Wind Turbine Casting Market - Forecast (2024 - 2030)
The Wind Turbine Casting Market size is forecast to reach $2.85 billion by 2027, growing at a CAGR of 6.02% from 2022 to 2027. Rising government investment toward green electricity generation by integrating wind power technology is positively impacting the installation of wind turbines across the globe. Wind turbines consist of various parts which include a rotor shaft, rotor hubs, rotor blades, gearbox, generators , towers, rotor bearings, power converter, transformer, nacelle housing, cables and others. Wind turbines are designed with a lifespan of 20 years and thus, the components require high fatigue strength. Wind Turbine Casting aids in high creep resistance and can be considered vital in developing composite components. The primary parts such as rotor hubs, axle pins and main carriers are subjected to high stress and thus these components are in dire need of undergoing a casting process. Factors such as favorable government policies promoting renewable energy usage and the demand for reducing carbon imprints and emissions are fueling the installation of wind turbines across the globe, which in turn is set to spur the demand for wind turbine casting for years to come. Does the German federal government plan to expand offshore wind power to a?capacity of 15,000?MW by the year 2030 to reduce the CO2?emissions and this in turn is set to aid the growth of the Wind Turbine Casting Market?in future years.
Wind Turbine Casting Market Report Coverage
The “Wind Turbine Casting Market Report - Forecast (2022-2027)”?by IndustryARC, covers an in-depth analysis of the following segments in the Wind Turbine Casting Market.
By Type: Horizontal Axis Turbine and Vertical Axis Turbine. By Material Type: steel, cast iron, aluminum alloy, glass-reinforced plastic, copper and others. By Capacity: <3 MW, 3-5 MW, 5-8 MW and >8 MW. By Casting Technology: sand casting, chill casting and others. By Component: Tower/ foundation, rotor hubs, rotor blades, axle pins, rotor shaft, rotor bearings, gearbox and others. By Application: Offshore and Onshore. By End-user: Industrial, Commercial, Residential By Geography: North America (the U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, South Korea, Australia and Others), South America (Brazil, Argentina and others) and RoW (the Middle East and Africa).
Key Takeaways
Wind Turbine Casting Market Segment Analysis – by type
By type, Wind Turbine Casting Market is segmented under horizontal axis wind turbine and vertical axis wind turbine.?The horizontal?axis segment is analyzed to grow with the highest CAGR of 6.9% in the Wind Turbine Casting Market during the forecast period 2022-2027. Horizontal axis wind turbines?are widely adopted in large-scale wind farms for national projects or industrial plants. As compared to vertical axis wind turbine, advantages of horizontal axis wind turbine include high power output, high efficiency, high reliability and maximized operational wind speed, which makes them the perfect solution for mass electricity production. The basic parts of a horizontal axis wind turbine (HAWT) are a foundation, tower, nacelle, generator, rotor blades, rotor hubs, rotor bearings, gearbox, rotor shafts and so on. All the loads caused by wind and extreme loads on the blades are transferred to the rotor hubs. In order to improve the strength-weight ratio, the casting process is in high demand. This transition of material leads to a reduction in the weight of the wind turbine, which in turn boosts the demand for wind turbine casting. In September 2021, GE Renewable Energy announced that it has received approval for its proposed turbine plant in Teesside, a port town in northeast England to serve the vast offshore wind potential of the North Sea. This facility is dedicated to the production of GE’s 107-meter-long offshore wind turbine blades and this in turn is set to foster the?Wind Turbine Casting Market?in coming years.
Wind Turbine Casting Market Segment Analysis – by application
By application, Wind Turbine Casting Market has been segmented into off-grid and on-grid. Off-grid is analyzed to witness the highest growth with a CAGR of 7.25% during 2022-2027. Offshore wind turbines are much larger in size (in the range of 5 to 10 MW per turbine) in comparison with the capacity (2-3 MW) of an onshore wind turbine. As per International Energy Agency (IEA), the capacity of installed wind turbines across the globe is anticipated to increase to triple by 2025 and will rise 15-fold by 2040, owing to factors like falling costs, supportive government policies and technological advancements. The growing demand for electricity across the globe and the adoption of greener energy in developing countries with poor power transmission infrastructure or no centralized utility grids, with an aim toward mitigating the adverse impact of climate change, is driving the growth of the off-grid wind turbine market forward. As a part of India’s energy transition, the union government plans to float tenders for setting up 3-4 GW of offshore wind capacity and has set a target of 5 GW by the end of 2022. Such government initiatives are poised to create significant growth opportunities for the market during 2022-2027.
