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Wind Turbine Casting Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024
Wind Turbine Casting Market Overview:
‘Low carbon economy’ is a major trend occupying a substantial share of the global energy forum. Concerns towards ecological sustainability is depleting the custom usage of conventional resources and diverting energy vendors to capitalize upon renewable energy sources. The wind energy sector is an absolute example, in which wind turbine converts the wind's kinetic energy into electrical energy. As per the International Energy Association (IEA), application of renewable energy sources is forecast to grow 13% more in 2015-2021, and with effective policies supporting the development, costs of onshore wind energy are to drop by 15%[1]. Leveraging this stride the wind turbine casting market is pacing up and has mounted towards a staggering market size of $1,920 million as of 2018.
Wind Turbine Casting Market Outlook:
Casting is an industrial method of pouring liquid material into a mold, which contains a hollow cavity of the desired shape, and then allowed to solidify. In wind turbines, the primary parts that undergo casting are rotor hubs, rotor blades, axle pins, and rotor shaft.
With major regions such as North America, APAC, and European Union implying wind energy as a chief renewable source of power generation, the wind turbine casting market is progressing at a healthy global CAGR of 5.95% during the forecast period of 2019-2025. Furthermore, a critical review of the regional market share identifies APAC as the leading region with 45% of global demand falling under its terrain in 2018. China being a global industrialization hub and with the largest population is in a constant quest for alternative power sources to counter power security. Following the renewables endeavor, China in 2015, accounted for about 50% of the global wind energy and 40% of all renewable capacity upsurges with two wind turbines being mounted per hour[2]. Similarly, as per the World Wind Energy Association, out of the 600GW wind power capacity in 2018, China hosted more than 200GW and the United States adjacent to 100GW.
On the basis of types, the wind turbine casting market share can be segmented into horizontal axis and vertical axis and major categories in the application segment include onshore and offshore. Onshore category, holds the apex spot owing to easy installation and maintenance operations. Inexpensive investments control the electricity generation cost, hence the price of energy output is also economically feasible and commercially adaptable. Onshore segment is progressing with an application CAGR of 4.98% going through 2025.
Wind Turbine Casting Market Trends and growth Drivers:
Sustainable development scenario (SDS) is a major growth driver disrupting the global wind turbine casting market. Reported by IEA, to fetch the SDS target, a 5.6% annual decrease is mandatory in unabated coal generation and the organization has estimated that by 2040 non-fossil electricity will account for an astonishing 77.8% of total power generation[3]. Thus the wind energy sector as an integral part of renewables has all the necessary potential to divert a substantial share of revenue from non-fossil energy sector positively impacting the wind turbine casting arcade.
The World Bank Group in 2019, announced a program to keep track on adoption of offshore wind energy in developing economies. Along with IFC, the World Bank is on target for taking investments for offshore wind from $26 billion in annual investments to $500 billion by 2030[4].
Benefiting from tax credits, state-specific development goals, and cost diminutions, renewable energy vendors are investing in R&D and deriving variations in the wind turbine market. Such innovations augment variety and hence create demand for wind turbine casting market.
Some of the latest trends in the field of wind turbines are-
Typhoon Turbine, invented in Japan is estimated to arrest massive amounts of energy contained within storms and release it for utility. The inventor estimates that one typhoon could power a nation for 50years, and tests conducted using a scale model was promising.
Bladeless Turbine, considering the bird safety issues engineers fashioned the Vortex Bladeless wind energy generator, in a shape of a tall thin straw. Apart from bird safety, economic aspect is derived by the fact that several bladeless turbines are installed in a space occupied by a traditional blade wind turbine and manufacturing costs are reduced by 53 percent and maintenance costs by nearly 80 percent.
Wind Turbine Casting Market Challenges:
Worthy wind sites are generally situated in distant locations, remote from cities where the electricity is compulsory. Building long transmission lines to bring the electricity from the wind farm to the city is an expensive operation impacting the scalable commercialization. However, building just a few already-proposed transmission lines could considerably reduce the budgets of expanding wind energy.
Wind Turbine Casting Market Players Perspective:
Some of the key players controlling the majority of wind turbine casting market share are SHW Casting Technologies GmbH & Co. KG, SAKANA Group, Global Castings, SEFORGE, Riyue Heavy Industry, Sinovel Corporation Ltd., Elyria Foundry Company, LLC., Premier Heavy Engineering, DHI DCW Group Co., Ltd., and Vestas.
Wind Turbine Casting Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the wind turbine casting market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various applications in wind turbine casting market, and their specific advantages.
The Wind Turbine Casting Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Wind Turbine Casting Market Report
1. Is the market for the Wind Turbine Casting Market growing? How long will it continue to grow and at what rate?
2. Which type of systems presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 for wind turbine casting market?
A few focus points of this Research are given below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future wind turbine casting during the forecast 2019–2025
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.
Reference:
[1]https://www.iea.org/newsroom/news/2016/october/iea-raises-its-five-year-renewable-growth-forecast-as-2015-marks-record-year.html
[2]https://www.iea.org/newsroom/news/2016/october/iea-raises-its-five-year-renewable-growth-forecast-as-2015-marks-record-year.html
[3]https://www.iea.org/tcep/power/coal/
[4]https://www.worldbank.org/en/news/press-release/2019/03/06/new-program-to-accelerate-expansion-of-offshore-wind-power-in-developing-countries
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