Wind Turbine Casting Market Share, Size, Trends, Industry Analysis Report By Type (Horizontal Axis, Vertical Axis); By Material Type; By Application; By Casting Technology; By End Users; By Regions, Segment Forecasts, 2023-2032
- Published Date:Mar-2023
- Pages: 114
- Format: PDF
- Report ID: PM1699
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global wind turbine casting market was valued at USD 2.15 billion in 2022 and is expected to grow at a CAGR of 5.6% during the forecast period. The installation of wind turbines worldwide is benefiting from rising government investment in environmentally friendly electricity generation by incorporating wind power technologies. Due to the 20-year design life of wind turbines, the components must have high fatigue strength. Wind turbine casting makes high creep resistance possible, which is essential for creating composite parts. Due to the enormous stress placed on the principal pieces, such as rotor hubs, axle pins, and main carriers, casting these parts is an absolute necessity. The installation of wind turbines around the world is being fueled by factors including favorable government policies that encourage the use of renewable energy and the need to reduce carbon footprints and emissions, which is expected to promote the.
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One of the main factors propelling the wind turbine casting market is the ability of wind turbine casting to assist in high creep resistance and the development of composite components in rotor hubs due to their high stress and their role as a component in a fitted turbine. The market is growing due to an increase in the number of installations in offshore applications in nations like the United Kingdom, Germany, China, the Netherlands, Japan, and Denmark, as well as the widespread use of these products due to their longer lifespan and lower maintenance requirements. The growing preference for eco-friendly energy paired with advancing technology is anticipated to open up new income opportunities for the market.
In addition to the growing demand for eco-friendly energy that makes it less difficult to depend on preferred sources, the present-day technological advances have also more desirable the effectiveness of wind turbines by reducing preservation prices and as a consequence increasing demand in the market. In an attempt to decrease fees of pollution, several governments around the world are presenting encouraging incentives to the companies in the market, which in turn pushes the market. Some of the opposite variables that have a positive effect available on the market for wind turbine casting are quicker meeting speed and continuing race to obtain complete grid parity within the future. In current years, the clever wind turbines marketplace has witnessed a full-size growth in demand. They require low preservation time and decrease operational costs as well. They also help with low rating ability and therefore they generate high power. Such factors are anticipated to growth in call for wind turbine castings in the close to future.
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Covid-19 Impact Analysis
Unfavorable global impacts of the coronavirus are already in evidence, and they will significantly affect wind turbine casting in 2020. Following an outbreak of the COVID-19 virus in December 2019, the World Health Organization has declared a public health emergency. Numerous people have died due to the disease's global spread to more than 100 countries. The financial sector, global manufacturing, tourism, exports, and imports have suffered significant losses. The world economy is currently experiencing increased downward pressure after previously showing signs of progress. The virus outbreak has already increased risks to the already sluggish growth of the global economy. According to numerous international organizations, the current status of the world economy has been the most challenging since the financial crisis. Following the pandemic.
Industry Dynamics
Growth Drivers
The industry is growing as more people use offshore wind power technologies to address rising electricity demand while reducing carbon impact. The adoption of renewable wind power technologies has accelerated due to factors like the depletion of traditional fossil fuels and their detrimental effects on air quality. Future energy systems are expected to rely heavily on offshore wind, a renewable energy source expanding quickly. Wind turbines' size and power capacity are increasing, resulting in significant performance and cost improvements for offshore wind farms. To keep the weight of the wind turbine as low as possible, the wind turbine assembly includes cast pieces with huge volumes and thin walls. This further raises the wind turbines' fatigue resistance, which in turn spurs the growth of the wind turbine casting market.
Report Segmentation
The market is primarily segmented based on Type, Material Type, Application, Casting Technology, End User, and Geography.
