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) - Industry Forecast 2024-2031

Global 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).

The demand for renewable energy sources, such as wind, is expected to increase due to rapid urbanization and industrialization. Wind turbines are devices that convert the kinetic energy of wind into usable power, and they consist of various parts such as rotor hubs, rotor blades, gearboxes, generators, and towers, among others. Rotor hubs, axle pins, and main carriers are parts that undergo casting, which aids in high creep resistance and developing composite components. The growth of wind energy installations in countries such as China, India, Brazil, UK, and South Africa is expected to create favorable opportunities for market growth in the future. Furthermore, the increasing number of offshore installations in countries such as the UK, Germany, China, Netherlands, Japan, and Denmark is projected to drive market growth over the next nine years. Wind turbines have a longer lifespan and lower maintenance cost, which is expected to drive the market demand. The market’s key drivers include favorable government policies to promote renewable energy sources and the need for lowering carbon imprints and emissions. Rapid urbanization and rising construction activities have increased the demand for electricity, which is anticipated to drive the requirement for wind energy, thus propelling market growth. Solar energy utilization has also witnessed significant growth as a renewable energy source. The abundant availability of sun rays and low prices of solar panels due to mass production are expected to hinder growth in the wind energy market over the upcoming years.

US Wind Turbine Casting Market is poised to grow at a sustainable CAGR for the next forecast year.