The scope of our recent study on the “Wind Turbine Composites Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Fiber Type, Resin Type, Technology, and Application” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The wind turbine composites market was valued at US$ 7,777.37 million in 2022 and is projected to reach US$ 17,740.86 million by 2030; it is expected to grow at a CAGR of 10.9% from 2022 to 2030.
A growing focus on reducing carbon dioxide emissions is increasing the utilization of renewable energy sources. Renewable energy offers various advantages, such as lower emissions, inexhaustible energy, increased reliability and resilience, etc. With the increased utilization of renewable energy, wind energy is becoming a vital energy system in many countries. Governments of various countries are taking various initiatives for the development of the wind energy sector. For instance, the US Department of Energy has allocated US$ 132 million in fiscal year 2023 for wind energy technologies. As per the news released by Reuters in March 2022, the Chinese government plans to build renewable energy power projects, with an overall capacity of 450 GW, in the Gobi Desert and other desert locations to attain its sustainability targets. Under this initiative, the government aims to develop more wind energy projects in the country.
Further, the Indian government has initiated several measures to promote wind energy and other renewable source of energy in the country. For instance, in India, the concessional custom duty exemption on certain components required for manufacturing wind generators and generation-based incentives (GBI) are offered on wind projects that were commissioned on or before March 31, 2017. Hence, various government initiatives for the development of the wind energy sector result in more installations of wind turbines, which drives the demand for wind turbine composites. Thus, the rise in government initiatives for the development of the wind energy sector is expected to create lucrative opportunities for the wind turbine composite market growth over the coming years.
Impact of COVID-19 Pandemic on Wind Turbine Composites Market
The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of manufacturing sector. The composite industry faced challenges procuring raw materials. Moreover, restrictions in the raw materials procurement activities have significantly fluctuated the prices of wind turbine composites market. However, the wind turbine composites market has recovered due to the increasing wind energy infrastructure.
The report includes the segmentation of the global wind turbine composites market as follows:
On the basis of segmentation global wind turbine composites market, by fiber type, is segmented into carbon fiber composites, glass fiber composites, and others. In terms of resin type, the market is segmented into polyester, epoxy, polyurethane, vinyl ester, and others. Based on technology, the market is categorized into resin infusion, prepreg, lay up, and others. By application, the market is divided into blades and nacelles. By geography, the global wind turbine composites market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global wind turbine composites market in North America is further segmented into the US, Canada, and Mexico. The global wind turbine composites market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global wind turbine composites market in Asia Pacific is further categorized into Australia, India, Japan, China, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, UAE, and the Rest of MEA. The global wind turbine composites market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
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