The global wind turbine casting market size is expected to reach USD 2.9 billion by 2027 according to a new study by Polaris Market Research. The report “Wind Turbine Casting Market Analysis By Type (Horizontal Axis, Vertical Axis); By Application (Onshore, Offshore); By Regions, Segments and Forecasts, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The wind energy is the alternative energy of the
conventional energy sources, as it primarily uses kinetic energy from wind and
transforms it into electricity. The growth in awareness about the alternative
energy sources among the leading end users to meet the industry standards and
government standards. Moreover, in general wind turbine are formed and
manufactured to maintain its lifespan of 20 years. Considering the wind
turbine, it has different components, including a tower, gearbox, mainframe,
rotor blades, rotor bearings, generators, power converter, rotor hub, primary
shaft, nacelle housing, and wires. Rotor hubs, axle pins, transformer, and main
carriers are the primary components that go through casting. In a wind turbine,
rotor hubs are cast parts and undergo heavy stress. Casting aids are ideally
suited for the development of composite parts in elevated creep resistance.
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The growth of the market is primarily influenced with the
increase in favorable public measures to support the use of renewable energy
sources and the need to reduce carbon footprints and emissions. Moreover, the
rapid urbanization combined with increasing construction industry has risen
electricity demand, which in turn increase the demand for wind turbine. Such
factors are raising the demand for the wind turbine casting in the global
market during the forecast period.
Considering the current market
scenario, the growing wind energy facilities are anticipated to generate the
favorable needs in the market. The key countries such as the US, Germany,
Japan, China, India, Brazil, the UK, and South Africa are increasing amount of
offshore applications facilities, which further expected to enhance the market
growth over the forecast time. It is expected that the increase in demand for
longer lifespan and reduced maintenance costs of wind turbine castings are
expected to increase opportunities in the global market for the manufacturers
in the coming years.
Based on product type, the horizontal axis segment is
expected to account for the major share in the global market over the forecast
period. Moreover, the high effectiveness and energy output are further
anticipated to be the opportunity in the market for the manufacturers to invest
in the research and development activities of the wind turbine castings in the
forthcoming years. In addition to this, the onshore segment is also expected to
hold significant share in the global wind turbine castings industry over the
forecast period.
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Some of the key players in the market are Vestas, Suzlon,
Goldwind, Sinovel, DHI DCW Group Co., SAKANA Group, Premier Heavy Engineering,
SHW Casting Technologies GmbH & Co. KG, Global Castings, Riyue Heavy
Industry Corporation Ltd., SEFORGE Elyria Foundry Company, LLC and Enercon Ltd.
The key players in wind turbine castings industry have adopted the strategy of
product innovation in order to gain competitive share in the global market.