Wind Turbine Casting Market Segment Analysis – by geography
By Geography, the Wind Turbine Casting market is segmented under North America, Europe, APAC, South America and RoW. APAC dominated the Wind Turbine Casting Market with a share of 36% in 2021 and is also analyzed to witness significant growth during 2022-2027. Increasing governmental support for the expansion of renewable wind energy projects, the growing shift towards sustainable energy to mitigate adverse climatic changes and so on have attributed to the market growth in the region. The growing implementation of policies towards promoting or encouraging commercial sectors to adopt small-sized wind turbines and the inclination toward building integrated wind turbines with a vision to reduce negative impacts on the environment and human healthcare are some of the key factors driving the market growth forward in this region. China leads the wind energy market with the highest installations and is further likely to play a key role in the development of the Wind Turbine Casting Market.?In March 2020, Blue Circle announced extending the Mui Ne project with a second 40 MW phase in Vietnam. This project involves a cost of $80 Mn and has a total expansion capacity of 170 MW for onshore wind energy generation in continental Vietnam. Furthermore, in August 2022, U.S. utility group AES Corp. announced about the building of a 4-GW offshore wind farm off the coast of Vietnam’s Binh Thuan province. The project involves a cost of US$ 13 Bn.?Japan is aiming towards deploying 10 gigawatts (GW) of offshore wind capacity by 2030. Recently, 25% of Japan’s electricity comes from clean energy. Such ongoing projects and government initiatives toward a sustainable and environment-friendly energy transition is set to further contribute to the market growth of the?Wind Turbine Casting Market?in the coming time in this region.
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Wind Turbine Casting Market Drivers
Growing adoption of offshore wind power technology to meet increased electricity demands while minimizing carbon footprint drives the market forward
Growing adoption of offshore wind power technology to meet increased electricity demands while minimizing carbon footprint drives the market forward. Factors like the scarcity of conventional fossil fuels and their adverse impacts on air quality have accelerated the adoption of renewable wind power technology. Offshore wind is a rapidly growing renewable energy technology that is poised to play an important role in future energy systems. Wind turbines are growing in size and in terms of power capacity, which in turn is delivering major performance and cost improvements for offshore wind farms. Generally, the lifespan of a wind turbine is nearly 20 years which requires 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 the wind turbine to a minimum. This further increases the fatigue strength of the wind turbines, which in turn boosts the development of the?Wind Turbine Casting Market.?In August 2022, the Irish government announced increasing the target for offshore wind capacity from 5 GW to 7 GW by 2030. In July 2022, the U.S. Department of Interior (DOI) announced about a plan to bring offshore wind energy to the Gulf of Mexico. This project involves the construction and operation of commercial wind energy facilities by 2025, which would represent more than 22GW. Such factors will eventually drive the market growth of the?Wind Turbine Casting Market?during the forecast period 2022-2027.
Growing integration of 3D printing solution with casting process is set to boost the growth
The growing implementation of 3D printing in the casting process poses many beneficial advantages including greater speed, reduced cost and sustainability by reducing its environmental impact. Increasing usage of 3D printing solutions for wind turbine blades reduces the overall development cost, which affects the market growth positively. In January 2021, the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy awarded the University of Maine?Advanced Structures and Composites Center with a $2.8 million fund to develop a rapid, low-cost additive manufacturing, 3D printing solution for fabricating large, segmented wind blade molds. In September 2021, GE, Fraunhofer IGCV and voxeljet AG announced a research partnership to develop the world’s largest 3D printer for offshore wind applications in order to streamline the production of key components of GE’s Haliade-X offshore wind turbine. The project involves the development of a new, large format 3D printer capable of producing sand molds for casting the highly complex metal parts of different shapes and sizes that make up an offshore wind turbine nacelle. The Advance Casting Cell (ACC) 3D printer under development is set to receive benefit from financial support from the German Federal Ministry for Economic Affairs and Energy and will be capable of reducing the time it takes to produce this pattern and mold from ten weeks or more to just two weeks. In addition, the use of the 3D printer is expected to reduce the product’s carbon footprint by eliminating the need to transport large parts from a central manufacturing location. Hence, the above-mentioned factors accelerate the growth of the?Wind Turbine Casting Market?during the forecast period 2022-2027.
Wind Turbine Casting Market Challenges
Wild-life damage and noise pollution created by wind power technology hinders its market growth
Noise pollution associated with rotor blade rotation and gearbox/generator noise can lead to serious environmental issues. As?wind energy?has grown in popularity, reports of?birds?killed by?wind turbines?have become more common. The U.S. Fish and Wildlife Service estimates that between 140,000 and 500,000 bird deaths occur at wind farms each year.?Hence, these challenges are limiting the installation of wind turbines, which in turn is poised to impede the growth of the?Wind Turbine Casting Market?during the forecast period 2022-2027.
Wind Turbine Casting Market Landscape
Product innovations, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the?Wind Turbine Casting Market. The top 10 companies in the Wind Turbine Casting Market are/include:
Recent Developments