How Has The Wind Turbine Casting Market Size Evolved In Recent Years?
The wind turbine casting market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a robust expansion in the size of the wind turbine casting market. The market, which stands at $2.31 billion in 2024, is projected to reach $2.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.6%.
The considerable growth observed during the historic period is a result of the worldwide transition to renewable energy, government measures and incentives, concerns about energy security, environmental awareness, and a decrease in the cost of wind energy.
What Can Be Expected from the Wind Turbine Casting Market in the Coming Years?
The wind turbine casting market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the wind turbine casting market is predicted to experience robust growth, reaching a value of $3.35 billion in 2029, growing at an 8.0% compound annual growth rate (CAGR). Several factors contributing to this future growth involve the expansion of offshore wind farms, grid integration and storage, supportive wind energy policies, global electrification trends, and rising wind turbine heights. Future trends for this period will encompass the incorporation of 3D printing technology, multi-material castings, design optimization and innovation, collaborations and partnerships, and considerations regarding lifecycle costs.
What Are The Core Factors Supporting Growth In Wind Turbine Casting Market?
The wind turbine casting market's expansion is predicted to be spurred on by the escalating demand for renewable energy. This type of energy, extracted from rapidly replenishing natural resources, is gaining traction as it decreases air contaminants and gases that contribute to global warming, thereby mitigating climate change. Wind turbine casting, a vital component of renewable energy, aids in limiting the utilization of hazardous nuclear energy and fossil fuels. The International Energy Agency (IEA), an independent intergovernmental agency based in France, reported in January 2023 that solar photovoltaic systems' power generation climbed to a historic high of 270 TWh in 2022, showcasing a 26% rise from the previous year. Even though solar PV ranks third after wind and hydropower in renewable electricity technology, it accounts for 4.5% of worldwide electricity production. Accordingly, the mounting demand for renewable energy is anticipated to propel the wind turbine casting market's growth.
How Is the Wind Turbine Casting Market segmented?
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
Subsegments:
1) By Horizontal Axis: Onshore Horizontal Axis Turbines, Offshore Horizontal Axis Turbines
2) By Vertical Axis: Darrieus Vertical Axis Turbines, Savonius Vertical Axis Turbines
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What New Trends Are Influencing the Wind Turbine Casting Market?
The introduction of novel technologies is a major trend emerging in the wind turbine casting market. Dominant companies in the market are centred on creating innovative products to maintain their market standing. For instance, Mingyang Smart Energy, a wind turbine-producing firm based in China, unveiled the MySE 18.X-20 MW wind turbine in January 2024. This turbine provides flexible power ratings between 18.X and 20 MW. Its rotor diameters measure anywhere from 260 to 292 meters (roughly 853 to 958 feet), enabling it to cover an area equivalent to nine soccer fields. The MySE 18.X-20 MW has the capability to generate an outstanding annual output of 80 million kWh, enough to supply about 96,000 households with power. Moreover, it can noticeably decrease carbon emissions by approximately 66,000 tonnes yearly, thereby contributing towards worldwide sustainability endeavors.
Who Are the Key Players in the Wind Turbine Casting Market?
Major companies operating in the wind turbine casting market include:
• 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
• ZF Friedrichshafen AG
• Senvion S.A
What Is The Most Dominant Region In The Wind Turbine Casting Market?
Asia-Pacific was the largest region in the wind turbine casting market in 2024. The regions covered in the wind turbine casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
