The increasing demand for energy worldwide and traditional energy independence owing to volatile oil prices is encouraging governments globally to harness the potential of renewable energy, especially through wind turbines.
Research firm Frost & Sullivan says the wind turbine materials market is growing at a compound annual growth rate of 8.9% and is valued at about $10-billion, which is likely to double by 2026 to reach a value of $19.5-billion.
Frost & Sullivan visionary science research analyst Sayantan Sengupta says that with the increasing population and economic development across the world, global energy demand is rising along with it. However, there are still energy gaps that are being widened by the deliberate depletion of fossil fuels.
Frost & Sullivan’s analysis, published in its 'Global Wind Turbine Materials Market: Forecast to 2026' report, covers global market trends, including market drivers and restraints, regional technology trends and key market participants.
Asia-Pacific countries (APAC), divided into India and the rest of APAC, will continue to lead the market for both structural and non-structural materials owing to the rapid development of the region’s wind energy sector.
The Middle East and Rest of the World, comprising countries in Africa, Latin America, and others, including Russia and Turkey, are expected to be the two fastest-growing wind turbine materials markets, with increasing government spending and favourable policy targets for wind energy deployment in these region, the firm says.
“Owing to the complexity of the production process and application areas, brand equity, global presence, manufacturing expertise, and supply reliability, long-term relationships with original-equipment manufacturers (OEMs) are extremely critical in the wind turbine materials market,” notes Sengupta.
He adds that, additionally, 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 specialised 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, OEMs’ focus on innovation and product enhancement within existing material chemistries is expected to unlock tremendous growth opportunities.
These growth opportunities include vendors adopting strategies such as capacity expansion and addition and also focus on enhancing the performance of existing formulations.
Frost & Sullivan says there are opportunities around the wind turbine materials needed, since high-quality structural and nonstructural metals are needed for offshore applications across regions.
Moreover, there is opportunity in vendors seeking to get ahead of the competition, which the firm suggests need to strengthen ties with wind turbine OEMs by providing value-added services and stay abreast of merger and acquisition opportunities to expand their product offerings and provide differential services.
Regarding the use of value-added materials in North America and Europe, the firm says vendors must enhance the quality of wind turbine materials to be more sustainable with improved performance across diverse domains.