Why are Sales of Wind Turbine Composite Materials Soaring Globally?

With the escalating pollution levels, the governments of many countries are focusing on encouraging the use of renewable energy sources for power generation. Moreover, the rapid depletion of natural resources such as fossil fuels, owing to their exploitation, is further boosting the demand for clean alternative energy sources such as wind. Owing to these reasons, the governments of several countries are implementing policies aimed at augmenting wind power generation, which is, in turn, pushing up the demand for wind turbine composite materials.

Besides, the enactment of strict environmental regulations by many governments and organizations in order to mitigate greenhouse gas emissions, is also propelling the popularity of wind energy. For example, in Germany, the Renewable Energy Sources Act 2011 has mentioned fixed feed-in tariffs (FiTs) for the power utilities that are producing renewable energy in the country. Likewise, the governments of various other countries are providing financial support, schemes, and tax benefits to organizations for purchasing equipment required for producing wind energy. This is further boosting the requirement for wind turbine composite materials. 

Owing to the aforementioned factors, the value of the wind turbine composite materials market reached $3,970.4 million in 2015 and the market will advance at a CAGR of 7.8% from 2016 to 2022, as per the estimates of the market research company, P&S Intelligence. Resin and fiber are the two types wind turbine composite materials. Between these, the demand for fiber composites was found to be higher in 2015. These composites are classified into glass and carbon. Of these, the demand for glass fibers is predicted to be higher in the coming years.

Hence, it can be said with surety that the demand for wind turbine composite materials will surge sharply in the forthcoming years, primarily because of the rising popularity of wind energy, on account of the growing requirement for renewable energy, due to the escalating pollution levels and rapid depletion of fossil fuels across the world.