New York, NY, March 30, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Wind Turbine Casting Market Share, Size, Trends, Industry Analysis Report by Type (Horizontal Axis, Vertical Axis); By Material Type; By Application; By Casting Technology; By End Users; By Regions, Segment Forecasts, 2023-2032” in its research database.
“According to the latest research analysis, the global wind turbine casting market size/share is anticipated to be valued at approximately USD 2.15 Billion in 2022 and is projected to hit a revenue of around USD 3.69 Billion by 2032, at a CAGR of around 5.6% between 2023 and 2032.”
What is Wind Turbine Casting? How Big is Wind Turbine Casting Industry?
- Overview
Renewable energy is becoming a massive protocol in the energy production industry. In order to create greener energy, many energy companies are channelizing the power of machines such as wind turbines or solar power. The rapidly rising demand in the wind turbine casting market can be attributed to ensuring that the finish and quality of the parts are high, not only increasing efficiency in application but their longevity.
The increasing need for electricity due to speedy urbanization and industrialization is anticipated to drive the demand for renewable energy sources, such as the wind, which will restore the usage of turbines. The expanding trend of leaning toward eco-friendly energy, together with growing technological progressions, is anticipated to generate a revenue opportunity for the players of the market in the upcoming future.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
- The report provides rigorous analysis and forward-looking insights into the market across multiple regions.
- Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the region will impact market development.
- Assess market size data and forecasts to comprehend how the demand across several segments will evolve over the next few years.
- Gain a comprehensive view of emerging market trends and developments to assess market opportunities.
- Be better informed of the competition by gaining access to detailed information and analysis of key industry players.
Some of the Top Market Players Are:
- Sinovel
- SEFORGE
- Vestas GmbH & Co. KG
- Goldwind
- DHI DCW Group Co. Ltd.
- Enercon
- Global Castings
- Suzlon
- Riyue Heavy Industry Corporation Ltd.
- SAKANA Group
- SHW Casting Technologies
- Elyria Foundry Company LLC
- Premier Heavy Engineering
To Know More Information on Key Players, Request to Download a PDF Report Brochure: https://www.polarismarketresearch.com/industry-analysis/wind-turbine-casting-market/request-for-sample
Key factors driving market growth
- Growing wind installations in countries such as UK and Brazil to push the market
Rotor hubs are cast components in a wind turbine, and they are subjected to high stress. Casting helps in high creep confrontation and is preferably suited for advancing composite components. The wind turbine casting market size is expanding due to growing wind installation in countries such as China, India, Brazil, the UK, and South Africa is anticipated to generate approving opportunities for market growth in the future.
The growing number of installations in offshore applications in countries such as the UK, Germany, China, Netherlands, Japan, and Denmark is predicted to drive market growth over the next none years. The wind turbine casting market sales are soaring as longer lifespans and lower maintenance costs of these commodities are anticipated to drive the market demand over the upcoming years.
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Recent trends influencing the market
- Several government tax incentives to drive the market
The growing demand for renewable energy is inspiring companies to channel the power from wind turbines. Technological progression in wind turbines with several government tax incentives on wind turbine installation is expected to incite the demand for wind turbine castings.
Global endeavors countering climate change, including the Paris Agreement to decrease global warming, are anticipated to greatly reduce greenhouse gas emissions and foster growth of the renewable energy market.
Segmentation assessment
- The horizontal axis segment highly dominated the market
Based on type, the horizontal axis segment highly dominated the market. Wind turbine casting market demand is on the rise due to an increase in large-scale wind farms for national projects or industrial facilities that often use horizontal-axis wind turbines. These kinds of turbines have high power output, high efficiency, high dependability, and a maximum functioning wind speed, making them an absolute choice for producing large amounts of electricity.
- The offshore segment had a high revenue share
Based on the application, the offshore segment had a high revenue share. Wind turbine casting market trends include offshore wind turbines being greatly larger compared to onshore wind turbines in magnitude. The market for offshore wind turbines is growing due to the increasing demand for electricity globally and the acquisition of cleaner energy in developing countries without centralized utility networks or with deficient power transmission infrastructure.
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Wind Turbine Casting Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 3.69 Billion |
| Market size value in 2023 | USD 2.26 Billion |
| Expected CAGR Growth | 5.6% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Sinovel, SEFORGE, Vestas, GmbH & Co. KG, Goldwind, DHI DCW Group Co., Ltd., Enercon, Global Castings, Suzlon, Riyue Heavy Industry Corporation Ltd., SAKANA Group, SHW Casting Technologies, Elyria Foundry Company, LLC and Premier Heavy Engineering |
| Segments Covered | By Type, By Material Type, By Application, By Casting Technology, By End User, By Geography |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Rapid industrialization and urbanization to propel the Asia Pacific market
Asia Pacific held the largest wind turbine casting market share as it stayed the marketplace leader over the forecast period. This is primarily attributed to the growing call for energy due to rapid urbanization and industrialization within the region. Due to enlarged centers and growth, China is anticipated to end up as the apex power-generating kingdom over the forecast period.
Browse the Detail Report “Wind Turbine Casting Market Share, Size, Trends, Industry Analysis Report By Type (Horizontal Axis, Vertical Axis); By Material Type; By Application; By Casting Technology; By End Users; By Regions, Segment Forecasts, 2023-2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/wind-turbine-casting-market
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Recent developments
- In July 2022, WEG announced the launch of their new wind turbine platform, which would have a rotor diameter of 172 meters and 7 MW of electricity. The largest wind turbine now operating in Brazil is this one. With more power and efficiency, the new design increases the production of wind generation projects.
Polaris Market Research has segmented the Wind Turbine Casting market report based on type, Material Type, Application, Casting Technology, End-user, and region:
By Type Outlook
- Horizontal Axis
- Vertical Axis
By Material Type Outlook
- Steel
- cast iron
- Aluminum alloy
- Glass-reinforced plastic
- Copper
- others
By Application Outlook
- Onshore
- Offshore
By Casting Technology Outlook
- sand casting
- chill casting
- others
By End User Outlook
- Industrial
- Commercial
- Residential
By Region Outlook
- North America (Canada, United States, Mexico)
- Europe (Spain, Germany, France, United Kingdom, Italy, Rest of Europe)
- Asia-Pacific (China, Australia, India, South Korea, Japan, Rest of Asia-Pacific)
- Middle East and Africa (GCC, South Africa, Rest of the Middle East and Africa)
- South America (Argentina, Brazil, Rest of South America)
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