NEWARK, Del, April 26, 2023 (GLOBE NEWSWIRE) -- The global wind turbine blade repair material market is anticipated to be worth US$ 554 million by 2023. From 2023 to 2033, sales are projected to increase at a CAGR of 11.3%. By 2033, its value is expected to reach US$ 1,620 million.
A key reason driving up the need for wind turbine blade maintenance supplies globally is expanding deployment of wind turbines. Need for wind turbines has significantly increased during the last few years.
Demand for wind turbines has increased as knowledge of the benefits of renewable energy sources has risen quickly. Over the forecast period, it is anticipated to have a positive impact on wind turbine blade repair material consumption.
Another significant reason that is expected to drive sales is rising desire for green and clean energy. Today's top players are searching for environmentally friendly materials to fix wind turbine blades. It is explained by the need to keep carbon emissions at zero and lessen reliance on traditional energy sources.
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With numerous wind turbines now in operation, it is anticipated that the wind turbine blade maintenance industry would expand at a fast pace. Around the world, a number of wind turbines are rapidly losing their usefulness. As these wind turbines get older, a clearer picture of repair and maintenance work is set to emerge.
As wind energy can consistently contribute to utility scale, the market is at a turning point where it is increasing exponentially. Another element thought to contribute to the creation of a sustainable future include the construction of new wind turbines.
The ongoing growth of the wind energy sector is also expected to push sales. Wind energy is set to become the foundation of energy systems all around the world as the use of renewable energy increases.
Utilizing wind energy is nowadays considered to be practical and effective owing to automation. Before using artificial intelligence, individual inspections were needed to perform repairs and routine maintenance on wind turbines. Hours of downtime were frequently required for these testing, which was expensive for the owners of wind farms.
Key Takeaways from Wind Turbine Blade Repair Material Market Study:
- The global wind turbine blade repair material industry is projected to witness a CAGR of 11.3% between 2023 and 2033.
- China wind turbine blade repair material industry is expected to reach about US$ 569.3 million by the end of 2033.
- By type, coating is the most commonly used turbine blade repair material across the world and is anticipated to expand at a CAGR of 11.2% from 2023 to 2033.
- By application, the onshore segment is predicted to reach US$ 1,342.6 million by the end of 20233.
- India wind turbine blade repair material market is estimated to cross a value of US$ 96.2 million by the end of 2033.
“The market is anticipated to expand steadily with more wind turbines and windmills being installed. Increasing reliance on wind energy is expected to contribute to sales. To fulfill the rising need for highly effective coatings and adhesives solutions, key organizations are set to engage in research efforts.” – Says a FMI lead analyst.
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Competitive Landscape
With several active coating producers, the market for repair materials for wind turbine blades is quite consolidated. However, manufacturers of blade repair adhesives and sealants are expected to face an oligopolistic market with a few very active companies.
UV protection and erosion prevention are achieved with the use of wind turbine blade repair materials. Such applications demand constant product innovation to meet changing user needs.
Key businesses are investing in technology advancements to stay ahead of the competition and satisfy the strict criteria of governmental organizations. They are also concentrating on partnerships and acquisitions to expand their market opportunities. A few other businesses are engaged in research and development to offer novel solutions for industries that are expanding quickly.
Top key companies profiled in wind turbine blade repair material market are Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Henkel Group, 3M, Jotun Paints, Hempel A/S, Teknos Group Oy, Sika AG, Mankiewicz Gebr. and Co. (GmbH and Co. KG), Gurit Holding AG, Scott Bader Company Ltd., Resoltech and SKAGENSMALEREN.
For instance,
- In May 2021, Henkel announced the construction of a new, state-of-the-art Adhesive Technologies Innovation Center in Shanghai. It will develop new technologies to support its services.
- In July 2020, Gurit announced an investment plan in India of CHF 20 million. It is around US$ 23 million and would support the India wind energy market. The company has also decided to establish a manufacturing facility in Gujarat for core material kitting.
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Wind Turbine Blade Repair Material Market Outlook by Category
By Product Type:
- Putties
- Blade Manufacturing
- Blade Repair (Aftersales)
- Coatings
- Blade Manufacturing
- Blade Repair (Aftersales)
- Adhesives and Sealants
- Blade Manufacturing
- Blade Repair (Aftersales)
By Application:
- Onshore
- Offshore
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
Get More Insights into the Wind Turbine Blade Repair Material Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global wind turbine blade repair material market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type (putties, coatings, adhesives & sealants), application (onshore, offshore), and region.
Table of Content
1. Executive Summary | Wind Turbine Blade Repair Material Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USPs/Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Tons) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Tons) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis (TOC Continue...)
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