Wind Turbine Composites Market 2030: Global Demand, Key Players, Overview, Supply and Consumption Analysis

 

Wind energy, both offshore and onshore, plays an important role in the world’s transition to carbon-free energy sources. Wind turbine composites are used in the manufacture of wind turbine components. Long lifespan, decreased operating expenditure, and superior mechanical properties have resulted in its increased use in the wind energy industry. Moreover, composites are light in weight, which in turn enables the blades to rotate faster than other materials at the same wind speed. Thus, there is an increasing demand for wind turbine composites around the world, which in turn is expected to augment the wind turbine composites market growth.

The composite material is produced up of fiber and matrix, and produced from the fortification of fiber and matrix is far excellent to traditional metals such as steel and aluminum. Moreover, the use of composites help develop lightweight components with superior properties, with low maintenance and long lifespan, enabled it to be used in offshore installations. Offshore wind energy installations offer various benefits such as the energy is generated at higher speed than the onshore installations. Thus, offshore installations are gaining significant acceptance around the world, owing to its high-power generation capabilities.

According to the Global Wind Energy Council, there is now 743 GW of wind power capacity around the world, which helps to avoid over 1.1 billion tons of CO₂ worldwide. This in turn is expected to propel the growth of the wind turbine composites market. Carbon fibers and glass are the most commonly used composite materials for wind energy equipment. Glass fibers are less brittle and cheaper compared to carbon fiber. While carbon fiber has superior mechanical properties such as corrosion resistance, lightweight, and high strength. Therefore, there is an increasing demand for wind turbine composites around the world, especially in North America and the Asia Pacific.

For instance, India installed around 2.07 GW of Wind Power Capacity during FY 2019-20, and according to the American Wind Energy Association, the United States is expected to install 30 GW of offshore wind capacity by 2030. This in turn is also fuel the wind turbine composites market growth, especially in these regions. Composite materials offer extraordinary stability and reliability. Therefore, they are of utmost importance in manufacturing various parts of wind turbines, such as rotor blades. However, the major factors restraining the growth of the wind turbine composites market are the high cost of composites and issues related to the reuse and recycling of composite materials.