TechNavio: Wind Turbine Components Market to Grow at CAGR of 12% during 2016-2020

The global wind turbine components market is projected to grow at a CAGR of 12% during the period 2016-2020, according to a new report.

Companies worldwide are keen on bringing innovative products to the global wind turbine components market, TechNavio said in its “Global Wind Turbine Components Market 2016-2020” report.

Vendors are investing in R&D to reduce the weight of the rotor blades and increase the height of the wind turbine tower. For instance, Siemens has manufactured a blade, which is made of glass fiber-reinforced epoxy resin and balsa wood. The process used to manufacture the blade is a patented integral blade process. These blades do not have glued joints, seams, or adhesives that reduce the overall weight of the blade, the market research company said.

According to the report, offshore wind projects are suitable for large-scale development that can lead to increased demand for wind turbine components. Also, floating turbines are another prospect for the future, which will significantly contribute to wind installation. 

Further, the report emphasises that the reliability of wind turbines is a pre-requisite for the effective generation of power from wind energy. Any failure of components will negatively affect the functioning of the entire system.