Wind Turbine Blade Materials Market to Expand with Significant CAGR During 2027
Blades
are an important part of a wind turbine, and these are costly
components of a turbine. Wind turbine blades consists of two faces,
one is the suction side and the other is the pressure side. These are
joined together and stiffened by one or several integral webs linking
the upper and lower parts of the blade shell. Blades are vulnerable
parts of a wind turbines as these are susceptible to lightening.
Composite materials are used to manufacture blades of these turbines.
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Wind
Turbine Blade Materials Market: Development & Trends
The
global wind turbine blade materials market is anticipated to expand
at a rapid pace during the forecast period due to the rising wind
power generation projects, technology advancement, increasing
government subsidies, growing environmental concerns, and increasing
demand for renewable energy. Rise in investments for and provision of
clean energy incentives schemes for the development of renewable
energy is expected to be a major factor driving the wind turbine
blade materials market. Lack of grid infrastructure which leads to
the curtailment of power and lack of skilled labor and capital in
certain countries inhibit the global wind turbine blades material
market.
Wind
Turbine Blade Materials Market: Key Segments
The
wind turbine blade material market can be segmented in terms of
fiber, resin, manufacturing process, and region. Based on fiber, the
wind turbine blade materials market can be bifurcated into carbon
fiber and glass fiber. The glass fiber segment accounted for a
dominant share of the wind turbine blade materials market in 2017, as
these possess better properties such as, chemical resistance,
strength, and stiffness as compared to carbon fiber. These are also
easily available and cost effective. However, the carbon fiber
segment is projected to expand due to its high stiffness. However,
disadvantages of carbon fiber include high costs, low compressive
strength, and high sensitivity to local defects. In terms of resin,
the wind turbine blade materials market can be classified into epoxy,
polyester, and vinyl ester. Demand for epoxy resins is high due to
its lower temperature cure and lower viscosity as compared to other
alternatives.
Based
on manufacturing process, the wind turbine blade materials market can
be divided into hand lay-up technology, vacuum infusion, prepreg, and
resin infusion technology. The resin infusion technology can be
sub-segmented into resin transfer molding and vacuum assisted resin
transfer molding. Presently, vacuum assisted resin transfer molding
is extensively employed to manufacture wind turbine blades.
Wind
Turbine Blade Materials Market: Regional Outlook
In
terms of region, the global wind turbine blade materials market can
be segregated into North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa. Based on value and volume,
Asia Pacific dominates the global market.
Asia
Pacific is a highly attractive region for the wind turbine blades
materials market due to high demand for renewable energy sources,
rise in demand for lightweight and high strength materials used in
the manufacturing of various parts of wind turbines, and supportive
government initiatives such as favorable policies, wind power
development programs, and government regulations regarding renewable
energy. Furthermore, the market in Europe is estimated to expand at a
substantial pace during the forecast period owing to the increase in
wind installation capacity, which is more than that of any other form
of power generation in Europe. India is a lucrative country for the
wind turbine blade materials market, followed by Spain and Germany.
Wind energy installation capacity and investment in wind energy and
onshore wind energy projects have increased in these countries.
Presently, these countries are projected to increase investment in
offshore wind energy projects.
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Wind
Turbine Blade Materials Market: Key Players
Key
players operating in the global wind turbine blade materials market
include Suzlon Energy Limited, AVIC Huiteng Windpower Equipment Co.,
Ltd., TPI Composites Inc., MFG Wind, LM Wind Power, Gamesa
Corporation Technology, and Vestas Wind Systems A/S.
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