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Frost & Sullivan, an international market research firm, predicts that the global wind turbine materials market will grow at a compound annual growth rate (CAGR) of 8.
9%, and its market size will grow from $10.
76 billion last year to $19.
57 billion
in 2026.
The growing demand for energy in many countries around the world and the volatility of oil prices have led to the widespread adoption
of renewable energy worldwide.
Sayantan Sengupta, scientific research analyst at Frost & Sullivan, said: "These factors urgently require a change in the world's traditional energy system
by absorbing energy-efficient renewable energy in large quantities.
”
Frost & Sullivan expects the Asia-Pacific region to continue to be a leader
in structural and non-structural materials in the wind energy sector.
At the same time, increased government spending and local climate targets are expected to be the driving forces in the Middle East and other countries of the world (ROW), including African and Latin American countries, which will be the fastest growing markets for
wind turbine materials.
However, the global wind turbine materials market will face some challenges that may limit its growth but have the potential to unlock "huge" growth opportunities
.
These will be related
to the demand for high-quality, high-value-added wind turbine materials in developed regions and the overall demand for renewable energy in developing countries.
Sayantan Sengupta pointed out that the negative impact on the market is mainly related to the uncertainty of government policies and the lack of corresponding transmission infrastructure
.
Frost & Sullivan, an international market research firm, predicts that the global wind turbine materials market will grow at a compound annual growth rate (CAGR) of 8.
9%, and its market size will grow from $10.
76 billion last year to $19.
57 billion
in 2026.
The growing demand for energy in many countries around the world and the volatility of oil prices have led to the widespread adoption
of renewable energy worldwide.
Sayantan Sengupta, scientific research analyst at Frost & Sullivan, said: "These factors urgently require a change in the world's traditional energy system
by absorbing energy-efficient renewable energy in large quantities.
”
Frost & Sullivan expects the Asia-Pacific region to continue to be a leader
in structural and non-structural materials in the wind energy sector.
At the same time, increased government spending and local climate targets are expected to be the driving forces in the Middle East and other countries of the world (ROW), including African and Latin American countries, which will be the fastest growing markets for
wind turbine materials.
However, the global wind turbine materials market will face some challenges that may limit its growth but have the potential to unlock "huge" growth opportunities
.
These will be related
to the demand for high-quality, high-value-added wind turbine materials in developed regions and the overall demand for renewable energy in developing countries.
Sayantan Sengupta pointed out that the negative impact on the market is mainly related to the uncertainty of government policies and the lack of corresponding transmission infrastructure
.
