Due to the rising enactment of stringent environmental regulations and policies, the adoption of renewable energy sources is increasing rapidly across the world. Globally, various organizations are formulating stringent standards aimed at mitigating the emission of greenhouse gases. This is boosting the popularity of clean energy sources such as wind energy. For example, in Germany, the Renewable Energy Sources Act has resulted in the implementation of fixed feed-in tariffs (FiTs) for various power utilities that are producing renewable energy.
Wind energy is a clean and renewable source of energy. According to reports and surveys, the cumulative installed capacity of wind power plants all over the world increased from 47.6 GW in 2004 to 369.6 GW in 2014 and this trend is likely to continue in the coming years. This is propelling the sales of wind turbine composite materials. The governments of many countries are implementing wind energy production targets for fulfilling their power requirements over the next few years.
Besides the aforementioned factors, the rising environmental degradation and global warming are also contributing toward the soaring popularity of renewable energy sources such as wind energy across the world. This is driving the progress of the global wind turbine composite materials market. There are mainly two types of wind turbine composite materials used around the world namely resin and fiber. Between these, the usage of the fiber wind turbine composite materials was found to be the highest in the past.
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The development of wind blades that deliver high power output is further boosting the demand for composite materials. Geographically, the sales of wind turbine composite materials are predicted to explode in the Middle East and Africa (MEA) region in the coming years, on account of the surging wind power production capacity of the region. The total installed wind power capacity in this region rose from 1.1 GW in 2012 to 2.5 GW in 2014.
Therefore, it can be said with full confidence that the demand for wind turbine composite materials will skyrocket all over the world in the future years, mainly because of the rising adoption of wind energy for various commercial, industrial, and residential purposes in many countries.
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