The growing wind energy industry
driven by the rise in use of renewable energy sources is likely to drive growth
in the wind turbine casting market. Wind energy plays a critical role in the
establishment of an environmentally sustainable low carbon economy. Wind
turbine is used to convert kinetic energy of wind into electrical power.
Growing consumer awareness and incentive schemes are expected to augment the
global demand for wind energy. Furthermore, increased installation of wind
turbine and technological advancements are likely to further boost the demand
for wind turbine across the globe. Additionally, product development and lower
maintenance cost of the wind turbine have fuelled an additional demand for the
wind turbines. Driven by the recent advances and development, the wind industry
has allowed the wind turbine casting market to grow at a significant rate.
Increasing installations of wind turbines in the offshore wind application are
anticipated to accelerate growth in the global wind turbine casting market.
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Increased awareness towards the use
of renewable energy sources and the rise in the use of wind as a viable form of
energy is bolstering the demand for wind turbines. The increased demand for
wind turbines a key growth driver for the global wind turbine casting market.
Usually, the lifespan of wind turbine is nearly 20 years which require them to
be produced or cast in order to work without interruption throughout their
lifespan. The wind turbine assembly uses large-volume, thin-walled cast parts,
to reduce the weight of wind turbine to a minimum. This further increases the
fatigue strength of the wind turbines. Moreover, while performing casting of
wind turbine, it is important to ensure that the unfinished surface area of
turbine is not having any cavities. The presence of cavities in the casted part
can cause a notch effect. This type of cavities are result of stripping caused
by the improper application of the coatings, groves from pattern stripping,
slag component adhering to the surface, and metal slag among others.
Energy security measure and an
increased focus towards green energy are encouraging countries to adopt wind
technology. Huge potential of wind energy to be used for power generation,
owing to their easy availability, is likely to drive growth in the wind turbine
market. Furthermore, the wind turbine can be installed at a quicker rate than
the other competitive mode of power generation. Emerging wind power generating
countries are anticipated to drive growth in the global wind turbine casting
market. The growth in the wind turbine casting market is driven by the
increased demand for energy across the world. Furthermore, the ongoing race to
achieve complete grid parity in the future has propelled the need to reduce the
cost of energy and differentiate from competition. This has led to an increased
demand for renewable energy technologies and thus for the wind turbine casting
market. However, supply chain constraints may hamper the growth in the global
wind turbine casting market.
Investments in wind technologies in
countries such as the U.S., India, China, UK, Spain, France, and Germany among
others are anticipated to propel growth in the global wind turbine casting
market. Asia Pacific market is likely to play a key role in the growth of the
wind turbine casting market. China leads the wind energy market with highest
installations and is further likely to play a key role in the development of
the wind turbine casting market. Growth in the Indian wind turbine is however
uncertain due the policy constraints. However, the U.S. market is likely to
experience supply chain difficulties, as they import casting largely from China
which leads to long lead times, high freight and handling fees, and slow
supplier responses. Albeit, growth potential for the wind turbine casting
market in Asia Pacific is likely to provide ample opportunities of growth in
the market.
Some of the key players in the
global wind turbine casting market include DHI•DCW Group Co.,Ltd.,
Eisengießerei Torgelow GmbH, Ningbo Riyue, Patel Alloys, Seforge, Vestas, and
Wuxi Qiaolin.
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This research report analyzes this
market on the basis of its market segments, major geographies, and current
market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review of
micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
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