Global Wind Turbine Casting Market Research Report 2019-2026
Summary - A new market study, titled “Global Wind Turbine Casting Market -2019-2026 ” has been featured on WiseGuyReports.
Wind Turbine Casting Market Overview
Wind energy which utilizes kinetic energy from
the wind and converts it into electrical power is one strong alternative to
conventional energy sources. Rising environmental harm caused by alternate
energy sources is gaining awareness across the end-users. As a result, heavy
investments are being put into the new energy sources which are eco-friendly.
Wind turbines are designed for a calculated lifespan of 20 years, which means
that ideally, the machine is supposed to work without interruption throughout
these 20 years.
As per Federal and State
regulations in the US, Wind Turbines shall comply with all applicable local,
state, and federal requirements, not limited to all applicable electrical,
construction, noise, safety, environmental and communications and requirements.
The global wind turbine casting market size was
worth USD 1.8 billion in 2018 and is forecasted to register a CAGR of 9.2%
during the forecast period.
Market Dynamics: Drivers, Restraints,
Opportunities Challenges
Growing installations of wind energy plants
combined with the rapid reduction of fossil fuels will drive the demand for
wind turbines, which will increase the demand for wind turbine casting market.
Adding to this, Increase in spending on energy from government and increasing
demand for electricity are the major drivers for the market growth globally.
Favorable government policies like promoting the
usage of renewable energy sources and the need for lowering carbon footprints
and emissions are increasing worldwide. For instance, as per the ministry of
renewable energy, the Indian government is providing financial incentives, and
concessions such as 80% accelerated depreciation, concessional customs duty on
specified items, excise duty exemption, sales tax exemption, income tax
exemption for ten years. Also, the Indian Renewable Energy Development Agency
(IREDA) is providing loans for setting up wind power projects which will fuel
the growth of wind turbine casting market worldwide. Adding to this, By 2019,
Britan government has installed windpower capacity of 20 gigawatts (GW), with
offshore wind farms accounting for 8 GW. Offshore capacity will reach 30 GW by
2030 under the Britan government plan.
Huge investment is required for the
manufacturing and installation of wind turbines is the major restraint
hampering the growth of the market. Adding to this, rising demand for energy
from the Solar sector is the other significant factor hindering the market
growth. Solar energy utilization rate has witnessed substantial growth over the
past few years emerging as a potential threat to wind energy source. For
instance, In 2018, the solar industry generated a USD 1 billion investment in
the American economy. Abundant availability of solar radiation along with
declining prices of solar panels on account of mass production is further
expected to hinder the growth of the wind turbine casting market.
Global Wind Turbine Casting Market Segment
Analysis
Key Segments:
Global Wind Turbine Casting Market:
• Horizontal Axis
• Vertical Axis
Horizontal axis wind turbines are the most
common type of use worldwide. Horizontal axis turbine dominates the majority of
the wind industry and expected to continue the same in the forecast period due
to high efficiency and power output compared to Vertical axis type turbines.
Companies are focusing to produce different type of ranges in power for
horizontal axis. For instance, Aeolos Wind Energy produces 1kw, 2kw, 3kw, 5kw,
10kw, 20kw, 30kw, 50kw horizontal axis wind turbines. Company has launched
Aeolos-H 30kw – Permanent Magnet & Gearless Wind Turbine System in July
2017.
Global Wind Turbine Casting Market, By
Application:
• Onshore
• Offshore
• Others
The offshore application is anticipated to
emerge as the next fastest-growing segment owing to rising government supports
and ambitious targets to developing the wind farms in the water bodies. The
growing number of installations in offshore applications in countries, such as
China, Japan, Germany, UK, Denmark, and the Netherlands is projected to drive
market growth. For instance, There are currently c.5-6GW of offshore wind in
the UK by 2019, with a further 4-5GW having secured development contracts.
Most of the Companies are focusing to
manufacture offshore wind turbines worldwide. For instance, In July 2019,
General Electric finished manufacturing the first nacelle for its new
12-megawatt offshore wind turbine, known as the Haliade-X, as the company
pushes to establish itself as an offshore market rival to Siemens Gamesa and
MHI Vestas. The application of offshore wind turbine is still in a nascent
stage of development and is facing some serious issues with having a feasible
power grid connection and reducing maintenance cost.
Geographical Landscape
Global wind turbine castings market is segmented
into five major regions including North America, Europe, Asia Pacific, South
America, and the Middle East & Africa region. The Asia Pacific wind turbine
casting market size accounted for 36.8% in 2018. The Asia Pacific is
anticipated to be the largest market share owing to the growing demand for
electricity due to rapid industrialization and urbanization in the region
during the forecasted period. Moreover, the growing requirement of energy
concerning population expansion is anticipated to fuel growth in the region.
Increasing demand for electricity, especially in
emerging economies such as China, India due to urbanization and rapidly increasing
population is driving Asia Pacific region growth. For instance, As of March
2017, the requirement of electricity in India was 11,39,076 MU, while the
availability was 11,31,088 MU, falling short by 7,988 MU. China is anticipated
to emerge as the top wind energy power generating country over the forecast
period owing to increasing installations and development. For instance,
according to Chinese wind energy association, Grid-connected capacity increased
to 164,000 MW with the addition of 15,030 MW installed in 2017.
Europe region is anticipated to foresee the next
highest significant growth owing to stringent environmental norms to reduce
carbon footprints in the region. Also, the growing offshore installations,
especially in countries such as UK, Germany, Spain, Scotland, and Sweden is
expected to increase the demand over the forecast period. For instance, In
2019, Scotland government has installed the biggest offshore wind farm and this
is the fourth-largest wind farm on the planet. Beatrice Offshore Wind Farm is
located 13 kilometers (8.1 miles) off the Caithness coast in the north of
Scotland. Furthermore, According to the Global Wind Energy Council report 2018,
Europe’s 15.8 GW of installed capacity at the end of 2017 accounted for 84% of
the global total of 18.8 GW, with the rest of the world accounting for just
16%.
Competitive Analysis:
Global wind turbine casting market is facing
high competition within the industry as the companies are innovating their wind
turbine technology to increase their efficiency. Some of the major players
include Siemens Gamesa Renewable Energy, S.A., SEForge, Aeolos Wind Energy
Limited, Vestas Wind Systems A/S, Sawtenergy, Goldwind, Enercon, Suzlon Energy
Ltd, Global Spec, WIndside Production Ltd and MFG Wind.
Global wind turbine casting market
competitiveness is enhancing with the rising installations of new wind turbine
power plants globally.
For instance, in February 2019, Wind turbine
maker Siemens Gamesa signed a USD 78.4 million contract with EPBiH to supply
wind turbines for a 48-megawatt (MW) wind farm. Further, the company will
supply 15 turbines and would build a wind park on Podvelezje plateau near the
southern town of Mostar. It will also service the turbines for five years.
February 2019, Siemens GA completed the casting
the initial turbine blades for the second phase of the 120MW Formosa 1 phase 2
project located Taiwan off the coast In
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