LONDON, March 21, 2017 /PRNewswire/ -- "The wind turbine composite market is projected to grow at a CAGR of 9.28% from 2016 to 2021, in terms of value."
The wind turbine composite market is projected to reach USD 12.17 billion by 2021, at a CAGR of 9.28% from 2016 to 2021. Increase in demand for carbon fibers for manufacturing wind turbine blades and rise in demand for renewable energy sources are driving the growth of this market. However, issues related to the high cost of raw materials such as carbon fiber and epoxy resin, and recyclability issue of composites are factors restraining the growth of the market.
"The blades segment accounts for the largest share of the wind turbine composite market, both in terms of value and volume."
The blades application segment accounts for the highest composite consumption. Composites used in wind turbine blades provide them with properties such as long shelf life, less maintenance, resistance to corrosion, and high strength-to-weight ratio.
"Asia-Pacific is the fastest-growing market for wind turbine composite."
The Asia-Pacific wind turbine composite market is witnessing significant growth both, in terms of value and volume. The increasing demand for lightweight and high strength materials is driving the growth of the wind turbine composite market in this region. Moreover, the supportive government initiatives such as favorable policies, wind power development programs, government regulations concerning renewable energy, and adjusted feed in tariffs for land-based wind power installations in this region are offering an impetus to the wind turbine composite market.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By company type- Tier 1 - 25%, Tier 2 - 45%, and Tier 3 - 30%
- By designation- C Level - 10%, Director Level - 30%, and Others - 60%
- By region- North America - 30%, Europe - 25%, Asia-Pacific - 30%, Middle East & Africa - 10%, and Latin America - 5%
The report provides a comprehensive analysis of the following companies:
- TPI Composites, Inc. (U.S.)
- MFG Wind (U.S.)
- LM Wind Power (Denmark)
- Gamesa Corporation Technology (Spain)
- AVIC Huiteng Windpower Equipment Co., Ltd. (China)
- Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. (China)
- Vestas Wind Systems A/S (Denmark)
- Suzlon Energy Limited (India)
- Siemens AG (Germany)
This report covers the wind turbine composite market on the basis of fiber type, resin type, manufacturing process, application, and region. It aims at estimating the market size and future growth potential of this market across the above mentioned segments. Furthermore, the report also includes an in-depth competitive analysis of key players in the market, along with their company profiles, SWOT analysis, recent developments, and key growth strategies.
Reasons to buy the report:
The report will help market leaders/new entrants by providing them the closest approximations of revenues for the overall wind turbine composite market and its subsegments. The report will also help stakeholders better understand the competitive landscape and gain more insights to better position their businesses and market strategies. It will assist stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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