Global Wind Turbine Casting Market, By Turbine Casting (Horizontal Axis, Vertical Axis), Farm Type (Offshore, Onshore), Application (Industrial, Commercial, Residential), Connectivity (Grid Connected, Stand Alone), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Wind Turbine Casting Market
The wind turbine casting market is expected to gain market growth in the forecast period of 2021 to 2028. Data bridge market research analyses that the market is growing with the CAGR of 10.40% in the forecast period of 2021 to 2028 and is expected to reach USD 4.50 billion by 2028. The rising need of electricity across the globe is escalating the growth of wind turbine casting market.
Casting refers to an industrial method of pouring liquid material into a mold which contains a hollow cavity of the desired shape and then the liquid material is allowed to solidify. In wind turbines, the primary parts that undergo casting include rotor hubs, rotor blades, axle pins and rotor shaft. Wind energy means a renewable form of energy which is widely available on the surface of earth and is known to be an alternative energy source generated from wind currents and wind flow through wind turbines.
The increase in demand for wind turbine casting because of its ability to help in high creep resistance and developing composite components, in rotor hubs as they are subjected to high stress and their role as key component in a wind turbine is one of the major factors driving the wind turbine casting market. The rise in the number of installations in offshore applications in countries including the U.K., Germany, China, Netherlands, Japan and Denmark and high adoption of these products owning to longer lifespan and lower maintenance cost accelerate the wind turbine casting market growth. The presence of favorable government policies to encourage the usage of renewable sources of energy, increasing need for lowering carbon imprints and emissions and rising construction activities influence the wind turbine casting market. Additionally, rapid urbanization, rising need for energy, increase in government support, growth in turbine installation and high electricity consumption positively affects the wind turbine casting market. Furthermore, increasing offshore activities, technological advancement and emerging economies extend profitable opportunities to the wind turbine casting market players in the forecast period of 2021 to 2028.
On the other hand, high cost associated with the installation and maintenance of these turbines is expected to obstruct the wind turbine casting market growth. The increasing utilization of solar energy as a renewable source of energy, large availability of sun rays and low prices of solar panels are projected to challenge the wind turbine casting market in the forecast period of 2021 to 2028.
This wind turbine casting market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on wind turbine casting market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Wind Turbine Casting Market Scope and Market Size
The wind turbine casting market is segmented on the basis of turbine casting, farm type, application and connectivity. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of turbine casting, the wind turbine casting market is segmented into Horizontal Axis and Vertical Axis.
- On the basis of farm type, the wind turbine casting market is segmented into offshore and onshore.
- On the basis of application, the wind turbine casting market is segmented into industrial, commercial and residential. Industrial is further segmented into manufacturing industries, process industries and chemical industries. Commercial is further segmented into education, office and government/military.
- On the basis of connectivity, the wind turbine casting market is segmented into grid connected and stands alone.
Global Wind Turbine Casting Market Country Level Analysis
The wind turbine casting market is analyzed and market size, volume information is provided by country, turbine casting, farm type, application and connectivity as referenced above.
The countries covered in the globally wind turbine casting market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the wind turbine casting market due to the growing requirement of electricity due to rapid urbanization, industrialization, and increase in number of installations and rising population in the region. Europe is expected to witness the highest CAGR in the forecast period of 2021 to 2028 because of the implementation of stringent environmental norms to diminish carbon footprints and growing offshore installations in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Wind Turbine Casting Market Share Analysis
The wind turbine casting market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to wind turbine casting market.
The major players covered in the wind turbine casting market reports are ACCIONA, NORDEX SE, General Electric, Envision, goldwind, Siemens, Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Vestas, Sinovel Wind Group Co., Ltd., DEC, ENERCON GmbH, Mingyang Smart Energy Group Co., Ltd., juwi AG, Inoxwind, AEROVIDE GmbH among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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