Wind Turbine Machinery Castings Global Market Report 2022
Major players in the wind turbine casting market are Suzlon Energy Limited, Sinovel Wind Group Co Ltd, Mingyang Smart Energy Group Co Ltd, Vestas Co, DHI DCW Group Co Ltd, Premier Heavy Engineering Ltd, Goldwind, Enercon, SHW Casting Technologies GmbH & Co, Mingyang Smart Energy Group Co.
New York, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wind Turbine Casting Global Market Report 2022: Ukraine-Russia War Impact", Ltd., Global Castings, SEFORGE, SAKANA Group, Elyria Foundry Company, Juwi Holding AG, SIMPLEX, AEROVIDE GmbH, and Shandong Longma.
The global wind turbine casting market is expected to grow from $1.85 billion in 2021 to $2.00 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The wind turbine casting market is expected to reach $2.47 billion in 2026 at a CAGR of 5.4%.
The wind turbines casting market consists of sales of rotor hubs, axle pins, blades, generator, shaft machine, and hydraulics system.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wind turbines casting refers to components that are cast or moulded according to specifications and then assembled to construct wind energy systems. It is designed to capture the air that flows through them in a small pocket of air, pulling the blade down and causing it to revolve.
Asia-Pacific was the largest region in the wind turbine casting market in 2021. The regions covered in the wind turbine casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of wind turbine casting are horizontal axis and vertical axis.The horizontal axis refers to an axis that is parallel to the ground and is flat and parallel to it.
The horizontal axis is utilised in wind turbines casting to create greater power while using less energy, making them excellent for usage in large wind power plants and electricity production.The different materials include copper, glass-reinforced plastic, and concrete, that are applied in onshore and offshore applications.
The several end users include industrial, commercial, and residential.
Increasing demand for renewable energy is expected to boost the growth of the wind turbine casting market going forward.Renewable energy comes from natural sources that renew themselves more quickly than they are depleted.
Renewable energy is becoming more popular because it reduces pollutants and greenhouse gas emissions, both of which contribute to climate change.Wind turbine casting technology is one of the essential components of renewable energy as it helps to reduce the use of fossil fuels and dangerous nuclear power.
For instance, according to a report by the International Energy Agency, a France-based autonomous intergovernmental organization, the utilization of renewable energy increased by 3% in 2020.In addition, the proportion of renewable energy in the world’s power generation increased from 27% in 2019 to 29% in 2020.
Therefore, the rising demand for renewable energy is expected to drive the growth of the wind turbine casting market.
Technological advancements have emerged as a key trend gaining popularity in the wind turbine market.Major companies operating in the wind turbine casting market are focused on innovating new technologies to sustain their position.
For instance, in September 2021, Siemens Gamesa Renewable Energy, a Germany-based renewable energy company, launched the recyclable wind turbine blade.This wind turbine blade can be recycled at the end of its lifecycle.
The recyclable blade recovery technique uses a moderate acidic solution to separate the materials at the end of the wind turbine’s lifetime. These materials can then be recycled and repurposed in various industries such as construction, consumer goods, and vehicle manufacturing.
In September 2022, SSE Renewables, a UK-based electricity generation company, acquired Siemens Gamesa Renewable Energy existing European renewable energy development platform, for $564.22 million (€580m). With this acquisition, SSE Renewables enters Southern Europe, building its successful renewables business in the UK and Ireland, where it owns and operates 4GW of renewable assets, including nearly 2GW of onshore wind, and has a secured pipeline of over 11GW of onshore wind, offshore wind, and hydro projects. Siemens Gamesa Renewable Energy is a Germany-based company that manufactures wind turbines and provides onshore and offshore wind services.
The countries covered in the wind turbine casting market report are Australia, Brazil,
China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
January 05, 2023
