The global wind turbine composite materials market was valued at $3,970.4 million in 2015, and is expected to grow at a Compound Annual Growth Rate of 7.8% during 2016 – 2022, according to recent research done by P&S Market Research.
Wind turbine composite materials market
The research report, titled ‘Global Wind Turbine Composite Materials Market Size, Share, Development, Growth and Demand Forecast to 2022,’ highlights various factors driving the growth of the wind turbine composite materials market worldwide.
The report has attributed this growth to an increase in governmental support for wind power projects, tight environmental regulations, an increased need for energy independence and geopolitical energy security.
Use of composite materials
The composite materials are being used for manufacturing larger rotor blades to increase wind turbine output, which according to this study have a longer life cycle, high strength-to-weight ratio, corrosion resistance and low maintenance, compared to other conventional materials, such as steel and aluminium.
Despite being a key trend globally, the high costs of composite materials mixed with uncertain global economic conditions are forecast to hinder the growth of the global market to some extent, the research firm said in a statement.
Regions indicative of growth
According to the global research firm, Asia-Pacific held the largest share in the global wind turbine composite materials market in 2015, which can be attributed to high energy demand and significant growth in the wind energy sector.
The company added that China held the largest share in Asia-Pacific, as well as global wind turbine composite materials market in 2015.
Middle East and Africa is expected to be the fastest growing market for wind turbine composite materials during 2016 – 2022, owing to the several anticipated wind power projects in the regions.
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