USD 2.40 billion
Wind Turbine Casting Market Size, Share, Growth Analysis, By Type(Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT)), By Application(Onshore and Offshore), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2009 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|Tables:
59
|Figures:
75
Wind Turbine Casting Market Insights
Global Wind Turbine Casting Market size was valued at USD 2.40 billion in 2022 and is poised to grow from USD 2.47 billion in 2023 to USD 4.49 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).
The demand for renewable energy sources, such as wind, is expected to increase due to rapid urbanization and industrialization. Wind turbines are devices that convert the kinetic energy of wind into usable power, and they consist of various parts such as rotor hubs, rotor blades, gearboxes, generators, and towers, among others. Rotor hubs, axle pins, and main carriers are parts that undergo casting, which aids in high creep resistance and developing composite components. The growth of wind energy installations in countries such as China, India, Brazil, UK, and South Africa is expected to create favorable opportunities for market growth in the future. Furthermore, the increasing number of offshore installations in countries such as the UK, Germany, China, Netherlands, Japan, and Denmark is projected to drive market growth over the next nine years. Wind turbines have a longer lifespan and lower maintenance cost, which is expected to drive the market demand. The market’s key drivers include favorable government policies to promote renewable energy sources and the need for lowering carbon imprints and emissions. Rapid urbanization and rising construction activities have increased the demand for electricity, which is anticipated to drive the requirement for wind energy, thus propelling market growth. Solar energy utilization has also witnessed significant growth as a renewable energy source. The abundant availability of sun rays and low prices of solar panels due to mass production are expected to hinder growth in the wind energy market over the upcoming years.
US Wind Turbine Casting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore
Fastest Growth
Offshore
Growth Rate
7.2% CAGR
Global Wind Turbine Casting Market ($ Bn)
Country Share for North America Region (%)
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Wind Turbine Casting Market Segmental Analysis
Global Wind Turbine Casting market is segmented by type, application, and region. Based on application, the market is segmented into onshore, and offshore. Based on type, the market is segmented into horizontal axis wind turbine (HAWT) and vertical axis wind turbine (VAWT). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Wind Turbine Casting Market Analysis by Type
By type, the market can be segmented into horizontal axis wind turbine (HAWT) and vertical axis wind turbine (VAWT). The Horizontal Axis Wind Turbine (HAWT) segment dominated the Wind Turbine Casting Market. HAWTs are the most commonly used type of wind turbine in the market and have a larger installed base compared to VAWTs. They are more efficient in generating power as they can capture wind from any direction and can be designed to have a large rotor diameter. HAWTs are also more suitable for commercial applications due to their larger size and higher power output.
The Vertical Axis Wind Turbine (VAWT) segment is expected to be the fastest-growing segment in the Wind Turbine Casting Market. VAWTs have some advantages over HAWTs as they can operate in turbulent and gusty wind conditions, which makes them suitable for urban and offshore environments. VAWTs are also less noisy, require lower maintenance, and have a smaller footprint compared to HAWTs. The market for VAWTs is expected to grow at a faster pace due to the increasing demand for renewable energy, especially in urban areas. VAWTs are expected to find increasing applications in residential and commercial buildings, as well as in urban wind farms, which will lead to a higher demand for wind turbine casting for VAWTs.
Wind Turbine Casting Market Analysis by Application
By application, the market can be segmented into onshore and offshore. The Onshore segment dominated the Wind Turbine Casting Market. Onshore wind turbines are widely used due to their lower installation and maintenance costs compared to offshore wind turbines. Moreover, onshore wind farms have a lower environmental impact and are easier to integrate with the power grid. These factors have led to the widespread adoption of onshore wind turbines, which in turn has led to a higher demand for wind turbine casting for onshore applications.
The Offshore segment is expected to be the fastest-growing segment in the Wind Turbine Casting Market. Offshore wind turbines have some advantages over onshore wind turbines as they can capture stronger and more consistent wind speeds, leading to higher energy production. Moreover, offshore wind turbines have a lower visual impact and can be located closer to the major population centers, reducing the need for long-distance transmission lines. The market is expected to grow at a faster pace due to the increasing demand for renewable energy, especially in coastal regions. This will lead to a higher demand for wind turbine casting for offshore applications.
Global Wind Turbine Casting Market By Application
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Wind Turbine Casting Market Regional Insights
North America dominated the global market due to its increasing demand for renewable sources of energy and government initiatives to promote clean energy. The country has been investing heavily in wind power generation, making it the largest market for wind turbines in the region. The rising number of wind energy installations in Canada is also contributing to the growth of the Wind Turbine Casting Market in North America.
Asia Pacific (APAC) is the fastest-growing region in the global Wind Turbine Casting Market. The increasing demand for wind power in countries such as China and India is driving the growth of the market. In China, the government has set targets to reduce carbon emissions, which has led to a surge in wind power installations. India is also witnessing significant growth in wind power installations, driven by its commitment to reduce its carbon footprint and increase the share of renewable energy in its energy mix.
