The global wind power coatings market has witnessed significant growth over the past few years. Expansion of product range, product developments, and expansion of application scope of wind power coatings are the vital factors behind the growth of this market.
Across many parts of the world, public and private enterprises are undertaking meticulous efforts for the development of renewable energy, which includes wind power, solar energy, and hydropower. Among them, wind power draws maximum attention due to the abundance of strong winds in varied topographies on both land and water.
The demand for wind power coatings is predicted to rise at an impressive pace in the upcoming years due to the rapid adoption of wind and photovoltaic systems that deliver unparalleled output at economical operating and maintenance costs. Wind towers and wind blades that make key components in a wind power system are often subject to corrosion owing to their location amid severe conditions on land and on water. This can have an adverse effect on the efficiency of wind power equipment along with deterioration of strength, lifespan, reliability, and economic value of wind power systems. This necessitates the application of protective coatings on structure and components of wind power systems to safeguard from the harsh environment.
Lastly, declining levelized energy cost (LEC) of both onshore and offshore wind power and rising greenhouse gas emissions are leading to efforts for harnessing renewable energy. This, in turn, is likely to fuel the wind power coatings market.
The various segments of the wind power coatings market based on type are polymer coatings, ceramic coatings, and metal coatings. Of them, in 2016, polymer coatings held the maximum share in the market mainly because of ease of availability and exceptional cost to performance ratio. In the years ahead too, the demand for polymer coatings is likely to surpass other segments and account for leading revenue contribution to the overall market.
In terms of application, the segments into which the wind power coatings market is divided are onshore and offshore. The onshore segment currently dominates the wind power coatings market owing to widespread demand for protective coatings from onshore wind farms. However, the offshore segment is likely to emerge significant with the declining cost of offshore wind power systems and land crunch for onshore wind farms.
How are regional markets faring in terms of growth in the wind power coatings market?
The global wind power coatings market is examined across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific, among them, currently displays the leading demand for wind power coatings to account for maximum revenue contribution to the overall market. High investments in wind power in India along with large number of wind farms in China are key factors behind the growth of Asia Pacific wind power coatings market.
North America and Europe are significant regions for wind power coatings due to large-scale projects for harnessing wind energy that operate on wind power systems.
The Middle East and Africa is likely to emerge as a significant market for wind power coatings, thanks to the abundance of strong winds and increasing investments in renewable energy.
Research Report Reference: https://www.transparencymarketresearch.com/wind-power-coating-market.html
Transparency Market Research