Wind Turbine Casting Market Size Will Reach USD 2.9 Billion By 2027 | CAGR: 6.1%
The wind energy is the alternative energy of the conventional energy sources, as it primarily uses kinetic energy from wind and transforms it into electricity. The growth in awareness about the alternative energy sources among the leading end users to meet the industry standards and government standards. Moreover, in general wind turbine are formed and manufactured to maintain its lifespan of 20 years. Considering the wind turbine, it has different components, including a tower, gearbox, mainframe, rotor blades, rotor bearings, generators, power converter, rotor hub, primary shaft, nacelle housing, and wires. Rotor hubs, axle pins, transformer, and main carriers are the primary components that go through casting. In a wind turbine, rotor hubs are cast parts and undergo heavy stress. Casting aids are ideally suited for the development of composite parts in elevated creep resistance.
According to the research report,The Wind Turbine Casting Market size was valued at USD 1,803.6 Million in 2019 and is anticipated to reach USD 2.9 Billion by 2027, to grow at a CAGR of 6.1% during the forecast period.
The growth of the market is primarily influenced with the increase in favorable public measures to support the use of renewable energy sources and the need to reduce carbon footprints and emissions. Moreover, the rapid urbanization combined with increasing construction industry has risen electricity demand, which in turn increase the demand for wind turbine. Such factors are raising the demand for the wind turbine casting in the global market during the forecast period.
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What Does the Report Include?
- Status of the Wind Turbine Casting Market in world view.
- Top companies operating in the market.
- Import-Export policies regarding the products/services in the Wind Turbine Casting Market.
- Research and development activities.
- Major research agenda in industry segments.
- Segmentation according to application, type, and geography.
- Comparative study of the domestic and international prices of the products and services and related price fluctuations.
- Worldwide Wind Turbine Casting Market’s driving forces and roadblocks
Considering the current market scenario, the growing wind energy facilities are anticipated to generate the favorable needs in the market. The key countries such as the US, Germany, Japan, China, India, Brazil, the UK, and South Africa are increasing amount of offshore applications facilities, which further expected to enhance the market growth over the forecast time. It is expected that the increase in demand for longer lifespan and reduced maintenance costs of wind turbine castings are expected to increase opportunities in the global market for the manufacturers in the coming years.
Based on product type, the horizontal axis segment is expected to account for the major share in the global market over the forecast period. Moreover, the high effectiveness and energy output are further anticipated to be the opportunity in the market for the manufacturers to invest in the research and development activities of the wind turbine castings in the forthcoming years. In addition to this, the onshore segment is also expected to hold significant share in the global wind turbine castings industry over the forecast period.
Some of the key players in the market are Vestas, Suzlon, Goldwind, Sinovel, DHI DCW Group Co., SAKANA Group, Premier Heavy Engineering, SHW Casting Technologies GmbH & Co. KG, Global Castings, Riyue Heavy Industry Corporation Ltd., SEFORGE Elyria Foundry Company, LLC and Enercon Ltd. The key players in wind turbine castings industry have adopted the strategy of product innovation in order to gain competitive share in the global market.
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Impact of COVID-19 on this Market:
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