Wind Turbine Composites Market to Reap Excessive Revenues by 2018
Asia Pacific is the fastest growing region in the wind turbine composites market. According to the Global Wind Energy Council, China alone has installed 23.4 GW of new capacity. The growing market in China is a result of a vision to become energy dependent and sustainable. However, China is highly dependent on hydrocarbon imports from Middle East countries. Also, concerns regarding air quality due to coal emissions has led to the shift towards the use of renewable energy.
Europe saw an increase of 1,558 MW of offshore wind installations. Germany and U.K are the major players in the European wind energy market. Strict regulation regarding emissions and carbon footprint has resulted in increased renewable energy development. In 2016, wind energy crossed coal to become the second largest power generator after natural gas.
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Wind Turbine Composites are being progressively used in the manufacture of wind turbine components. Superior mechanical properties, decreased operating expenditure, and a long lifespan has resulted in its increased use in the wind energy industry. Also, the lightweight property of composites enable the blades to rotate faster than other materials at the same wind speed. Moreover, reduced weight of turbine leads to less robust turbine requirements.
The major drivers are a shift towards renewable sources of energy in developed markets of Europe and North America. The increased lifespan and low operating expenditures have enabled it to be used in offshore wind energy installations as well. The major challenges are the high cost of composites and issue of reuse and recyclability of composite materials.
North America is a major player in wind energy. The Southwest Power Pool which provides power to 14 states in the central U.S was served by wind energy for 52.1% of the grid’s load. Although, low shale gas prices in the U.S has resulted in the slowdown of investments in renewable sources of energy.
The Middle East and North Africa are emerging markets for wind energy. Saudi Arabia, Kuwait, and UAE are the major players in this region. The region has tremendous potential but growth is slow due to large hydrocarbon reserves in the region.
Latin America is a world leader in renewable resources with 52% of energy production from renewable sources. Although, hydropower accounted for the major share. Moreover, lack of abundant hydrocarbon reserves has driven the growth for wind energy market.
In 2016, Gamesa Corp supplied 94 wind turbines to DONG Energy for the Borselle 1 and 2 wind project in the Netherlands. The project has boosted the wind turbines composites market in Europe.
Key Players in the Wind Turbine Composites Market
Key players in the wind composites market include Toray Industries, Cytec Industries Inc., Royal TenCate nv, Gurit Holding AG, Hexel Corporation, and Teijin Limited, TPI Composites, Inc., Gamesa Corporation Technology, Vestas Wind Systems A/S, and Suzlon Energy Limited
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