Wind Turbine Casting Market Report

Wind Turbine Casting Market Analysis By Type (Horizontal Axis, Vertical Axis), By Application (Onshore, Offshore), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2014 - 2025

Published: January 2017  |  60 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-361-4

Industry Insights

The global wind turbine casting market size was valued at USD 1.61 billion in 2015. The increasing requirement of electricity on account of rapid urbanization and industrialization is expected to drive the demand for renewable sources of energy such as the wind, which will stimulate the usage of turbines.

A wind turbine is a device that aids in converting the kinetic energy of wind into usable power. Wind turbines have various parts, which include a main shaft, rotor hub, mainframe, rotor blades, gearbox, generators, tower, rotor bearing, power converter, transformer, nacelle housing, and cables among other. The primary parts that undergo casting include rotor hubs, axle pins, and main carriers.

U.S. wind turbine casting market by type, 2014 - 2025 (USD Million)

U.S. wind turbine casting market

Rotor hubs are cast components in a wind turbine, and they are subjected to high stress. Casting aids in high creep resistance and are ideally suited for developing composite components. The growing wind energy installations in countries including China, India, Brazil, UK, and South Africa is expected to create favorable opportunities for market growth in the future.

The growing number of installations in offshore applications in countries, such as UK, Germany, China, Netherlands, Japan, and Denmark, is projected to drive market growth over the next nine years. Moreover, longer lifespan and lower maintenance cost of these products are expected to drive the market demand over the upcoming years.

The key drivers for the industry include favorable government policies to promote the usage of renewable sources of energy and the need for lowering carbon imprints and emissions. Rapid urbanization coupled with rising construction activities has increased the demand for electricity. This factor is anticipated to drive the requirement for wind energy, which in turn will propel the market growth.

Solar energy utilization has witnessed significant growth over the past few years as a renewable source of energy. Abundant availability of sun rays along with low prices of solar panels on account of mass production is expected to hinder growth over the upcoming years.

Type Insights

Horizontal axis turbine was the most widely used type and accounted for 95.4% of the global revenue share in 2015. Horizontal axis types can be distinguished from their structures with electrical generators and main rotor shafts at the top of the tower. Primary advantages including high efficiency and power output are expected to stimulate product demand, which in turn will spur industry growth over the forecast period.

Vertical axis type turbines are projected to witness the fastest growth over the forecast period owing to their advantages such as operating at minimum wind speed, less number of components, and low maintenance costs. These products are currently in the initial phase and are expected to grow in light of various R&D activities.

Application Insights

The onshore application was the prominent segment contributing to 91.8% of the global revenue in 2015. Onshore applications refer to turbines located on the land and are expected to witness significant growth on account of easier installation and maintenance. Moreover, these products are more affordable, and electricity generation costs are lesser, which will create further growth opportunities.

Global wind turbine casting market revenue, by application, 2015 (%)

Global wind turbine casting market

The offshore application is expected to witness fastest gains on account of favorable government support and ambitious targets for development in countries such as China, South Korea, Japan, Taiwan, and the U.S. Onshore applications refer to turbines located on water bodies to generate electrical power. The application is still in a nascent stage of development and possesses enormous prospects as more amount of energy can be produced from fewer turbines. This is expected to open new opportunities for growth over the forecast period.

Regional Insights

Asia Pacific was the largest market with 54% of the market share and is expected to continue being the market leader on account of growing requirement of electricity due to rapid urbanization and industrialization in the region over the forecast period. Moreover, the growing requirement of energy in light of population expansion is anticipated to fuel growth in the region.

China is projected to emerge as the top power generating country over the forecast period owing to increasing installations and development. In 2015, China added 30,753 MW of installations out of which 360.5 MW was for offshore developments.

Europe is expected to foresee significant growth over the next nine years owing to stringent environmental norms to diminish carbon footprints in the region. In addition, the growing offshore installations, especially in countries including UK, Germany, Denmark, Belgium, Netherland, and Sweden, is expected to stimulate demand over the forecast period.

Competitive Insights

The industry is highly fragmented in nature owing to the presence of various small, medium and large manufacturers. Large numbers of casting companies are present in the Europe, North America, and Asia Pacific region.

Key participants in this industry include Vestas, Sinovel, Goldwind, Enercon, DHI DCW Group Co., Ltd., Suzlon, Premier Heavy Engineering, SHW Casting Technologies GmbH & Co. KG, SAKANA Group, Global Castings, SEFORGE, Riyue Heavy Industry Corporation Ltd., and Elyria Foundry Company, LLC. In December 2016, Vestas announced an agreement to supply turbines in Jordan which are capable of producing 89.1 MW of power.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., Germany, UK, China, India, Brazil

Report coverage             

Revenue Forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels, and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the wind turbine casting market on the basis of type, application, and region:

  • Type Outlook (Revenue, USD Million; 2014-2025)

    • Horizontal axis

    • Vertical axis

  • Application Outlook (Revenue, USD Million; 2014-2025)

    • Onshore

    • Offshore

    • Others

  • Regional Outlook (Revenue, USD Million; 2014-2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • MEA

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