Wind Turbine Casting Market - Forecast(2024 - 2030)
Wind Turbine Casting Market Overview
The Wind Turbine Casting Market size
is forecast to reach $2.85 billion by 2027, growing at a CAGR of 6.02% from
2022 to 2027. Rising government
investment toward green electricity generation by integrating wind power
technology is positively impacting the installation of wind turbines across the globe. Wind turbines consist of various parts which
include a rotor shaft, rotor hubs, rotor blades, gearbox, generators, towers,
rotor bearings, power converter, transformer, nacelle housing, cables and
others. Wind turbines are designed with a lifespan of 20 years and thus, the
components require high fatigue strength. Wind Turbine Casting aids in
high creep resistance and can be considered vital in developing composite
components. The primary parts such as rotor hubs, axle pins and main carriers
are subjected to high stress and thus these components are in dire need of
undergoing a casting process. Factors such as favorable government policies
promoting renewable energy usage and the demand for reducing carbon imprints
and emissions are fueling the installation of wind
turbines across the globe, which in turn is set to spur the demand for wind
turbine casting for years to come. Does the German federal government plan to
expand offshore wind power to a capacity of 15,000?MW by the year 2030 to
reduce the CO2 emissions and this in turn is set to aid the growth of the Wind Turbine Casting Market in future years.
Wind Turbine Casting Market Report Coverage
The “Wind
Turbine Casting Market Report - Forecast (2022-2027)” by IndustryARC,
covers an in-depth analysis of the following segments in the Wind Turbine
Casting Market.
By Type: Horizontal Axis Turbine and Vertical Axis Turbine.
By Material
Type: steel, cast iron, aluminum alloy, glass-reinforced plastic,
copper and others.
By Capacity: <3 MW, 3-5 MW, 5-8 MW and >8 MW.
By Casting Technology: sand casting, chill casting and others.
By Component: Tower/
foundation, rotor hubs, rotor blades, axle pins, rotor shaft, rotor bearings,
gearbox and others.
By Application: Offshore and Onshore.
By End-user: Industrial, Commercial,
Residential
By Geography: North America (the U.S., Canada, Mexico), Europe (Germany,
UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, South Korea,
Australia and Others), South America (Brazil, Argentina and others) and RoW
(the Middle East and Africa).
Key Takeaways
- APAC is estimated to be the fastest growing market during 2022-2027 with a CAGR of 6.67% owing to increasing government support for the expansion of renewable wind energy projects.
- The offshore wind energy sector is analyzed to witness the highest growth due to rising government investment.
- The growing adoption of offshore wind power technology to meet increased electricity demands while minimizing carbon footprint along with the growing integration of 3D printing solutions with the casting process is positively impacting the market growth.
Wind
Turbine Casting Market Segment Analysis – by type
By type, Wind Turbine Casting Market is segmented under
horizontal axis wind turbine and vertical axis wind turbine. The horizontal axis segment is analyzed to grow with the
highest CAGR of 6.9% in the Wind Turbine Casting
Market during the forecast period 2022-2027. Horizontal axis wind turbines are widely adopted in large-scale
wind farms for national projects or industrial plants. As compared to vertical
axis wind turbine, advantages of horizontal axis wind turbine include high power
output, high efficiency, high reliability and maximized operational wind speed,
which makes them the perfect solution for mass electricity production. The basic
parts of a horizontal axis wind turbine (HAWT) are a foundation, tower,
nacelle, generator, rotor blades, rotor hubs, rotor bearings, gearbox, rotor
shafts and so on. All the loads
caused by wind and extreme loads on the blades are transferred to the rotor
hubs. In order to improve the strength-weight ratio, the casting process is in high
demand. This transition of material leads to a reduction in the weight of the wind
turbine, which in turn boosts the demand for
wind turbine casting. In September 2021, GE
Renewable Energy announced that it has received approval for its proposed
turbine plant in Teesside, a port town in northeast England to serve the vast
offshore wind potential of the North Sea. This facility is dedicated to the production
of GE’s 107-meter-long offshore wind turbine blades and this in turn is set to
foster the Wind Turbine Casting Market in coming years.
