The increasing demand for energy worldwide and traditional energy independence due to volatile oil prices is encouraging governments throughout the world to harness the potential of renewable energy, driving the global market for wind turbine materials, according to an analysis by Frost & Sullivan.
Expanding at an annual growth rate of 8.9 percent, the wind turbine materials market is likely to almost double, reaching $19.57 billion by 2026 from $10.76 billion in 2019.
“With the increasing population and economic development, global energy demand is rising rapidly,” said Sayantan Sengupta, visionary science research analyst at Frost & Sullivan. “Many countries across the globe have been experiencing an energy gap, which is being broadened by the deliberate depletion of fossil fuels.”
He continued, “These factors urgently call for transforming the world's traditional energy system with excessive uptake of energy-efficient renewables. In turn, th
