The global composite materials in renewable energy market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the augmenting demand for longer wind turbine blade manufacturing. However, need for high investments in R&D is hindering the growth of the market studied.
- Lower maintenance costs over the lifespan of the structure is expected to provide a major growth opportunity for the market studied.
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the applications, wind power application accounts for the highest market share and is expected to dominate the market studied during the forecast period.
Key Market Trends
Wind Power Application to Dominate the Market
- Wind is the fastest growing energy source, globally. The prime factor for this increase is that the cost of wind energy has dropped and continues to drop dramatically, making it more competitive each year.
- The technology used to manufacture wind turbine blades has significantly progressed over the past years. The decrease in the cost is highly influenced by the usage of composites in turbine blade manufacturing.
- As the wind energy market grows globally and blade sizes continue to increase, wind farm developers will need to more composite materials to help meet these demands.
- Owing to the above-mentioned reasons, wind power application is likely to dominate the market studied over the forecast period.
North America to Dominate the Market
- North America dominates the composite materials in renewable energy with the majority of the demand coming from the United States.
- The United States Department of Energy has set an objective that by 2030, 20% of United States electricity will be produced from wind energy.
- Additionally, to boost the growth of this industry, the United States has extended the federal Production Tax Credit (PTC) by five years, thereby, creating exceptional market stability.
- These aforementioned factors are augmenting the usage of composites in the country, owing to which the North America region is likely to dominate the market studied during the forecast period.
The carbon composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Plastic Reinforcement Fabrics Ltd., and Norco Composites & GRP, among others.
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