Wind Turbine Castings Market Scope
Wind Turbine Casting involve the parts which are cast and mould to assemble wind energy system. They are different according to their requirement, location and other factors. Wind power casting is important for wind turbines, which are expected to run continuously for unto 20 years with light weight, low temperature toughness, high notch-ductility properties. Hub, shaft, gearbox and among others are some of the important parts in casting. Owing to increasing demand for installation of wind turbine, Wind Turbine Casting market is expected to grow at a significant rate during the forecast period
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Vestas (Denmark), General Electric (United States), Goldwind (China), ENERCON (Germany), GCPL (India), Nordex SE (Germany), Guodian United Power (China), Xinjiang Goldwind Science & Technology Co., Ltd. (China), NextEra Energy Resources (United States) and DHI DCW Group Co. Ltd. (China) |
CAGR | % |
Wind Turbine Casting market is a fragmented market due to the presence of various players. The players are focusing on increasing their manufacturing capacity and are offering competitive prices to gain high market share and establish their position in the market. Further, companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge Research Analyst at AMA estimates that Asia Pacific Manufacturers will contribute to the maximum growth of Global Wind Turbine Castings market throughout the predicted period.
Vestas (Denmark), General Electric (United States), Goldwind (China), ENERCON (Germany), GCPL (India), Nordex SE (Germany), Guodian United Power (China), Xinjiang Goldwind Science & Technology Co., Ltd. (China), NextEra Energy Resources (United States) and DHI DCW Group Co. Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are SAKANA Group (Peru) and SHW Casting Technologies (Canada).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Wind Turbine Castings market by Type , by Application (Commercial, Industrial and Residential) and Region with country level break-up.
On the basis of geography, the market of Wind Turbine Castings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In June 2022, GE acquired Continuum Green Energy Pvt Ltd. Green Energy Pvt Ltd majority owned by global infrastructure fund managed by Morgan Stanley Infrastructure Inc. and GE acquired 49% stake. This strategic acquisition helped GE to expand its presence in India for onshore wind market.
In December 2022, Vestas expanded partnership with Kuehne + Nagel, dedicated logistic company. With this strategic partnership expansion Vestas fulfil the growing demand of renewable energy sources by adding 60000 sqm to Kuehne + Nagel’s existing fulfilment centre in Hodenhagen, Germany. With the help of these, 135000 different items stored in spare parts centre. This partnership helped Vestas its presence in Germany in wind turbine casting market
Influencing Trend:
Government Provide Subsidy for the Installation of Wind Turbine
Market Growth Drivers:
Increasing Installation of Wind Turbine in Developing Countries at Mostly Offshore Location, Increasing Awareness about Other Energy Manufacturing Process and its Effect on Environment and Growing Awareness about Use of Renewable Energy
Challenges:
Increasing Incidence of Harm to the Turbine Due to Serious Storms and High Winds
Restraints:
High Cost of Implementation and Maintenance
Opportunities:
Increasing Demand of Aeromine’s Rooftop Bladeless Wind Turbines
Key Target Audience
Wind Turbine Casting Manufacturers, Raw Material Suppliers, Distributors, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others