Wind Turbine Casting Market Segment
Analysis – by application
By application, Wind Turbine Casting Market
has been segmented into off-grid and on-grid. Off-grid is analyzed to witness the highest growth with a
CAGR of 7.25% during 2022-2027. Offshore wind
turbines are much larger in size (in the range of 5 to 10 MW per turbine) in
comparison with the capacity (2-3 MW) of an onshore wind turbine. As per
International Energy Agency (IEA), the capacity of installed wind turbines
across the globe is anticipated to increase to triple by 2025 and will rise
15-fold by 2040, owing to factors like falling costs, supportive government
policies and technological advancements. The growing demand for electricity
across the globe and the adoption of greener energy in developing countries with poor power transmission infrastructure or no
centralized utility grids, with an aim toward mitigating the adverse impact
of climate change, is driving the growth of the off-grid wind turbine market
forward. As a part of India’s energy transition, the
union government plans to float tenders for setting up 3-4 GW of offshore wind
capacity and has set a target of 5 GW by the end of 2022. Such government
initiatives are poised to create significant growth opportunities for the
market during 2022-2027.
Wind Turbine Casting Market Segment
Analysis – by geography
By Geography, the Wind Turbine Casting market is segmented under North America, Europe, APAC, South America and RoW. APAC dominated the Wind Turbine Casting Market with a share of 36% in 2021 and is also analyzed to witness significant growth during 2022-2027. Increasing governmental support for the expansion of renewable wind energy projects, the growing shift towards sustainable energy to mitigate adverse climatic changes and so on have attributed to the market growth in the region. The growing implementation of policies towards promoting or encouraging commercial sectors to adopt small-sized wind turbines and the inclination toward building integrated wind turbines with a vision to reduce negative impacts on the environment and human healthcare are some of the key factors driving the market growth forward in this region. China leads the wind energy market with the highest installations and is further likely to play a key role in the development of the Wind Turbine Casting Market. In March 2020, Blue Circle announced extending the Mui Ne project with a second 40 MW phase in Vietnam. This project involves a cost of $80 Mn and has a total expansion capacity of 170 MW for onshore wind energy generation in continental Vietnam. Furthermore, in August 2022, U.S. utility group AES Corp. announced about the building of a 4-GW offshore wind farm off the coast of Vietnam’s Binh Thuan province. The project involves a cost of US$ 13 Bn. Japan is aiming towards deploying 10 gigawatts (GW) of offshore wind capacity by 2030. Recently, 25% of Japan’s electricity comes from clean energy. Such ongoing projects and government initiatives toward a sustainable and environment-friendly energy transition is set to further contribute to the market growth of the Wind Turbine Casting Market in the coming time in this region.
Wind Turbine Casting Market Drivers
Growing adoption of offshore wind power technology to meet increased electricity demands while minimizing carbon footprint drives the market forward
Growing adoption
of offshore wind power technology to meet increased electricity demands while
minimizing carbon footprint drives the market forward. Factors like the scarcity of conventional fossil fuels and their
adverse impacts on air quality have accelerated the adoption of renewable wind
power technology. Offshore wind is a rapidly growing
renewable energy technology that is poised to play an important role in future
energy systems. Wind turbines are growing in size and in terms of power
capacity, which in turn is delivering major performance and cost improvements
for offshore wind farms. Generally, the lifespan of a wind turbine is nearly 20
years which requires them to be produced or cast in order to work without
interruption throughout their lifespan. The wind turbine assembly uses
large-volume, thin-walled cast parts, to reduce the weight of the wind turbine to a
minimum. This further increases the fatigue strength of the wind turbines,
which in turn boosts the development of the Wind Turbine Casting Market. In
August 2022, the Irish government announced increasing the target for
offshore wind capacity from 5 GW to 7 GW by 2030. In July 2022, the U.S.
Department of Interior (DOI) announced about a plan to bring offshore wind
energy to the Gulf of Mexico. This project involves the construction and operation
of commercial wind energy facilities by 2025, which would represent more than
22GW. Such factors will eventually drive the market growth of the Wind Turbine Casting Market during the forecast period 2022-2027.
