Global market for wind turbine materials to approach USD 20bn by 2026

Wind turbine. Author: PSNH. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

April 9 (Renewables Now) - The global market for wind turbine materials is set to expand at an 8.9% compound annual growth rate (CAGR) from USD 10.76 billion (EUR 9.9bn) last year to USD 19.57 billion by 2026, Frost & Sullivan expects.

This growth will be driven by the rising demand for energy in many countries around the world and the volatility of oil prices that are prompting the wider adoption of renewable energy. "These factors urgently call for transforming the world's traditional energy system with excessive uptake of energy-efficient renewables,” said Sayantan Sengupta, visionary science research analyst at Frost & Sullivan.

In its latest market forecast to 2026, the research and consulting firm forecasts that the Asia-Pacific (APAC) region will continue to be the leader for both structural and non-structural materials in the wind sector. Increased government spending and local climate targets, meanwhile, are anticipated to be the propellers in the Middle East and other Rest of the World (ROW) countries, including nations in Africa and Latin America, making the two regions the two fastest-growing markets for wind turbine materials.

The global wind turbine materials market, however, will experience some challenges that will likely curtail its growth but will potentially unlock “tremendous” growth opportunities. Those will be related to the need for high-quality wind turbine materials in developed regions, value-added materials in North America and Europe and overall demand for renewable energy in developing countries. The negative effects on the market, meanwhile, mainly concern uncertainty around government policies and the lack of transmission infrastructure, the analyst noted.

(USD 1.0 = EUR 0.920)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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