Wind Turbine Casting Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Wind Turbine Casting Market Analysis By Type (Horizontal Axis, Vertical Axis), By Application (Onshore, Offshore), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Wind Turbine Casting Market Outlook

Global Wind Turbine Casting Market is estimated to grow at a CAGR of 6% during the forecast period 2024-2031.

Wind energy which utilizes kinetic energy from the wind and converts it into electrical power is one strong alternative to conventional energy sources. Rising environmental harm caused by alternate energy sources is gaining awareness across the end-users. As a result, heavy investments are being put into new energy sources which are eco-friendly. Wind turbines are designed for a calculated lifespan of 20 years, which means that ideally, the machine is supposed to work without interruption throughout these 20 years.

As per Federal and State regulations in the US, Wind Turbines shall comply with all applicable local, state, and federal requirements, not limited to all applicable electrical, construction, noise, safety, environmental, and communications and requirements.

Wind Turbine Casting Market Summary

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Wind Turbine Casting Market Dynamics

Growing installations of wind energy plants combined with the rapid reduction of fossil fuels will drive the demand for wind turbines, which will increase the demand for the wind turbine casting market. Adding to this, Increase in spending on energy from the government and increasing demand for electricity are the major drivers for the market growth globally.

Favorable government policies like promoting the usage of renewable energy sources and the need for lowering carbon footprints and emissions are increasing worldwide. For instance, as per the ministry of renewable energy, the Indian government is providing financial incentives, and concessions such as 80% accelerated depreciation, concessional customs duty on specified items, excise duty exemption, sales tax exemption, income tax exemption for ten years. Also, the Indian Renewable Energy Development Agency (IREDA) is providing loans for setting up wind power projects which will fuel the growth of the wind turbine casting market worldwide. Adding to this, By 2019, the Britan government has installed a wind power capacity of 20 gigawatts (GW), with offshore wind farms accounting for 8 GW. Offshore capacity will reach 30 GW by 2030 under the Britan government plan.

Huge investment is required for the manufacturing and installation of wind turbines is the major restraint hampering the growth of the market. Adding to this, the rising demand for energy from the Solar sector is the other significant factor hindering the market growth. The solar energy utilization rate has witnessed substantial growth over the past few years emerging as a potential threat to wind energy sources. For instance, In 2018, the solar industry generated a USD 1 billion investment in the American economy. The abundant availability of solar radiation along with declining prices of solar panels on account of mass production is further expected to hinder the growth of the wind turbine casting market.

Wind Turbine Casting Market Segmentation Analysis

Based on the type, the wind turbine casting market is segmented into the horizontal axis and vertical axis. The global wind turbine casting market size was worth USD YY billion in 2018 and is forecasted to reach USD  billion by 2026, at a CAGR of % during the forecast period. Horizontal axis wind turbines are the most common type of use worldwide. Horizontal axis turbine dominates the majority of the wind industry and is expected to continue the same in the forecast period due to high efficiency and power output compared to Vertical axis type turbines. Companies are focusing to produce different types of ranges in power for the horizontal axis. For instance, Aeolos Wind Energy produces 1kw, 2kw, 3kw, 5kw, 10kw, 20kw, 30kw, 50kw horizontal axis wind turbines. The company has launched Aeolos-H 30kw – Permanent Magnet & Gearless Wind Turbine System in July 2017.

On the basis of application, wind turbine casting is segmented into onshore, offshore types, and others. The offshore application is anticipated to emerge as the next fastest-growing segment owing to rising government supports and ambitious targets to develop wind farms in the water bodies. The growing number of installations in offshore applications in countries, such as China, Japan, Germany, UK, Denmark, and the Netherlands is projected to drive market growth. For instance, There are currently c.5-6GW of offshore wind in the UK by 2019, with a further 4-5GW having secured development contracts.

Most of the Companies are focusing to manufacture offshore wind turbines worldwide. For instance, In July 2019, General Electric finished manufacturing the first nacelle for its new 12-megawatt offshore wind turbine, known as the Haliade-X, as the company pushes to establish itself as an offshore market rival to Siemens Gamesa and MHI Vestas. The application of the offshore wind turbine is still in a nascent stage of development and is facing some serious issues with having a feasible power grid connection and reducing maintenance costs.

Wind Turbine Casting Market Geographical Share

Global wind turbine castings market is segmented into five major regions including North America, Europe, Asia Pacific, South America, and the Middle East & Africa region. The Asia Pacific wind turbine casting market size was worth USD YY billion in 2020 and is expected to reach USD  billion by 2029, at a CAGR of % during the forecast period 2021 to 2029. Asia Pacific is anticipated to be the largest market share owing to the growing demand for electricity due to rapid industrialization and urbanization in the region during the forecasted period. Moreover, the growing requirement of energy concerning population expansion is anticipated to fuel growth in the region.

Increasing demand for electricity, especially in emerging economies such as China, India due to urbanization and rapidly increasing population is driving Asia Pacific region growth. For instance, As of March 2017, the requirement of electricity in India was 11,39,076 MU, while the availability was 11,31,088 MU, falling short by 7,988 MU. China is anticipated to emerge as the top wind energy power generating country over the forecast period owing to increasing installations and development. For instance, according to the Chinese wind energy association, Grid-connected capacity increased to 164,000 MW with the addition of 15,030 MW installed in 2017.

The Europe wind turbine casting market size was worth USD  billion in 2018 and is estimated to reach USD  billion by 2026, at a CAGR of % during the forecast period. This region is anticipated to foresee the next highest significant growth owing to stringent environmental norms to reduce carbon footprints in the region. Also, the growing offshore installations, especially in countries such as the UK, Germany, Spain, Scotland, and Sweden are expected to increase demand over the forecast period. For instance, In 2019, the Scotland government has installed the biggest offshore wind farm and this is the fourth-largest wind farm on the planet. Beatrice Offshore Wind Farm is located 13 kilometers (8.1 miles) off the Caithness coast in the north of Scotland. Furthermore, According to the Global Wind Energy Council report 2018, Europe’s 15.8 GW of installed capacity at the end of 2017 accounted for 84% of the global total of 18.8 GW, with the rest of the world accounting for just 16%.

Wind Turbine Casting Companies and Competitive Analysis

Global wind turbine casting market is facing high competition within the industry as the companies are innovating their wind turbine technology to increase their efficiency. Some of the major players include Siemens Gamesa Renewable Energy, S.A., SEForge, Aeolos Wind Energy Limited, Vestas Wind Systems A/S, Sawtenergy, Goldwind, Enercon, Suzlon Energy Ltd, Global Spec, WIndside Production Ltd, and MFG Wind.

Global wind turbine casting market competitiveness is enhanced with the rising installations of new wind turbine power plants globally.

For instance, in February 2019, Wind turbine maker Siemens Gamesa signed a USD 78.4 million contract with EPBiH to supply wind turbines for a 48-megawatt (MW) wind farm. Further, the company will supply 15 turbines and would build a wind park on Podvelezje plateau near the southern town of Mostar. It will also service the turbines for five years.

In February 2019, Siemens GA completed the casting of the initial turbine blades for the second phase of the 120MW Formosa 1 phase 2 project located in Taiwan off the coast In.