With the escalating world population and rapid industrialization, the demand for energy is never-ending. Additionally, apparent environmental harm caused by conventional energy is gaining awareness across the end-users. As a result of these two causes, heavy investments are being put in to develop the new sources of energy that are eco-friendly too. Wind energy, which utilizes kinetic energy of wind into electrical power, is one strong alternative to overcome the two causes. Wind turbines have various parts including a main shaft, mainframe, rotor hub, rotor blades, generators, gearbox, tower, power converter, rotor bearing, transformer, nacelle housing, and cables. The primary parts that undergo casting include axle pins, rotor hubs, and main carriers. Concurrently, the demand in the global market for wind turbine casting is projected to escalate at a robust rate during the forecast period of 2016 to 2024.
This report on global wind turbine casting market is a comprehensive analysis of all the factors that are expected to influence the growth rate, and includes figurative estimations of the future scenario. The wind turbine casting market can be segmented on the basis of type, into horizontal axis and vertical axis, and on the basis of application, into onshore, offshore, and others. The report also contains profiles of some of the key players currently operation in the market, estimating their market share and projects under development.
Global Wind Turbine Casting Market: Trends and Opportunities
The growing demand for wind turbines is one of the primary growth driver for the global wind turbine casting market. Generally, the lifespan of wind turbine is about two decades, provided they are produced or cast in order to work without interruption throughout their lifespan. To reduce the weight of wind turbine as much as possible, the wind turbine assembly uses large-volume, thin-walled cast parts. This further increases the fatigue strength of the wind turbines, and increases the demand for the same.
Besides the increasing demand for eco-friendly energy that eases the dependency on conventional sources, the recent technological advancements have also improved the efficiency of wind turbines by lowing the maintenance cost and thereby increased the demand in the market for wind turbine casting. In a bid to decrease pollution levels, several governments across the globe are offering encouraging incentives for the players in the wind energy market, which is further favoring the growth rate. Some of the other factors positively influencing the market are quicker rate of installation and ongoing race to achieve complete grid parity in the future.
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Global Wind Turbine Casting Market: Region-wise Outlook
North American region is gaining extended demand mostly from the developed economy of the U.S. while India and China are prominent countries as far as Asia Pacific region is concerned. China currently serves the maximum demand in the wind energy market with most number of installations and is further likely to play a key role in the development of the wind turbine casting market. The U.S. market heavily depends on China as they import casting, which leads to long lead times, high freight and handling fees, and slow supplier responses. The growth in the Indian wind turbine is somewhat uncertain due the policy constraints. The U.K., Spain, France, and Germany drive the European regional market for wind turbine casting.