Global Wind Turbine Casting Market By Region
- Largest
- Fastest
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Wind Turbine Casting Market Dynamics
Wind Turbine Casting Market Drivers
Increasing demand for renewable sources of energy
- One driver for the Wind Turbine Casting Market is the increasing demand for renewable sources of energy, driven by government initiatives to promote clean energy and reduce carbon emissions. With rapid urbanization and industrialization, the demand for electricity is also increasing, making wind energy an attractive option for power generation. Wind turbines have a longer lifespan and lower maintenance cost, which further drives market demand. The growth of wind energy installations in countries such as China, India, and the United States is expected to create favorable opportunities for market growth in the future.
Wind Turbine Casting Market Restraints
Competition from other renewable energy sources
- One major restraint for the Global Wind Turbine Casting Market is the competition from other renewable energy sources, particularly solar energy. Solar energy utilization has witnessed significant growth as a renewable source of energy due to the abundant availability of sun rays and low prices of solar panels. This is expected to hinder the growth of the Wind Turbine Casting Market over the upcoming years. Additionally, the high capital cost of wind energy installations may pose a challenge to market growth, particularly in developing countries with limited financial resources.
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Wind Turbine Casting Market Competitive Landscape
Global Wind Turbine Casting Market is moderately fragmented, with several regional and international players operating in the market. These players are primarily focused on expanding their product portfolio, increasing their market share, and improving their production capacity. To gain a competitive advantage, companies are also investing in research and development activities to develop advanced wind turbine components that offer high efficiency and durability. Furthermore, strategic partnerships, collaborations, and mergers and acquisitions are also observed in the market, with companies leveraging these opportunities to expand their market presence and gain a competitive edge.
Top Player’s Company Profiles in Wind Turbine Casting Market
- Vestas Wind Systems A/S (Denmark)
- Siemens Gamesa Renewable Energy SA (Spain)
- Suzlon Energy Limited (India)
- GE Renewable Energy (US)
- Enercon GmbH (Germany)
- Nordex SE (Germany)
- Goldwind Science & Technology Co., Ltd. (China)
- Envision Energy Limited (China)
- Sinovel Wind Group Co., Ltd. (China)
- Ming Yang Smart Energy Group Co., Ltd. (China)
- Doosan Heavy Industries & Construction Co., Ltd. (South Korea)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Senvion S.A. (Germany)
- Clipper Windpower (US)
- Bergey Windpower Co. Inc. (US)
- XZERES Wind Corp. (US)
- Suzlon Energy Australia Pty Ltd. (Australia)
- Inox Wind Limited (India)
- Gamesa Corporación Tecnológica SA (Spain)
- Acciona SA (Spain)
Wind Turbine Casting Market Recent Developments
- In January 2024, Reuters reported that the joint venture project between Avangrid and Copenhagen Infrastructure Partners achieved a significant milestone with its inaugural turbine near Martha's Vineyard. This turbine delivered approximately 5 megawatts of electricity to the New England grid on January 3.
- In November 2023, Octopus Energy's generation arm forged a partnership with Sherbro Alliance Partners (SAP), a development company co-founded by Idris Elba and Siaka Stevens. This collaboration aims to establish Sierra Leone’s first wind farm as part of the Sherbro Island City project, announced during COP28. The goal is to accelerate Sierra Leone’s renewable energy development.
- In November 2023, on Halloween, the Biden administration announced the final major federal approval for Dominion Energy's 2,600-megawatt Coastal Virginia Offshore Wind project, the nation's largest planned offshore wind development. However, the same day, Danish wind giant Ørsted decided to cancel a pair of projects, Ocean Wind 1 and 2, planned off the coast of New Jersey. Ørsted cited reasons such as climbing interest rates, inflation, and "supply chain bottlenecks" for this decision. The news sparked controversy in New Jersey, known for its ambitious offshore wind goals and extensive planning for the required transmission upgrades to harness this power.
Wind Turbine Casting Key Market Trends
- One key market trend in the Wind Turbine Casting Market is the increasing demand for larger and more powerful wind turbines. Manufacturers are increasingly focusing on the development of wind turbines with higher power output and efficiency to meet the growing demand for renewable energy. This has led to the development of larger and more complex wind turbine components that require advanced casting techniques and materials. Additionally, the use of 3D printing technology for manufacturing wind turbine components is also gaining traction in the market, as it offers cost savings and faster production times.
Wind Turbine Casting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Our analysis of the worldwide wind turbine casting market indicates that the industry will expand rapidly over the next few years because of the rising demand for renewable energy sources like wind energy. The market is characterised by the existence of a number of regional and global players, with businesses investing in boosting their market shares and diversifying their product offerings.
The key drivers of the industry include favorable government policies, increasing urbanization and industrialization, and the need for reducing carbon emissions. However, the market is hindered by competition from other renewable energy sources such as solar energy and the high capital cost of wind energy installations. Nonetheless, the trend towards larger and more powerful wind turbines is expected to create favorable opportunities for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.40 billion |
| Market size value in 2031 | USD 4.49 billion |
| Growth Rate | 7.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wind Turbine Casting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wind Turbine Casting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wind Turbine Casting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wind Turbine Casting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wind Turbine Casting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wind Turbine Casting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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