The global Smart Rotor Wind Turbine market size is forecast to reach $593.1 million by 2026, growing at a CAGR of 9.8% from 2021 to 2026. The growing shift towards increasing renewable wind energy generation, along with investments on research & development (R&D) activities related to onshore and offshore wind turbines have been attributing to the market growth. In addition, increasing size of wind turbine blades, need for reducing oscillating loads on wind turbine rotors, along with use of advanced materials like carbon and glass fibers for turbine component manufacturing can also help in driving the market growth forward.
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KeyTakeaways
•Offshore application is analyzed to grow with the highest CAGR in the global Smart Rotor Wind Turbine market during 2021-2026, attributing to growing investment on offshore wind farm projects and rise in offshore wind turbine installations or commissioning contracts.
•APAC Smart Rotor Wind Turbine market held the largest share in 2020, owing to growing initiatives towards wind capacity additions as well as rise in wind turbine installations.
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Smart Rotor Wind Turbine Market Segment Analysis- By CompositeMaterial
Based on composite material, Fiberglass segment is analyzed to grow with the highest CAGR of 11.3% in the global smart rotor wind turbine market during 2021-2026. Fiberglass is considered as one of the most commonly used composite materials for wind turbine rotor blade manufacturing due to its versatile molding capacity. Compared to other materials, glass fibers act as a cost efficient alternative due to factors like corrosion resistance, low maintenance requirements, high mechanical strength, capability of withstanding harsh climatic conditions and many others, attributing to the market growth.
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