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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