Global Wind Turbine Casting Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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May 2023
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This report was compiled by Shreyas Rokade Shreyas Rokade is a seasoned Research Analyst with CMFE, bringing extensive expertise in market research and consulting, with a strong background in Chemical Engineering. Correspondence Team Lead-CMFE Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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“Global Wind Turbine Casting Market” is a report completed after much in-depth study and analysis by the in-house team at MarketResearch.biz. The global wind turbine casting market report has been segmented on the basis of type, application, and region.
Overview
A wind turbine casting refers to components that are cast or molded to specifications, all of which are then assembled to form wind energy systems and equipment. Components of wind turbines vary as per requirement, deployment area or location type, as well as required output, size, height and various other factors. Components of wind turbines include castings, fan hubs, fan bases, gearboxes and related housing or casing etc. In addition, casting also refers to a process whereby an object of specific shape and size is produced by pouring metal in molten form into a mold or die. Other parts that are put through the casting process are axle pins, main carriers, and rotor hubs.
Dynamics
The global wind turbine castings market is expected to register a significant revenue growth over the forecast period owing to increasing demand for renewable sources of energy, which include wind, solar, and water and wave energy. Increasing adoption of wind energy coupled with rising volumes of wind farms and wind energy harnessing installations across the globe are expected to contribute significantly to market growth over the forecast period. Carbon emissions and footprint have been a major environmental issue for almost all economies in the world, and governments of various economies are focusing on promoting use of renewable and natural resources of energy. Increasing support from governments in the form of favorable regulations, policies, and subsidies are triggering production of wind turbines, which in turn is driving growth of the target market. Growing consumption of electricity, owing to rapid urbanization and industrialization has resulted in high demand for wind energy, which is further expected to contribute significantly to market growth in the coming years.
The global solar energy market has registered a significant growth rate over the years. Availability of solar energy as a substitute may negatively affect demand for wind energy systems and components and consequently impact demand for wind turbine castings, thereby having a negative impact on growth of the target market over the forecast period.
Expanding trend of preference for eco-friendly energy, combined with increasing technological advancements are expected to create revenue opportunities for players in the global market in the near future to expand revenue share, increase market presence, drive revenues, and stay ahead of the competition.
Segment Analysis
By Type:
Among the type segment, the horizontal axis turbine segment is expected to account for a major revenue share over the forecast period as horizontal axis turbines are distinguishable from their structures and have main rotor shafts and electrical generators placed at the top of the tower that provides advantages including high power output and efficiency.
By Application:
Among the application segments, the onshore segment currently accounts for major revenue share, as onshore turbines are easy to install and maintenance is not as complex. The offshore segment is expected to register fastest revenue growth rate owing to increasing support from governments for offshore installation, especially in developing economies, across the globe.
Regional Analysis
Asia Pacific market currently dominates other markets in the global market and is expected to continue its dominance over the forecast period. This is attributable to increasing energy development projects in developing economies in the region, and increasing urbanization combined with rapid growth of energy intensive industries in the region. Prominent countries contribute significantly to revenue growth of the market in Asia Pacific region, and these countries include India and China primarily. Recent technological advancements have resulted in improved efficiency of wind turbines, which is expected to trigger demand for wind turbine casting over the forecast period.
Global Wind Turbine Casting Market Segmentation:
Segmentation by Type:
- Horizontal axis
- Vertical axis
Segmentation by Application:
- Onshore
- Offshore
- Others
Segmentation by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn -
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- Vestas
- Sinovel
- Goldwind
- Enercon
- DHI DCW Group Co., Ltd.
- Suzlon
- Premier Heavy Engineering
- SHW Casting Technologies GmbH & Co. KG
- SAKANA Group
- Global Castings
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