Boonton, NJ -- (SBWIRE) -- 10/22/2018 -- Market Analysis:
According to Verified Market Intelligence, The Global Wind Turbine Composites Material Market was valued at USD 7.79 billion in 2016 and is projected to reach USD 16.93 billion by 2025, growing at a CAGR of 9.00% from 2017 to 2025.
Rising concerns regarding greenhouse emissions have resulted in a growing demand for clean and sustainable power sources. Wind energy is the renewable form of energy that can be utilized to produce electricity. A wind turbine is a device that is used in converting the kinetic energy of wind into electrical energy. A composite material is commonly used in manufacturing blades and nacelles of wind turbines. Lightweight nature of the composite material is helpful in harnessing wind energy with higher efficiency. Demand for composite materials in wind turbine is increasing due to its higher reliability and stability. Thus, this factor contributes to the growth of wind turbine composite material markets.
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Increasing usage of carbon fiber in wind blades and growing demand for renewable energy sources have been driving the global wind turbine composites material market. While the high cost of carbon fiber and recyclability concerns of composites might hinder the overall growth at a global level.
The "Global Wind Turbine Composites Material Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Toray Industries, Teijin Limited, Cytec Industries, Gurit Holding AG, Royal Tencate NV, and TPI Composites. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.