Sourcing Renewables, Wind - April 10, 2020
Wind turbine materials market expected to double by 2026
A new report from Frost & Sullivan suggests that the wind turbine materials market is likely to almost double at a compound annual growth rate of 8.9% due to the increasing demand for renewable energy amid volatile oil prices worldwide.
If successful, that amount of growth would allow the wind turbine materials market to reach $19.57 billion by 2026 from $10.76 billion in 2019. Their new report, “Global Wind Turbine Materials Market, Forecast to 2026”, analyzes market drivers and restraints, regional technology trends and key market participants in consideration of global market trends.
"With the increasing population and economic development, global energy demand is rising rapidly,” Sayantan Sengupta, Visionary Science Research Analyst at Frost & Sullivan, said in a statement. “Many countries across the globe have been experiencing an energy gap, which is being broadened by the deliberate depletion of fossil fuels. These factors urgently call for transforming the world's traditional energy system with excessive uptake of energy-efficient renewables. In turn, this is expected to enhance the investments in the renewable energy sector, such as wind power, thereby driving the demand for both structural and non-structural materials."
The report predicts that the Asia-Pacific region will continue to lead the market for both structural and non-structural materials due to the rapid development of the region’s wind energy sector. Increased government spending and favorable policy targets for wind energy deployment in the Middle East and a list of regions that includes Africa, Latin America, Russia and Turkey are expected to make these regions the fast-growing markets for wind turbine materials.
Frost & Sullivan reports that original equipment manufacturers (OEMs) are encouraged to consider opportunities in the growing demand for renewable energy in developing countries and the need for high-quality wind turbine materials in developed regions. Additionally, they should keep a lookout for opportunities as a result of mergers and acquisitions and using value-added materials in North America and Europe in order to contribute to this worldwide growth of the market.
“Due to the complexity of the production process and application areas, brand equity, global presence, manufacturing expertise, and supply reliability, long-term relationships with OEMs are extremely critical in the wind turbine materials market,” Sengupta added. “Further, with the increasing greenhouse gas emissions, government authorities worldwide are expected to focus on offshore wind energy installations, which are still at a nascent stage in most parts of the world. This is expected to strengthen the demand for high-performance specialized materials.”
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