The wind-turbine materials market is expected to double in value to nearly $20 billion in 2026 from today’s value, US-based Frost and Sullivan has forecast.

The market analyst outfit expects the market for “structural and non-structural materials” to grow at a compound annual rate of 8.9% — from $10.76 billion in 2019 to $19.57 billion in 2026 — in its Global Wind Turbine Materials Market, Forecast to 2026 report.

Research analyst Sayantan Sengupta said: “With the increasing population and economic development, global energy
demand is rising rapidly.

“Many countries around the globe have been experiencing an energy gap, which is being broadened by the depletion of fossil fuels.

“These factors urgently call for transforming the world’s traditional energy system with [excessive] uptake of energy-efficient renewables.

“In turn, this is expected to enhance the investments in the renewable-energy sector — such as wind power — thereby driving the demand for both structural and non-structural materials.”

According to the report, Asia Pacific (split into India and the rest of the region) will continue to lead the market for both structural and non-structural materials, due to the rapid development of the region’s wind-energy sector.

The Middle East and rest of the world (this includes African countries, markets in Latin America, Russia and Turkey) are expected to drive demand for wind-turbine materials over the forecast period, due to “increasing Government spending and favourable policy targets for wind-energy deployment in these regions.”