Wind Turbine Casting Market Is Predicted to Reach USD 6.4 billion by 2031: Says Transparency Market Research

Wilmington, Delaware, United States, June 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global wind turbine casting market is estimated to increase at a CAGR of 11.3% from 2023 to 2031 and reach US$ 6.4 Bn by the end of 2031.

Sustainability is a key focus across industries, and the wind turbine casting market is no exception. Manufacturers are adopting sustainable casting practices by implementing energy-efficient processes, reducing waste generation, and using recycled materials. These sustainable initiatives align with the industry's commitment to reducing its carbon footprint and environmental impact.

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Market Snapshot:

Additive manufacturing, or 3D printing, is gaining attention in the wind turbine casting market. This innovative technology enables the production of complex turbine components with intricate geometries, reducing material waste and lead times. Additive manufacturing offers design flexibility, allowing for lightweight structures and improved turbine performance. The wind turbine casting industry is witnessing a shift towards advanced alloys with superior mechanical properties and corrosion resistance. High-strength materials like titanium and superalloys are being explored to enhance the performance and longevity of turbine components, particularly in offshore wind applications exposed to harsh environments.

Wind Turbine Casting Market: Competitive Landscape

The wind turbine casting market presents a dynamic and competitive landscape driven by technological advancements and increasing renewable energy adoption. Key players in this industry are engaged in constant innovation, striving to enhance turbine efficiency and durability.

Established manufacturers, alongside emerging players, are vying for market share, with a focus on expanding their product portfolios, improving casting techniques, and establishing strategic partnerships. As the demand for wind energy grows, the competition intensifies, fostering an environment of innovation and progress in the wind turbine casting market. Some prominent manufacturers are as follows:

Riyue Heavy Industry Corporation. Ltd, Dalian Huarui Heavy Industry, Hedrich, Enercon, Inox Wind Limited, Shandong Longma Heavy, Simplex Castings, WALZENGIESSEREI, Silbitz Group, MIKROMAT Gmbh, Siempelkamp Giesserei, Mingyang Smart Energy Group Co. Ltd., Juwi Holding AG, DYNAQUIP ENGINEERS, Jiangsu Xihua Inc.

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Key Findings of the Market Report

• The dominating application segment in the wind turbine casting market is the onshore segment, driven by the majority of wind turbine installations occurring on land rather than in offshore environments.
• The dominating component segment in the wind turbine casting market is Rotor Blades, which play a crucial role in capturing wind energy and converting it into rotational motion to generate electricity.
• Sand casting is the dominating casting technology segment in the wind turbine casting market due to its cost-effectiveness, versatility, and ability to produce large, complex turbine components.
  

Wind Turbine Casting Market Growth Drivers & Trends

• The growing global demand for clean and renewable energy sources is driving the expansion of wind energy capacity. This surge in installations of wind turbines fuels the demand for wind turbine castings, creating opportunities for market growth.
• Continuous advancements in wind turbine casting technologies, such as precision casting and 3D printing, contribute to improved turbine efficiency, durability, and cost-effectiveness. Manufacturers are investing in research and development to enhance casting techniques and materials, staying ahead in the competitive market.
• Offshore wind farms are gaining prominence due to higher wind speeds and larger turbine capacities. The rise in offshore wind projects creates a significant demand for specialized wind turbine castings capable of withstanding harsh marine environments, presenting opportunities for market expansion.
  

Global Wind Turbine Casting Market: Regional Profile

• Pioneering the wind energy revolution, Europe boasts a mature market with well-established infrastructure. Countries like Germany, Spain, and Denmark lead the way in wind turbine casting production, while the United Kingdom and Netherlands show immense growth potential.
• With a focus on clean energy transitions, the United States and Canada are witnessing significant wind turbine casting advancements. Robust manufacturing capabilities, coupled with expansive wind farms in states like Texas and Iowa, position the region as a key player in the global market.
• As emerging economies like China and India embrace renewable energy on a massive scale, the demand for wind turbine castings surges. China, in particular, dominates the regional market, fostering technological advancements and driving cost competitiveness.
• With abundant wind resources in countries like Brazil and Mexico, Latin America emerges as an attractive region for wind turbine casting market growth. Favorable government policies, coupled with rising investments in renewable energy, present lucrative opportunities for industry players.
• Embracing wind energy as part of their sustainable development strategies, countries like South Africa and Morocco demonstrate increasing interest in wind turbine casting production. The region holds immense untapped potential for wind power installations.
  

Some important developments with regard to wind turbine casting are as follows:

• In November 2022, Siempelkamp Giesserei, in collaboration with ZEISS Industrial Quality Solutions and the start-up a3Ds, astounded the public in Krefeld by unveiling the world's largest contactless robot measuring cell. This groundbreaking achievement pushed boundaries and left spectators in awe.
  

Wind Turbine Casting Market: Key Segments

By Type

• Horizontal Axis Turbine
• Vertical Axis Turbine
• Casting Technology
• Sand Casting
• Chill Casting
• Others

By Component

• Rotor Blades
• Rotor Hubs
• Axle Pin
• Rotor Shaft
• Gearbox
• Tower
• Others
  

By Application

• Onshore
• Offshore

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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