The global wind turbine materials market is forecast to surpass $8 billion by the close of 2029, reveals a report by research company Fact.MR.
As per the Fact.MR 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.
Key drivers behind wind turbine materials market
Fibre 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 fibre accounted for the largest market share in the fibre 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 wind turbine materials in wind blades have been replacing conventional materials such as aluminium 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 a third of market share in 2019.
The 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.
The sector is forecast to add 1.8 times more value in 2029 in comparison with 2019, registering an absolute opportunity of around $3.5 billion during the forecast period.
“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 a Fact.MR analyst.
Players opting for acquisitions as a targeted 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.
From the regional point of view, East Asia along with South Asia & Oceania are forecast to lead with over half of the market share by 2019 end owing to the increasing wind energy infrastructure in the region.
China is at the forefront of demand, with around one-third of the global supply of wind turbines materials. The country also ranks first in terms of the total number of wind power system installations.
In the past two years, the Chinese government has raised the total investment on renewable energy to about $360 million till 2020 end. The country has also shut down several key projects involving coal-fired power plants.
This situation is likely to boost the number of wind power installations in the country, which create opportunities in the global wind turbines materials market.
Further, India ranks fourth in terms of installed capacity of wind power currently. Wind turbine materials market in Latin America and the Middle East and Africa are still in its nascent phase.
These regions have limited large-scale wind farms in comparison with other regions. However, several countries from these regions have come up with regulations to reduce the dependency on non-renewable resources such as petroleum.
This situation is providing lucrative opportunities for wind turbine material manufacturers to expand their geographical reach in a largely unexplored market.
Read more on the report here.