Global wind turbine materials market is forecast to surpass US$ 8 Bn by 2029 end reveals Fact.MR in a recently published report on global wind turbines materials market. As per the report, global wind turbine market is anticipated to grow at a flourishing CAGR of ~7% till 2029 end, backed by the escalating number of wind power installations worldwide. The rising consumption of fossil fuels worldwide has led to severe climatic conditions such as global warming. Thus, to tackle this situation, governments of several countries have initiated several key projects and executed schemes to promote and encourage the uptake of conventional sources of energy generation.
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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. Furthermore, strict standards and guidelines aimed at reducing greenhouse gas emissions are also propelling demand growth in wind power generation.
Key Takeaways of Global Wind Turbine Materials Market
- Global wind turbine materials market is forecast to add 1.8X more value in 2029 in comparison with 2019, registering an absolute opportunity of around US$ 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 wind turbines
- Glass fiber accounted for largest market share in fiber type segment with the capability to offer high efficiency in wind power operations
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- Based on application, wind blades have maintained their supremacy in the wind turbine materials market in 2019, as wind turbine materials in wind blades have been replacing conventional materials such as aluminum and steel.
- East Asia is poised to remain a prominent hub for wind power systems worldwide, which has resulted in high demand for wind turbines materials. East Asia accounts for around 1/3rd of market share in 2019
- Global market for wind turbine materials is fairly fragmented in nature, with Siemens AG, Teijin Limited, Toray Industries, Inc., Reliance Industries limited as some of the notable players.
“With a high growth trend observed in wind power generation, wind turbine materials manufacturers are focusing on the expanded portfolio in developed as well as unexplored regions.” says the Fact.MR analyst
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Players Opting For Acquisitions as a Target Strategy
Several key players in global wind turbine materials market are working toward expanding their wind manufacturing capacity and geographical reach to serve the increased demand for such materials across the globe. Key stakeholders are targeting acquisitions and mergers to remain on top. Besides, capacity expansion in foreign territories seems to be chief marketing strategy. For instance, in June 2016, the inauguration of a wind blade mold production plant in Szczecin, Poland, was announced by Gurit Holding AG.
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