Growing integration of 3D printing solution with casting process is set to boost the growth
The growing implementation of 3D printing in the casting process poses many beneficial advantages including greater speed, reduced
cost and sustainability by reducing its environmental impact. Increasing usage
of 3D printing solutions for wind turbine blades reduces the overall development
cost, which affects the market growth positively. In January 2021, the U.S.
Department of Energy Office of Energy Efficiency and Renewable Energy awarded
the University of Maine Advanced Structures and Composites Center with a $2.8 million fund to develop a rapid, low-cost additive manufacturing, 3D
printing solution for fabricating large, segmented wind blade molds. In September 2021, GE, Fraunhofer IGCV and voxeljet AG announced a research partnership to develop the world’s largest 3D printer for offshore
wind applications in order to streamline the production of key components of
GE’s Haliade-X offshore wind turbine. The project involves the development of a
new, large format 3D printer capable of producing sand molds for casting the
highly complex metal parts of different shapes and sizes that make up an
offshore wind turbine nacelle. The Advance Casting Cell (ACC) 3D printer
under development is set to receive benefit from financial support from the
German Federal Ministry for Economic Affairs and Energy and will be capable of
reducing the time it takes to produce this pattern and mold from ten weeks or
more to just two weeks. In addition, the use of the 3D printer is
expected to reduce the product’s carbon footprint by eliminating the need to
transport large parts from a central manufacturing location. Hence,
the above-mentioned factors accelerate the growth of the Wind Turbine Casting Market during the forecast period 2022-2027.
Wind Turbine Casting Market Challenges
Wild-life damage and noise pollution created by wind power technology hinders its market growth
Noise pollution associated with rotor blade rotation and
gearbox/generator noise can lead to serious environmental issues. As wind energy has
grown in popularity, reports of birds killed by wind turbines have
become more common. The U.S. Fish and Wildlife Service estimates that between
140,000 and 500,000 bird deaths occur at wind farms each year. Hence, these
challenges are limiting the installation of wind turbines, which in turn is poised
to impede the growth of the Wind Turbine Casting Market during the forecast period
2022-2027.
Wind Turbine Casting Market Landscape
Product innovations, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Wind Turbine Casting Market. The top 10 companies in the Wind Turbine Casting Market are/include:
- Suzlon Energy Limited
- Sinovel Wind Group Co. Ltd.
- Mingyang Smart Energy Group Co. Ltd.
- Juwi Holding AG
- Inox Wind Limited
- AEROVIDE GmbH
- Vestas Co.
- Sinovel Ltd.
- DHI DCW Group Co. Ltd.
- Premier Heavy Engineering Ltd.
Recent Developments
- In July 2022, WEG announced the launch of its new wind turbine platform, featuring 7 MW and a 172 meters rotor diameter. This wind turbine is considered to be the largest machine in operation in the Brazilian market. With its greater power and efficiency, the new design provides improved output for wind generation projects.
- In June 2022, Vestas announced a partnership with Pan American Energy Energias Renovávei, for the supply and installation of 94 V150-4.5 MW wind turbines for the Novo Horizonte wind park in the state of Bahia, Brazil.
- In November 2019, GE Renewable Energy announced that it has signed an agreement with China Huaneng Group Co. Ltd to build a 715 MW wind farm in Henan Province, China. As per the agreement, GE Renewable Energy provides 286 units of its 2.5 -132 turbines with 130m soft steel towers to the wind farm in the Henan Province.
