Wind Turbine Casting Market Size, Share & Industry Analysis, By Type (Horizontal Axis, Vertical Axis), By Application (Onshore, Offshore) And Regional Forecast, 2024-2032

Wind energy has gained over the last decade with installations rising at a healthy rate in various countries. A wind turbine consists of many parts of which many are manufactured according to the requirement and working conditions of the turbine. The main body of the turbine is also known as the nacelle and various components that ensure the proper functioning of the turbine are assembled here. The nacelle houses the generator, gearbox, various shafts, brakes, and controller, all of these are affected by the rotation of the blades. Therefore, the manufacturing of turbines as per the required specification and required material is of prime importance. The base frame, stator, hollow shaft, axle pins, carriers, and rotor hubs are the major parts that are cast during turbine manufacturing. The growth of the wind power industry is certainly the prime factor that would result in more turbine manufacture and therefore drive the market growth.

Based on type, the market is segmented as horizontal axis and vertical axis wind turbines. The horizontal axis wind turbines are the most used owing to their better starting performance and better tip speed ratio as compared to vertical axis wind turbines. Based on the application, the market is segmented into onshore, offshore, and others. Offshore wind deployment still stands as a new concept in many countries and therefore the maximum market is held by the onshore segment.

The key market driver for the global wind turbine casting market is a rise in the utilization of renewable energy sources for power generation Also the increasing deployment of wind energy across various application sectors such as district heating, distributed generation, and virtual power plants drives the market growth.

The key market restraint for the market is the rising competition from other renewable sources such as solar. The solar energy installations have nearly tripled from 2015 to 2019 which poses a threat to the upcoming investment in the wind turbine market. 

Key Players Covered:

Some of the key players in the wind turbine casting market are Siemens Gamesa Renewable Energy S.A, MHI Vestas Offshore Wind, GE, Senvion S.A, Adwen, ABB, GoldWind, Envision Energy, Suzlon Energy Limited, Hitachi Ltd., Nordex SE, and Ming Yang Smart Energy Group Co.

Regional Analysis:

The global wind turbine casting market is studied across five different regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America has been one of the leading players in the wind power installation statistics over the last 5 years. During 2015-2019 the U.S. alone has carried out wind installation of over 30GW talking country’s capacity to 103 GW in 2019 from 72 GW in 2015. Europe has witnessed healthy growth in the market specifically from countries like Italy, Germany, Spain, and the UK. The European union green energy target and country-specific targets to curb carbon emissions to zero will drive the wind turbine casting market in the region. Asia Pacific on the other hand ha sled the wind installation and is expected to lead the market in the coming years owing to rapid capacity additions in China and India. Latin America and Middle East & Africa have little penetration of wind power as compared to other regions and therefore hold immense growth opportunities. In recent years several big projects have been announced, and the success of which will attract investment in forthcoming years.

Segmentation

Key Industry Developments

• In April 2020, Icelandic renewable energy company IceWInd announced the launch of its new Freya model. The given model is a vertical axis wind turbine with six blades. It has inner blades that provide low start-up speeds, and also act as a brake when wind speeds get too high.


• In July 2019,  GE unveils its new 12MW Halide X offshore wind turbine nacelle. With towers and blades being already manufactured the parts would now be assembled at Port of Rotterdam in the Netherlands which would result in 1^st 12MW offshore wind turbine unveiling to the world. This will keep the company on track to achieve its target of introducing Halide-X to market by 2021.