Selbyville, Delaware, July 11, 2022 (GLOBE NEWSWIRE) — According to the report published by Global Market Insights Inc., the Expanded Metal Foils Market for wind turbine blades lightning protection was valued at USD 458 million in 2021 and is estimated to reach a valuation of over $1,135 million by 2030, progressing at a CAGR of 10.8% from 2022 to 2030. The report offers a comprehensive analysis of top winning strategies, market size & estimations, major investment pockets, drivers & opportunities, wavering market trends, and competitive scenarios.
Escalating popularity of wind turbines for power generation across the globe has boosted the adoption of expanded metal foils across wind energy projects. Additionally, emerging countries, including Brazil, the UAE, Saudi Arabia, Australia, and India, are increasingly adopting wind turbines for electricity generation attributed to their low energy cost contribution. Furthermore, increasing reliance on renewable energy sources for power generation is estimated to accelerate the expanded metal foils market revenue through the study timeframe.
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Vertical-axis turbines are primarily used in small wind projects in the energy sector owing to their versatility, which enables them to collect wind from all directions, i.e., a 360° wind flow. Backed by its efficacy, the expanded metal foils market for wind turbine blades lightning protection from the vertical-axis segment, which accounted for 10% market share in 2021, is contemplated to reach a valuation of approximately $140 million by the end of 2030.
Key reasons for expanded metal foils market growth for wind turbine blades lightning protection:
- Widespread utilization of horizontal-axis wind turbines.
- Increasing installations and electricity consumption in Europe.
- Rising adoption of vertical-axis wind turbines in small wind projects.
2030 forecasts show the ‘horizontal-axis’ segment retaining its dominance:
Based on wind turbine type, the horizontal-axis segment is anticipated to dominate the overall expanded metal foils market share expanding at a CAGR of over 10.5% through the assessment period. The horizontal-axis turbines are the most preferred type of wind turbines as they gather wind with greater speeds and thus, operate at faster wind speed, producing energy more efficiently, which is foreseen to impel segmental progress.
Europe to continue its top status in terms of revenue:
In the regional landscape, the Europe expanded metal foils market value for wind turbine blades lightning protection accounted for around $106 million in revenue in 2021 and is slated to progress at a CAGR of above 10% between 2022 and 2030. This growth is supported by increasing offshore wind turbine installations in the UK in light of high adoption of wind energy in the region. In addition, rising prominence of sustainable energy sources in Europe is also projected to propel regional market growth in the forthcoming years.
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Impact of COVID-19 pandemic on expanded metal foils market for wind turbine blades lightning protection
During the COVID-19 pandemic, the expanded metal foils market for wind turbine blades lightning protection witnessed a decline in demand since the outbreak disrupted the global supply chain, negatively impacting wind energy projects. Renewable energy sources observed a decrease in adoption on account of reduced power demand as virtually all commercial operations were discontinued, hindering wind energy uptake. However, in the post-COVID era, relaxations in lockdowns, resumption of manufacturing operations, and government initiatives encouraging the utilization of sustainable energy sources boosted renewable energy projects worldwide, which has benefitted industry growth.
Leading market players
Prominent companies functioning in the global expanded metal foils industry for wind turbine blades lightning protection include CThru Metals, Niles International, Dexmet Corporation, Wallner Expac, New Metals Inc., Yilida Metal Wire Mesh Co., Ltd., Alabama Metal Industries Corporation (AMICO), and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
