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Tremendous Growth Prospects for Wind Turbine Materials Predicted
April 20, 2020

According to information presented in a recent analysis, Global Wind Turbine Materials Market, Forecast to 2026, provided by Frost & Sullivan, a business consulting firm involved in market research and analysis, growth strategy consulting, and corporate training across multiple industries, the increasing demand for energy worldwide and traditional energy independence due to volatile oil prices is encouraging governments throughout the world to harness the potential of renewable energy, driving the global market for wind turbine materials. Expanding at a compound annual growth rate (CAGR) of 8.9%, the wind turbine materials market is likely to almost double, reaching $19.57 billion by 2026 from $10.76 billion in 2019.

“With the increasing population and economic development, global energy demand is rising rapidly. Many countries across the globe have been experiencing an energy gap, which is being broadened by the deliberate depletion of fossil fuels,” noted Sayantan Sengupta, Visionary Science Research Analyst at Frost & Sullivan. “These factors urgently call for transforming the world’s traditional energy system with excessive uptake of energy-efficient renewables. In turn, this is expected to enhance the investments in the renewable energy sector, such as wind power, thereby driving the demand for both structural and non-structural materials.”

Sengupta went on to comment, “Due to the complexity of the production process and application areas, brand equity, global presence, manufacturing expertise, and supply reliability, long-term relationships with OEMs are extremely critical in the wind turbine materials market. Further, with the increasing greenhouse gas emissions, government authorities worldwide are expected to focus on offshore wind energy installations, which are still at a nascent stage in most parts of the world. This is expected to strengthen the demand for high-performance specialized materials.”

Uncertain government policies and inconsistent incentives and tariff rates along with the scarcity of infrastructure for wind energy transmission are likely to restrain the growth of the wind turbine materials market. However, original equipment manufacturers’ (OEMs’) focus on innovation and product enhancement within existing material chemistries is expected to unlock tremendous growth opportunities.

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