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Composite

Composite Materials in Renewable Energy Market Analysis

Composite materials in the renewable energy market are expected to grow at a CAGR of over 6% during the forecast period.

Composite materials are the combination of two or more constituent materials combined to create a material that is chemically and physically different from its components. Composite materials in the renewable energy market are segmented by fiber type, application, and geography. By fiber type, the market is segmented into fiber-reinforced polymers, carbon fiber-reinforced polymers, glass-reinforced plastics, and other fiber types. By application, the market is segmented into solar energy, wind energy, hydropower, and other applications.

The consequences of what we invent, design, produce, purchase, and use can result in pollution and other environmental issues. Environmental concern has sparked interest in researching new materials that align with the principles of sustainability. Among these materials, currently, are composites produced from renewable sources.

COVID-19 had a significant impact on the overall industry growth due to raw material shortages. However, the global increase in demand for renewable energies has driven the growth of the market post-pandemic.

  • One of the key factors driving the market is the demand for longer-lasting manufacturing of wind turbine blades.
  • However, the need for substantial investments in research and development is hindering the market growth.
  • The expectation is that lower maintenance costs throughout the structure's lifespan will provide a significant growth opportunity for the studied market.
  • North America holds the largest market share and is expected to dominate the market during the forecast period.

Wind energy application to dominate the market.

  • Wind is the fastest-growing source of energy worldwide. The primary factor for this increase is that the cost of wind energy has fallen and continues to drop drastically, making it more competitive each year.
  • The technology for manufacturing wind turbine blades has progressed significantly in recent years. The use of composites in turbine blade manufacturing strongly influences cost reduction.
  • As the global wind energy market expands and blade sizes continue to increase, wind farm developers will require more composite materials to meet these demands.
  • Many R&D efforts also focus on making wind turbine blades more recyclable. In September 2021, Siemens Gamesa launched RecyclableBlade, the world's first recyclable wind turbine blade for commercial offshore use.
  • The President of the United States planned to deploy 30 GW of offshore wind energy by 2030. In May 2021, the Biden administration also approved the first major offshore wind project in U.S. waters, the 800 MW Vineyard Wind project off the coast of Massachusetts.
  • In 2021, CorPower Ocean built the first full-scale prototype of its wave energy converters in the form of a buoy made of fiberglass-reinforced composite wrapped in filament. The company aims to expand this technology to industrial-scale ocean energy farms by 2025.
  • For the reasons mentioned above, wind energy applications are likely to dominate the studied market during the forecast period.