Wind Turbine Casting - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Wind Turbine Casting Market is accounted for $5.92 billion in 2018 and is expected to reach $10.89 billion by 2027 growing at a CAGR of 7.0% during the forecast period. Growing demand for electricity on account of fast urbanization and industrialization, advantageous government policies, and recent technological developments of wind turbine casting are likely to boost the growth of the Wind Turbine Casting market. However, abundant availability of sun rays along with low prices of solar panels on account of mass production is likely to hamper the profit boundaries.
A wind turbine is a device that aids in converting the kinetic energy of wind into usable power. Wind turbines have various parts, which include a main shaft, rotor hub, mainframe, rotor blades, gearbox, generators, tower, rotor bearing, power converter, transformer, nacelle housing, and cables among others. The primary parts that undergo casting include rotor hubs, axle pins, and main carriers. Rotor hubs are cast components in a wind turbine, and they are subjected to high stress. Casting aids in high creep resistance and are ideally suited for developing composite components.
Based on the application, the offshore segment is likely to have a huge demand due to the increasing support from governments for offshore installation, especially in developing economies, across the globe. By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the rapid urbanization and industrialization in the region over the forecast period. Moreover, the growing requirement of energy in light of population expansion is anticipated to fuel growth in the region.
Some of the key players in the Wind Turbine Casting market are the Dhi Dcw Group Co Ltd, Elyria Foundry Company, Llc, Enercon, Global Castings, Goldwind, Premier Heavy Engineering, Riyue Heavy Industry Corporation Ltd, Sakana Group, Seforge, SHW Casting Technology Gmbh Co. Kg, Sinovel, Suzlon, and Vesta.
• Horizontal Axis
• Vertical Axis
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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