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By Type |
By Material Type |
By Application |
By Casting Technology |
By End-user |
Geography |
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The horizontal axis segment highly dominates the global wind turbine casting market
Vertical and horizontal axis wind turbines are the two categories into which the wind turbine casting market is divided. According to the prediction, the wind turbine casting market's horizontal axis segment would experience the fastest CAGR growth. Large-scale wind farms for national projects or industrial facilities frequently use horizontal-axis wind turbines. Horizontal axis wind turbines have several benefits over vertical axis wind turbines, including high power output, high efficiency, high dependability, and a maximum operating wind speed, making them the ideal choice for producing large amounts of electricity. Foundation, tower, nacelle, generator, rotor hubs, rotor bearings, gearbox, rotor shafts, and other components are the essential components of a horizontal axis wind turbine (HAWT). The rotor hubs take on the full weight of any wind-related and exceptionally heavy stresses placed on the blades. The casting method is highly sought-after to increase the strength-to-weight ratio. Due to the change in material, the wind turbine becomes lighter, increasing demand for wind turbine casting.
The offshore segment largely dominates during the forecast period
The offshore dominates the market during the predicted period. Offshore wind turbines are significantly larger compared to onshore wind turbines in capacity. The market for offshore wind turbines is growing due to the increased demand for electricity globally and the adoption of cleaner energy in developing countries without centralized utility networks or with insufficient power transmission infrastructure.
Also, the onshore implementation segment held the major share in the global market and is anticipated to retain its dominance over the forecast period. Onshore apps refer to turbines that are situated on the ground. This segment is expected to witness significant growth due to its simpler installation and maintenance.
North America to dominate the global wind turbine casting market in 2022
The global wind turbine casting market is segmented based on regions as North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The Asia Pacific was the most important marketplace with half of the marketplace share and is meant to stay the marketplace leader over the forecast period. This is majorly attributed to the increasing call for energy because of rapid urbanization and industrialization inside the region. Due to increased centers and growth, China is expected to end up the pinnacle power-generating kingdom over the forecast period. Europe is predicted to see significant development over the forecast period due to stringent environmental requirements to reduce the region's carbon footprints. In addition, growing offshore facilities are predicted to boost call for wind turbine casting over the forecast period, mainly in European countries.
Competitive Insight
The wind turbine casting market includes some key players such as Sinovel, SEFORGE, Vestas, GmbH & Co. KG, Goldwind, DHI DCW Group Co., Ltd., Enercon, Global Castings, Suzlon, Riyue Heavy Industry Corporation Ltd., SAKANA Group, SHW Casting Technologies, Elyria Foundry Company, LLC and Premier Heavy Engineering, among other players.
Recent Developments
- In July 2022, WEG announced the launch of their new wind turbine platform, which would have a rotor diameter of 172 metres and 7 MW of electricity. The largest wind turbine now operating in Brazil is this one. With more power and efficiency, the new design increases the production of wind generation projects.
- In November 2019, A 715 MW wind farm will be constructed in the Chinese province of Henan thanks to a contract that was inked, according to GE Renewable Energy. To the wind farm in the Henan Province, GE Renewable Energy is required to provide 286 of its 2.5-132 turbines with 130-meter soft steel towers.
Wind Turbine Casting Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 2.26 billion |
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Revenue forecast in 2032 |
USD 3.69 billion |
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CAGR |
5.6% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2022 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Type, By Material Type, By Application, By Casting Technology, By End User, By Geography |
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Regional scope |
Asia Pacific, Europe North America, Latin America; Africa and Middle East |
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Key Companies |
Sinovel, SEFORGE, Vestas, GmbH & Co. KG, Goldwind, DHI DCW Group Co., Ltd., Enercon, Global Castings, Suzlon, Riyue Heavy Industry Corporation Ltd., SAKANA Group, SHW Casting Technologies, Elyria Foundry Company, LLC and Premier Heavy Engineering, among other players. |
FAQ's
The wind turbine casting market report covering key segments are Type, Material Type, Application, Casting Technology, End User, and Geography.
Wind Turbine Casting Market Size Worth $3.69 Billion By 2032 .
The global wind turbine casting market expected to grow at a CAGR of 5.6% during the forecast period.
North America is leading the global market.
Key driving factors in wind turbine casting market are rise in the number of installations in offshore applications and higher speed and lower latency.
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