016 and 2024. North America and Europe are projected to follow the Asia Pacific market. The wind turbine composite materials market in Rest of the World is small; however, it is expected to generate significant demand in the near future.
Key players in the global wind turbine composite materials market include Toray Industries, Teijin Limited, Cytec Industries, Gurit Holding AG, Royal Tencate NV, and TPI Composites. The key players are focusing on emerging economies, where rapid industrialization has led to increased demand for alternative sources of energy.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.