Relevant Report Titles:
Wind
Turbine Composites Material Market - Industry Analysis, Market Size, Share,
Trends, Application Analysis, Growth and Forecast Analysis
Report Code: CMR 95704
Wind
Power Market – Industry Analysis, Market Size, Share, Trends, Application
Analysis, Growth and Forecast Analysis
Report Code: AIR 0297
Multi
Rotor Wind Turbine Market – Industry Analysis, Market Size, Share, Trends,
Application Analysis, Growth and Forecast Analysis
Report Code: EPR 0052
For more Energy and Power Market reports, please click here
LIST OF TABLES
1.Global Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 ($M)1.1 Vertical Axis Market 2023-2030 ($M) - Global Industry Research
2.Global Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
2.1 Onshore Market 2023-2030 ($M) - Global Industry Research
2.2 Offshore Market 2023-2030 ($M) - Global Industry Research
3.Global Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 (Volume/Units)
3.1 Vertical Axis Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 (Volume/Units)
4.1 Onshore Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Offshore Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 ($M)
5.1 Vertical Axis Market 2023-2030 ($M) - Regional Industry Research
6.North America Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
6.1 Onshore Market 2023-2030 ($M) - Regional Industry Research
6.2 Offshore Market 2023-2030 ($M) - Regional Industry Research
7.South America Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 ($M)
7.1 Vertical Axis Market 2023-2030 ($M) - Regional Industry Research
8.South America Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
8.1 Onshore Market 2023-2030 ($M) - Regional Industry Research
8.2 Offshore Market 2023-2030 ($M) - Regional Industry Research
9.Europe Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 ($M)
9.1 Vertical Axis Market 2023-2030 ($M) - Regional Industry Research
10.Europe Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
10.1 Onshore Market 2023-2030 ($M) - Regional Industry Research
10.2 Offshore Market 2023-2030 ($M) - Regional Industry Research
11.APAC Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 ($M)
11.1 Vertical Axis Market 2023-2030 ($M) - Regional Industry Research
12.APAC Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
12.1 Onshore Market 2023-2030 ($M) - Regional Industry Research
12.2 Offshore Market 2023-2030 ($M) - Regional Industry Research
13.MENA Wind Turbine Casting Market:Type Estimate Trend Analysis Market 2023-2030 ($M)
13.1 Vertical Axis Market 2023-2030 ($M) - Regional Industry Research
14.MENA Wind Turbine Casting Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
14.1 Onshore Market 2023-2030 ($M) - Regional Industry Research
14.2 Offshore Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Wind Turbine Casting Market Revenue, 2023-2030 ($M)2.Canada Wind Turbine Casting Market Revenue, 2023-2030 ($M)
3.Mexico Wind Turbine Casting Market Revenue, 2023-2030 ($M)
4.Brazil Wind Turbine Casting Market Revenue, 2023-2030 ($M)
5.Argentina Wind Turbine Casting Market Revenue, 2023-2030 ($M)
6.Peru Wind Turbine Casting Market Revenue, 2023-2030 ($M)
7.Colombia Wind Turbine Casting Market Revenue, 2023-2030 ($M)
8.Chile Wind Turbine Casting Market Revenue, 2023-2030 ($M)
9.Rest of South America Wind Turbine Casting Market Revenue, 2023-2030 ($M)
10.UK Wind Turbine Casting Market Revenue, 2023-2030 ($M)
11.Germany Wind Turbine Casting Market Revenue, 2023-2030 ($M)
12.France Wind Turbine Casting Market Revenue, 2023-2030 ($M)
13.Italy Wind Turbine Casting Market Revenue, 2023-2030 ($M)
14.Spain Wind Turbine Casting Market Revenue, 2023-2030 ($M)
15.Rest of Europe Wind Turbine Casting Market Revenue, 2023-2030 ($M)
16.China Wind Turbine Casting Market Revenue, 2023-2030 ($M)
17.India Wind Turbine Casting Market Revenue, 2023-2030 ($M)
18.Japan Wind Turbine Casting Market Revenue, 2023-2030 ($M)
19.South Korea Wind Turbine Casting Market Revenue, 2023-2030 ($M)
20.South Africa Wind Turbine Casting Market Revenue, 2023-2030 ($M)
21.North America Wind Turbine Casting By Application
22.South America Wind Turbine Casting By Application
23.Europe Wind Turbine Casting By Application
24.APAC Wind Turbine Casting By Application
25.MENA Wind Turbine Casting By Application
26.Vesta, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Sinovel, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Goldwind, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Enercon, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Dhi Dcw Group Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Suzlon, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Premier Heavy Engineering, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Shw Casting Technology Gmbh Co. Kg, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Sakana Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Casting, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Seforge, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Riyue Heavy Industry Corporation Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Elyria Foundry Company, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)