Global Wind Turbine Scrap Market: Introduction
- Demand for wind turbines has been increasing significantly since the last few years. Wind turbines are cleaner and cheaper alternatives to fossil fuels. As a result, demand for wind turbines is expected to rise substantially in the near future.
- Wind turbines have average life of 20 years to 22 years. After that, these turbine are either repowered or decommissioned. Under the decommissioning process, reusable materials such as steel and other valuable metals are recovered. The recycling of material reduces wastes and also provides economic benefits.
- Wind turbine blades are made up of fiber glass composite, which are comparatively difficult to recycle or reuse. Currently, these blades are dumped into landfills, which are not green solutions. Hence, companies are now focusing on providing better solutions or methods through which the recovery of these blades would be easy, enviroment-friendly, and economical.
Key Drivers and Restraints of Global Wind Turbine Scrap Market
- Rapid industrialization and urbanization is a key driver of the global wind turbine scrap market. Rise in number of industries is driving the demand for electricity. Wind turbines are being considered in order to meet this demand. Hence, increase in number of wind turbines is anticipated to generate more wind turbine scrap. Thus, industrialization and urbanization is projected to drive the global wind turbine scrap market during the forecast period.
- Implementation of stringent government regulations to reduce carbon emissions is a major factor driving the global wind turbine scrap market. Favorable government incentive schemes to promote the installation of wind turbines is also fueling the market. Furthermore, majority of industries and government bodies are focusing on wind turbines for electricity generation due to environmental concerns. Thus, implementation of stringent government regulations to lower carbon emissions is likely to be a key driver of the global wind turbine scrap market.
- The unavailability of technology to recover fiber glass composites from the blades is a major factor restraining the global wind turbine scrap market. The current technology makes it difficult to recover fiber glass composites from the blades. Furthermore, significant investment in R&D would be needed to develop the technology. Thus, the unavailability of technology to recover fiber glass composites is a major factor hampering the global wind turbine scrap market.
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Global Wind Turbine Scrap Market: Segmentation
- The global wind turbine scrap market can be segmented in terms of service and product type
- Based on service, the global market can be divided into collection & segregation, recycling, and disposal. The disposal segment can be further segregated into landfill and incineration.
- In terms of product type, the global wind turbine scrap market can be classified into iron & steel, plastic, precious metals, fiber glass composites, and others
Global Wind Turbine Scrap Market: Regional Outlook
- Based on region, the global wind turbine scrap market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global wind turbine scrap market during the forecast period. Dominance of Asia Pacific can be ascribed to the development of new wind farms in the region. Furthermore, development of infrastructure related to wind farms is increasing at a rapid pace in Asia Pacific.
- China accounted for leading share of the wind turbine scrap market in Asia Pacific in 2018 primarily owing to the increase in number of wind farms in the country. The country is estimated to invest significantly in wind energy generation in the near future. This is projected to drive the wind turbine scrap market in China during the forecast period.
- In terms of market share, Europe follows Asia Pacific in the global wind turbine scrap market. Increase in government policies to promote wind energy production in Europe is anticipated to propel the wind turbine scrap market in the region during the forecast period.
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Key Players Operating in Global Market
- Belson Steel Center Scrap Inc
- Global Fiberglass Solutions
- Renewable Parts Ltd
Global Wind Turbine Scrap Market: Research Scope
Global Wind Turbine Scrap Market, by Service
- Collection & Segregation
Global Wind Turbine Scrap Market, by Product Type
- Iron & Steel
- Precious Metals
- Fiber Glass Composites
Global Wind Turbine Scrap Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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