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According to Acumen Research and Consulting, the global wind turbine composite materials market is set to reach more than 12 Billion By 2023.
The wind turbine composite material market is propelling the growth driven by increasing wind power generation capacity and stringent environmental regulations pertaining to emissions from burning conventional fuel, increasing demand of larger blades and increased government support for wind power projects.
Wind turbine composite materials form an essential component of wind turbine for the manufacture of wind turbine rotor blades. The composite material is made up of fibre and matrix. The fibre provides physical strength and distributes loads in composite, while the matrix material acts as a binder. The matrix binds and maintains the spacing of the fibre material protecting the fibre from abrasion and environmental damage. The composite material manufactured from reinforcement of fibre and matrix is far superior from conventional metals such as steel and aluminum.
Wind Turbine Composite Material Market Potential
Global warming due to emission of greenhouse gases has led to the increased investment in renewable energy sources. Many countries across the globe are heavily investing in wind farms with Europe leading the way; the wind farms of Europe have overtaken coal to become the second largest source for power generation capacity.
Asian countries are diversifying their energy mix; with nuclear being dangerous to harness, wind energy seems to be the only economical solution. The wind energy being both sustainable and economical has reached far flung offshore areas.
Countries across the globe are investing heavily in wind farms, opening up the opportunity for the sale of composite materials in manufacturing the wind turbines. Moreover, physical properties of composite materials compared to the conventional materials such as steel and aluminum are far superior. These materials allow wind turbine to operate in facing adverse weather conditions as well as improve the efficiency of the wind turbine.
The technological advancement and design modification in wind turbine blade has increased the demand for larger blades, capable of producing higher amounts of energy. These factors foretell the potential of the wind turbine composite materials market to grow at a significant rate during the forecast period.
Some of the major manufacturers include Teijin, LM Wind Power, Cytec Solvay Group, Vestas Wind System, Hexcel, Koninklijke Ten Cate NV, Toray Industries, Gurit Holding, TPI Corporation and Molded Fiber Glass Companies among others.
In North America, the wind turbine composite materials market is anticipated to grow at a noteworthy rate throughout the forecast period.
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