Allied Market Research

2024

Wind Turbine Casting Market

Wind Turbine Casting Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Farm Location and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Green/Alternative/ Renewable Energy

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Author's: | Eswara Prasad
Publish Date:

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A wind turbine is a device that aids in converting the kinetic energy of wind into usable power. Casting refers to an industrial method of pouring liquid material into a mould which contains a hollow cavity of desired shape and then liquid metal is allowed to solidify. 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. The components of wind turbines vary as per requirements, deployment area or location, type as well as required output size height and various other factors. The primary parts that undergo casting include axel pins, rotor hubs, and main carriers. However, its competitor solar energy has witnessed significant growth over the past few years as a renewable source of energy and it is one of the factors that is expected to hinder the growth of the market. Also, the high installation and maintenance cost is an obstacle for the market growth.

Covid-19 Impact Analysis 

  • The coronavirus's unfavourable global effects are already evident, and they will have a big impact on the wind turbine Casting in 2020.
  • The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
  • The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
  • Since the pandemic, the restriction of imports and exports has affected the wind turbine Casting market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemic. 

Top Impacting Factors

The increase in demand for wind turbine casting is because of its ability to help in high creep resistance and developing composite components in rotor hubs as they are subjected to high stress and their role as a component in a fitting turbine is one of the major factors driving the wind turbine casting market. The rise in the number of installations in offshore applications in countries including United Kingdom, Germany, China Netherlands, Japan and
Denmark and high adoption of these products owing to longer lifespan and lower maintenance cost accelerate the market growth. The expanding trend of preference for eco-friendly energy, combined with increasing technological advancements are expected to create a revenue opportunity for the players of this market in the upcoming future.

Market trends

  • Favourable government policies in favour of the market growth.
  • The presence of a favourable government policies to encourage the use of renewable resources of energy in the country is increasing the need of lowering carbon imprints and emission and thus is influencing the wind turbine casting market.
  • Urbanization and industrialization in developing economies had bolsterer the market growth. 
  • Growing consumption of electricity owing to rapid urbanization and industrialization has resulted in high demand for wind energy in developing economies like China and India, is further expected to contribute significantly towards the market growth. Also, government in these countries are pumping money into the sector for advancements, which will further aid the situation.
  • Shifting demand towards renewable energy resources and eco-friendly practices is a key factor for the market growth. 
  • Owing to increasing carbon emissions by the fossil fuels and the non-renewable sources of energy, the demand for the renewable power resources for energy generation purpose has increased in the recent times. Also, the development in renewable resources energy sector combined with increasing technological advancements is expected to increase the demand and the growth of the market to a great extent.

Key Benefits of the Report

This study presents the analytical depiction of the wind turbine Casting industry along with the current trends and future estimations to determine the imminent investment pockets.

  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the wind turbine Casting market share.
  • The current market is quantitatively analysed from 2020 to 2030 to highlight the wind turbine Casting market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed wind turbine Casting market analysis based on competitive intensity and how the competition will take shape in coming years.                                                                                                                                                                              

Wind Turbine Casting Market Report Highlights

Aspects Details
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By Type
  • Horizontal Axis Wind Turbine
  • Vertical Axis Wind Turbine
  • Others
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By Farm Location
  • Onshore
  • Offshore
  • Others
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By Application
  • Industrial
  • Commercial
  • Household
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

DHI DCW Group Co., Ltd., Sinovel Wind Group Co., Ltd., Inoxwind, Vestas, DEC, juwi AG, AEROVIDE, Sinovel Ltd., ENERCON, GmbH, Vestas Co., Premier Heavy Engineering Ltd., Suzlon Energy Limited, Mingyang Smart Energy Group Co., Ltd.

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Wind Turbine Casting Market

Global Opportunity Analysis and Industry Forecast, 2023-2032