The wind turbine materials market is expected to double in value to nearly $20bn (€18bn) in 2026 from today’s value, Frost and Sullivan has forecast.
The market analyst outfit expects the market for “structural and non-structural materials” to grow at a compound annual growth rate of 8.9% from $10.76bn in 2019 to $19.57bn in 2026 in its Global Wind Turbine Materials Market, Forecast to 2026 report.
Company analyst Sayantan Sengupta said: “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 depletion of fossil fuels.
“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.”
Asia Pacific, split into India and the rest of the region, will continue to lead the market for both structural and non-structural materials due to the rapid development of the region’s wind energy sector, the report found.
Middle East and rest of the world, which includes African countries, markets in Latin America, Russia and Turkey, will “drive demand” for wind turbine materials over the forecast period, due to “increasing government spending and favourable policy targets for wind energy deployment in these regions.”
The report also points out that “uncertain government policies, inconsistent incentives and tariff rates along with the scarcity of infrastructure for wind energy transmission” are obstacles to growth.
It notes vendors of “high-quality structural and non-structural materials” should adopt strategies such as capacity expansion and also focus on enhancing the performance of existing formulations.
Suppliers of these materials, seeking competitive advantage, should “strengthen ties” with wind turbine manufacturers and provide “value-added services”, whilst exploring “merger and acquisition opportunities” to expand their product offerings and provide differentiated services, said the report.