The Wind Turbine Casting Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wind Turbine Casting Global Market Report 2024, 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.
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.
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The wind turbine casting market covered in this report is segmented –
1) Wind Turbine Casting Market By Type: Horizontal Axis, Vertical Axis
2) Wind Turbine Casting Market By Material: Copper, Glass-Reinforced Plastic, Concrete
3) Wind Turbine Casting Market By Application: Onshore, Offshore
4) Wind Turbine Casting Market By End-User: Industrial, Commercial, Residential
Top Major Players
Hitachi Ltd.
Siemens AG
General Electric Company
Toshiba Corporation
Alstom Power Inc.
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 wind turbine casting market report table of contents includes:
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. Global Wind Turbine Casting Market Size and Growth
…..
32. Global Wind Turbine Casting Market Competitive Benchmarking
33. Global Wind Turbine Casting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wind Turbine Casting Market
35. Wind Turbine Casting Market Future Outlook and Potential Analysis
36. Appendix
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