North America Wind Turbine Composites Market

The North America wind turbine composites market was valued at US$ 1,538.36 million in 2022 and is expected to reach US$ 3,507.65 million by 2030; it is estimated to record a CAGR of 10.9% from 2022 to 2030.

Increasing Length of Wind Turbine Blades Fuels North America Wind Turbine Composites Market

Wind turbine blades generate lift with the help of their curved shape. The rotor blades are designed in such a way that it generates the right amount of rotor blade lift and thrust, which creates optimum deceleration of the air and increases blade efficiency. Wind turbine blades are shaped to extract the maximum power from the wind at a low construction cost. Therefore, wind turbine blade manufacturers are always looking forward to manufacturing a more efficient blade design. Continuous improvements have been initiated in the design of wind blades to generate new wind turbine designs that are comparatively more compact, silent, and capable of producing more power from less wind. This includes increasing the length of blades to improve the efficiency.

The efficiency of the wind turbine is mainly dependent upon the aerodynamic shape and length of the blades, along with the materials used to produce the blades. Wind turbine blades are the most significant yet high-cost component in wind turbines. The use of composite material in blade applications depends upon the strength and stiffness offered by the material, along with low density. By improving the length of wind turbine blades, 7.5% more electricity can be produced in comparison to those smaller blades. Companies are continuously aiming towards the development of lightweight, cost-effective, and eco-friendly materials for the production of wind turbine blades. This factor is boosting the demand for advanced composite material in wind turbines, which is fueling the market growth.

North America Wind Turbine Composites Market Overview

The North America wind turbine composites market is segmented into the US, Canada, and Mexico. The US is a major contributor to market growth in this region. Government initiatives for developing the wind energy sector and a rapid upsurge in installed wind capacity are key factors favoring the proliferation of the wind turbine composites market in North America. Wind power is the largest renewable energy source in the US, which generates nearly half of the total renewable energy. Texas has the most wind turbine capacity among other states. Moreover, wind is the most prevalent source of electricity generation in states such as Iowa and Kansas. The US recorded the historically highest installation of wind turbine capacity in 2020. Moreover, it remained the largest market for new onshore additions, driven by the scheduled phase-out of the full-rate Production Tax Credit (PTC) in 2020.

Canada is one of the prime countries producing and using renewable power. The country invests heavily in new energy storage technologies to support clean energy generation activities. According to the Canadian Renewable Energy Association's (CanREA) year-end data, the wind energy sector in Canada grew significantly in 2022. The wind and solar industries in the country accounted for ~4,462 person-years of employment in 2022. Various onshore and offshore wind power projects are planned in the country for the next 10 years. Further, wind energy capacity has rapidly increased over the last decade in Mexico.

According to Mexico Energy Partners LLC., the country had a cumulative installed wind capacity of 8.3 GW in 2021, and it represents ~9% of the total electricity generation of the country. Thus, the demand for wind turbine composites is increasing due to the rising focus of North American countries on expanding installed capacities and investing in new wind projects.

North America Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million)

North America Wind Turbine Composites Strategic Insights

Strategic insights for the North America Wind Turbine Composites provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Wind Turbine Composites Report Scope

North America Wind Turbine Composites Regional Insights

The geographic scope of the North America Wind Turbine Composites refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

North America Wind Turbine Composites Market Segmentation

The North America wind turbine composites market is segmented based on fiber type, resin type, technology, application, and country.

Based on fiber type, the North America wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held a larger share in 2022.

In terms of resin type, the North America wind turbine composites market is categorized into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held the largest share in 2022.

By technology, the North America wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held the largest share in 2022.

Based on application, the North America wind turbine composites market is bifurcated into blades and nacelles. The blades segment held a larger share in 2022.

Based on country, the North America wind turbine composites market is segmented into the US, Canada, and Mexico. The US dominated the North America wind turbine composites market in 2022.

Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Covestro AG, Hexion Inc, EPSILON Composite SA, Exel Composites Oyj, and Hexcel Corp are some of the leading companies operating in the North America power and control cable market.