Global wind turbine casting market size to reach USD 2.9 billion by 2027
The report on ‘wind turbine casting market’ provides an in-depth analysis of this industry vertical, while highlighting growth drivers, key trends, challenges, and opportunities that will shape the market dynamics over 2020-2027.
Selbyville, Delaware, Oct. 26, 2020 (GLOBE NEWSWIRE) -- As per credible estimates, global wind turbine casting market size is projected to showcase appreciative growth trends and reach USD 2.9 billion at a CAGR of 6.1% by the year 2027. The growth is credited to supportive measures by public entities to encourage renewable energy usage in consort with emphasis on reducing GHG emissions and lowering carbon footprint.
According to the given report, global wind turbine casting market is assessed with reference to type, application spectrum, and regional landscape. Besides, the study dissects the competitive arena of this business space while highlighting the product offerings as well as market share held by each major contender. It also mentions the collaborations planned by leading organizations to gain competitive edge in this industry sphere.
Wind energy can be used as an alternative for traditional energy sources. Notably, wind turbines transform kinetic energy from wind into electricity. Rising cognizance about alternative energy sources among prominent end users and subsequent incorporation in order to meet government and industry standards are stimulating global wind turbine casting market trends.
Further, wind turbines are designed and manufactured to have a minimum lifespan of 20 years. It has various components such as rotor hub, wires, nacelle housing, primary shaft, power converter, generators, rotor bearings, rotor blades, mainframe, gearbox, and tower. While the constituents that undergo casting are main carriers, transformers, axle pins, and rotor hubs.
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Growing construction sector along with rapid urbanization boost the demand for electricity, which is propelling global wind turbine casting market expansion. Escalating power demand with rising population, alongside swift industrialization is facilitating the business scenario. Additionally, growing awareness about the detrimental effects of non-renewable sources among end-users is also fostering the deployment of wind turbines.
Inclination towards environment friendly energy in a bid to reduce dependency on conventional sources, in tandem with technological advances which make wind turbine casting more desirable and effective are boosting the product demand. In addition, low preservation time, significantly reduction in operational costs, as well as low rating ability to generate high power are positively impacting global wind turbine casting market forecasts.
Elaborating as per type
According to estimates, horizontal axis segment is projected to hold a significant share of worldwide wind turbine casting market over the analysis period. Benefits such as enhanced energy output and high effectiveness serve as an opportunity for manufacturers to invest in research & development of horizontal axis wind turbine castings in the ensuing years.
Outlining application spectrum
Global wind turbine casting industry share from onshore application is anticipated to register decent growth over the assessment period. Onshore installation is simpler and requires less maintenance. Besides, lower power generation cost will impel the segmental growth.
Meanwhile, offshore segment is poised to accrue notable gains in the upcoming years, as economies like the U.S., Taiwan, Japan, South Korea, and China are emphasizing on deploying offshore wind turbines to minimize dependence on conventional sources and to reduce carbon footprint.
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Evaluating regional landscape
As per industry experts, leading economies such has South Africa, UK, Brazil, India, China, Japan, Germany, and the US are increasing offshore application facilities, hence improving worldwide wind turbine casting market outlook over the estimated timeframe. In addition, reduced maintenance costs and long lifespan of wind turbine castings are creating lucrative opportunities for the industry manufacturers.
Parallelly, Asia Pacific wind turbine casting industry is slated to grow substantially over 2020-2027, on account of increasing population and surging demand for electricity. High government expenditure on clean energy development and energy studies is likely to drive the market growth in Asia Pacific.
Global Wind Turbine Casting Market by Type (Revenue, USD Million, 2016-2027)
Vertical Axis
Horizontal Axis
Global Wind Turbine Casting Market Application Spectrum (Revenue, USD Million, 2016-2027)
·Offshore
·Onshore
Global Wind Turbine Casting Market Regional Landscape (Revenue, USD Million, 2016-2027)
North America
Canada
U.S.
Europe
Italy
Spain
France
Germany
U.K.
Latin America
Brazil
Mexico
Colombia
Middle East & Africa
Saudi Arabia
South Africa
Israel
UAE
Asia Pacific
South Korea
Japan
India
China
Global Wind Turbine Casting Market Competitive Hierarchy (Revenue, USD Million, 2016-2027)
SHW Casting Technologies GmbH & Co. KG
Global Castings Pvt. Ltd.
Premier Heavy Engineering by Premier Ltd.
Enercon GmbH
Suzlon Energy Ltd.
Goldwind (Xinjiang Goldwind Science & Technology Co. Ltd.)
Vestas Technology Pvt. Ltd.
Sinovel Wind Group Co. Ltd.
SEForge Ltd.
DHI DCW Group Co. Ltd.
Table of Contents:
1. Overview and Scope
1.1. Research goal & scope
1.2. Research assumptions
1.3. Research Methodology
1.3.1. Primary data sources
1.3.2. Secondary data sources
1.4. Key take-aways
1.5. Stakeholders
2. Executive Summary
2.1. Market Definition
2.2. Market Segmentation
3. Wind Turbine Casting Market Insights
3.1. Wind Turbine Casting - Industry snapshot
3.2. Wind turbine casting market dynamics
3.2.1. Wind Turbine Casting - Market Forces
3.2.1.1. Wind Turbine Casting Market driver analysis
3.2.1.2. Wind Turbine Casting Market restraint/challenges analysis
3.2.1.3. Wind Turbine Casting Market opportunity analysis
3.3. Industry analysis - Porter's five force
3.4. Wind turbine casting market PEST analysis
3.5. Value Chain Analysis
3.6. Competitive Ranking Analysis, 2019
4. Wind Turbine Casting Market Size and Forecast by Product Type
4.1. Key Findings
4.2. Introduction
4.2.1. Global Wind turbine casting market share by product type, 2019 & 2027
4.3. Horizontal Axis
4.3.1. Global horizontal axis Wind turbine casting market estimates and forecasts, 2016 - 2027 (USD Million)
4.4. Vertical axis
4.4.1. Global vertical axis Wind turbine casting market estimates and forecasts, 2016 - 2027 (USD Million)
4.4.2. Global vertical axis Wind turbine casting market estimates and forecasts, by region, 2016 - 2027 (USD Million)
5. Wind Turbine Casting Market Size and Forecast by Application
5.1. Key Findings
5.2. Introduction
5.2.1. Global Wind turbine casting market share by application, 2019 & 2027
5.3. Onshore
5.3.1. Global Wind turbine casting market estimates and forecasts for onshore, 2016 - 2027 (USD Million)
5.3.2. Global Wind turbine casting market estimates and forecasts for onshore, by region, 2016 - 2027 (USD Million)
5.4. Offshore
5.4.1. Global Wind turbine casting market estimates and forecasts for offshore, 2016 - 2027 (USD Million)
6. Wind turbine casting Market Size and Forecast by Region
Related Report:
Offshore Wind Turbine Market, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026
Offshore Wind Turbine Market size is anticipated to grow at over 18% CAGR between 2020 and 2026, as per new research report. Ongoing emphasis toward the adoption of clean energy sources including wind, geothermal, solar, and waste-to-energy has created prominent growth opportunities for the market. Deployment of offshore wind technologies are gaining considerable acknowledgment owing to their significant power generation abilities. Lower noise, no land acquisition expenses, and extensive availability of wind resource when compared to conventional onshore projects are few indispensable features fueling the offshore wind turbine market growth.
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