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Wind Turbine Castings Global Market Report 2024: Growth, Trends, and Technological Advancements
Wind Turbine Casting Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Technological advancements have emerged as a key trend gaining popularity in the wind turbine market. Major companies operating in the wind turbine casting market are focused on innovating new technologies to sustain their position. For instance, in September 2021, Siemens Gamesa Renewable Energy, a Germany-based renewable energy company, launched the recyclable wind turbine blade. This wind turbine blade can be recycled at the end of its lifecycle. The recyclable blade recovery technique uses a moderately acidic solution to separate the materials at the end of the wind turbine's lifetime. These materials can then be recycled and repurposed in various industries such as construction, consumer goods, and vehicle manufacturing.
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Major Key Players of the Market:
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
Wind Turbine Casting Market 2024 Key Insights:
• 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%.
• Surge In Renewable Energy Demand Fuels Wind Turbine Casting Market
• Technological Advancements In Wind Turbine Market
• Asia-Pacific was the largest region in the wind turbine casting market in 2023
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