Global Wind Turbine Casting Market

Wind Turbine Casting Market Size, Share, Growth Analysis, By Type(Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT)), By Application(Onshore and Offshore), By Region - Industry Forecast 2024-2031

Report ID: SQMIG55A2009 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 59 | Figures: 75

Wind Turbine Casting Market News

  • In January 2024, Reuters reported that the joint venture project between Avangrid and Copenhagen Infrastructure Partners achieved a significant milestone with its inaugural turbine near Martha's Vineyard. This turbine delivered approximately 5 megawatts of electricity to the New England grid on January 3. 
  • In November 2023, Octopus Energy's generation arm forged a partnership with Sherbro Alliance Partners (SAP), a development company co-founded by Idris Elba and Siaka Stevens. This collaboration aims to establish Sierra Leone’s first wind farm as part of the Sherbro Island City project, announced during COP28. The goal is to accelerate Sierra Leone’s renewable energy development.
  • In November 2023, on Halloween, the Biden administration announced the final major federal approval for Dominion Energy's 2,600-megawatt Coastal Virginia Offshore Wind project, the nation's largest planned offshore wind development. However, the same day, Danish wind giant Ørsted decided to cancel a pair of projects, Ocean Wind 1 and 2, planned off the coast of New Jersey. Ørsted cited reasons such as climbing interest rates, inflation, and "supply chain bottlenecks" for this decision. The news sparked controversy in New Jersey, known for its ambitious offshore wind goals and extensive planning for the required transmission upgrades to harness this power.
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Wind Turbine Casting Market size was valued at USD 2.40 billion in 2022 and is poised to grow from USD 2.47 billion in 2023 to USD 4.49 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Wind Turbine Casting Market is moderately fragmented, with several regional and international players operating in the market. These players are primarily focused on expanding their product portfolio, increasing their market share, and improving their production capacity. To gain a competitive advantage, companies are also investing in research and development activities to develop advanced wind turbine components that offer high efficiency and durability. Furthermore, strategic partnerships, collaborations, and mergers and acquisitions are also observed in the market, with companies leveraging these opportunities to expand their market presence and gain a competitive edge. 'Vestas Wind Systems A/S (Denmark)', 'Siemens Gamesa Renewable Energy SA (Spain)', 'Suzlon Energy Limited (India)', 'GE Renewable Energy (US)', 'Enercon GmbH (Germany)', 'Nordex SE (Germany)', 'Goldwind Science & Technology Co., Ltd. (China)', 'Envision Energy Limited (China)', 'Sinovel Wind Group Co., Ltd. (China)', 'Ming Yang Smart Energy Group Co., Ltd. (China)', 'Doosan Heavy Industries & Construction Co., Ltd. (South Korea)', 'Hyundai Heavy Industries Co., Ltd. (South Korea)', 'Senvion S.A. (Germany)', 'Clipper Windpower (US)', 'Bergey Windpower Co. Inc. (US)', 'XZERES Wind Corp. (US)', 'Suzlon Energy Australia Pty Ltd. (Australia)', 'Inox Wind Limited (India)', 'Gamesa Corporación Tecnológica SA (Spain)', 'Acciona SA (Spain)'

One driver for the Wind Turbine Casting Market is the increasing demand for renewable sources of energy, driven by government initiatives to promote clean energy and reduce carbon emissions. With rapid urbanization and industrialization, the demand for electricity is also increasing, making wind energy an attractive option for power generation. Wind turbines have a longer lifespan and lower maintenance cost, which further drives market demand. The growth of wind energy installations in countries such as China, India, and the United States is expected to create favorable opportunities for market growth in the future.

One key market trend in the Wind Turbine Casting Market is the increasing demand for larger and more powerful wind turbines. Manufacturers are increasingly focusing on the development of wind turbines with higher power output and efficiency to meet the growing demand for renewable energy. This has led to the development of larger and more complex wind turbine components that require advanced casting techniques and materials. Additionally, the use of 3D printing technology for manufacturing wind turbine components is also gaining traction in the market, as it offers cost savings and faster production times.

North America dominated the market due to its increasing demand for renewable sources of energy and government initiatives to promote clean energy. The country has been investing heavily in wind power generation, making it the largest market for wind turbines in the region. The rising number of wind energy installations in Canada is also contributing to the growth of the Wind Turbine Casting Market in North America.

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Global Wind Turbine Casting Market

Report ID: SQMIG55A2009