Press release
Wind Turbine Casting Market Size, Share, Revenue, Trends And Drivers For 2024-2033
Wind Turbine Casting Market
The Business Research Company offers in-depth market insights through Wind Turbine Casting Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The wind turbine casting market size has grown strongly in recent years. It will grow from $2.17 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to global shift to renewable energy, government initiatives and incentives, energy security concerns, environmental consciousness, cost reduction in wind energy.
The wind turbine casting market size is expected to see strong growth in the next few years. It will grow to $3.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to offshore wind farm expansion, grid integration and storage, supportive policies for wind energy, global electrification trends, increasing wind turbine heights. Major trends in the forecast period include integration of 3D printing technology, multi-material castings, design optimization and innovation, collaborations and partnerships, lifecycle cost considerations.
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Market Segmentation:
The wind turbine casting market covered in this report is segmented -
1) By Type: Horizontal Axis, Vertical Axis
2) By Material: Copper, Glass-Reinforced Plastic, Concrete
3) By Application: Onshore, Offshore
4) By End-User: Industrial, Commercial, Residential
Major Driver - Surge In Renewable Energy Demand Fuels Wind Turbine Casting Market
Increasing demand for renewable energy is expected to boost the growth of the wind turbine casting market going forward. Renewable energy comes from natural sources that renew themselves more quickly than they are depleted. Renewable energy is becoming more popular because it reduces pollutants and greenhouse gas emissions, both of which contribute to climate change. Wind turbine casting technology is one of the essential components of renewable energy as it helps to reduce the use of fossil fuels and dangerous nuclear power. For instance, in December 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, renewables are predicted to make up nearly 95% of the augmentation in global power capacity by 2026, with solar PV standing out as the prime contributor, furnishing more than half of this expansion. Therefore, the rising demand for renewable energy is expected to drive the growth of the wind turbine casting market.
Competitive Landscape:
Major companies operating in the wind turbine casting market report are Hitachi Ltd., General Electric Company, Vestas Wind Systems A/S, Dongfang Electric Corporation, Nordex SE, Goldwind Science & Technology Co Ltd., Suzlon Energy Limited, Mingyang Smart Energy Group Co Ltd., Zhejiang Windey Co Ltd., TPI Composites Inc., Juwi Holding AG, China Ming Yang Wind Power Group Limited, SHW Casting Technologies GmbH & Co, Sinovel Wind Group Co Ltd., Enercon GmbH, SimplexCC Ltd., Emergya Wind Technologies B.V., DHI DCW Group Co Ltd., Global Castings Pvt Ltd., Elyria Foundry Company LLC, SE Forge Limited, Envision Energy, China National Machinery Import & Export Corporation (CMC), Premier Heavy Engineering Ltd., SAKANA Group, AEROVIDE GmbH, Shandong Longma Heavy Industry Group Co Ltd., CSIC Haizhuang Windpower Equipment Co Ltd., Zhonghang Hui Teng Renewable Resources Co Ltd., Mitsubishi Power Ltd., Hangzhou Steam Turbine & Power Group Co Ltd., XEMC Windpower Co Ltd., Hyosung Heavy Industries, Emerald Energy Consultancy Services Pvt Ltd., ZF Friedrichshafen AG, Senvion S.A
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Top Trend - Strategic Partnerships To Develop Largest 3D Printer
Major companies operating in the wind turbine casting industry are adopting strategic partnerships approach to develop a large 3D printer for offshore wind applications. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in September 2021, GE, a US-based provider of equipment, solutions and services, partnered with Fraunhofer IGCV, a Germany-based research institute and voxeljet AG, a Germany-based manufacturer of industrial 3D printing on the world's largest 3D printer for offshore wind applications to streamline production of key components for GE's Haliade-X offshore wind turbine. The Advance Casting Cell (ACC) 3D printer, with financial support from the German Federal Ministry for Economic Affairs and Energy, will reduce the time to produce molds for turbine components from ten weeks to two weeks, weighing over 60 metric tons each.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wind Turbine Casting Market Characteristics
3. Wind Turbine Casting Market Trends And Strategies
4. Wind Turbine Casting Market - Macro Economic Scenario
5. Wind Turbine Casting Market Size And Growth
…..
27. Wind Turbine Casting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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