Wind Power Casting Market Size, Share, Growth, and Industry Growth by Type (Wind Power Hub, Pedestal, Gearbox Castings, and Others) By Application (Below 1.0 MW, 1.0-1.5MW, 1.5-2.0MW, 2.0-2.5MW, 2.5-3.0MW, and Above 3.0MW), Regional Forecast To 2031

Updated On: 08 July 2024

Wind Power Casting Market REPORT OVERVIEW

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global wind power casting market size was USD 1903 million in 2021  and market is projected to touch 2146.24 Million by 2031, exhibiting a CAGR of 1.2% during the forecast period.

Wind power casting includes fan base, fan hub, gearbox casing, and so on. The casting used in the wind energy equipment and systems. The turbine is used for converting the kinetic energy of wind into usable power.

The top impacting factors are estimated to boost market growth are presence of a favorable government policies across the globe. Huge need for lowering the rate of carbon emission and imprints, growing need for renewable energy is estimated to flourish market progress. Huge adoption of the product due to longer lifespan and lower maintenance costs. The equipment is gaining popularity due to increased technological advancement is anticipated to drive market progress. Rapid urbanization and industrialization is estimated to fuel market progress in the upcoming years. High consumption of electricity and increased demand for wind energy in developing counties is anticipated to fuel market growth. Increased practices for eco-friendly products is predicted to drive market progress in the forthcoming years. On the contrary, high installation costs is anticipated to halt market progress in the upcoming years. Also, stiff competition from solar sector is anticipated to limit market growth.

COVID-19 Impact: Import and Export Restrictions and Unpredictable Raw Materials Price Fluctuation to Limit Market Progress

Unfavorable economic progress during the outbreak of the COVID-19 pandemic. Slowdown process in industrial sector. Import and export restrictions and unpredictable raw materials price fluctuation. Lower demand for the machinery among end-user due to unemployment. Further, downfall in economic growth across the globe. These factors to harm market growth in the pandemic period.

LATEST TRENDS

"Favorable Government Policies across the Globe to Surge Market Growth "

Increased regulation among governments to increased renewable energy is estimated to drive market growth. Growing awareness about eco-friendly equipment is predicted to surge market growth.  Rapid urbanization and industrialization is estimated to fuel market progress in the upcoming years. High consumption of electricity and increased demand for wind energy in developing counties is anticipated to fuel market growth. Increased practices for eco-friendly products is predicted to drive market progress in the forthcoming years. Growing shifts for renewable energy sources and eco-friendly practices is predicted to accelerate market progress. Rapid economy development is estimated to fuel wind power casting market growth.

Wind Power Casting Market SEGMENTATION

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• By Type

Based on type, the market is divided into wind power hub, pedestal, gearbox castings, and others.

Wind power hub is expected to be the top part of type segmentation

• By Application

Based on the application, the market is divided into below 1.0 MW, 1.0-1.5MW, 1.5-2.0MW, 2.0-2.5MW, 2.5-3.0MW, and above 3.0MW.

below 1.0 MW is expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Technology Development to Stimulate Market Progress"

An increasing need for technological advancement and ongoing development in the technical sector. Huge adoption of the product due to longer lifespan and lower maintenance costs. The equipment is gaining popularity due to increased technological advancement is anticipated to drive market progress. Rapid urbanization and industrialization is estimated to fuel market progress in the upcoming years. Wind power casting includes fan base, fan hub, gearbox casing, and so on. The casting used in the wind energy equipment and systems. The turbine is used for converting the kinetic energy of wind into usable power. Such features of the machinery are predicted to drive market growth in the forthcoming years.

"Rise in Deployment of Wind Energy across Several Applications to Drive Market Performance"

The increased need of wind energy across several application is estimated to drive market growth. Huge demand for the machinery among virtual power plants, district heating, and distributed generation. The turbines are mostly used for better starting performance and better speed ratio, which is estimated to drive market growth. Huge need for lowering the rate of carbon emission and imprints, growing need for renewable energy is estimated to flourish market progress in the forthcoming years. Increased competitions among market players is estimated to propel market growth. Growing adoption of wind power installation for its several benefits is predicted to surge market progress.

RESTRAINING FACTORS

"Stiff Competition from Solar Industry to Limit Market Growth "

The high installation costs are anticipated to halt market progress in the upcoming years. Also, stiff competition from solar sector is anticipated to limit market growth.

Wind Power Casting Market REGIONAL INSIGHTS

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"Growing Awareness about the Benefits of the Product in North America to Drive Market Share "

North America is estimated to account for the largest wind power casting market share owing to huge adoption of the product due to longer lifespan and lower maintenance costs. The equipment is gaining popularity due to increased technological advancement is anticipated to drive market progress. Rapid urbanization and industrialization is estimated to fuel market progress in the upcoming years. High consumption of electricity and increased demand for wind energy in developing counties is anticipated to fuel market growth. Increased practices for eco-friendly products is predicted to drive market progress in the forthcoming years.

Asia Pacific is expected to hold prominent market share due to an increasing need for technological advancement and ongoing development in the technical sector. Huge adoption of the product due to longer lifespan and lower maintenance costs. The equipment is gaining popularity due to increased technological advancement is anticipated to drive market progress. Rapid urbanization and industrialization is estimated to fuel market progress in the upcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• CASCO (U.S.)
• Elyria &Hodge (U.S.)
• CAST-FAB (U.S.)
• VESTAS (Denmark)
• SHW
• SIMPLEX (India)
• SAKANA (India)
• K&M
• API
• GLORIA (U.S.)
• JIANGSU SINOJIT (China)
• Zhejiang Jiali (China)
• YEONGGUAN (China)
• DALIAN HUARUI (China)
• RIYUE HEAVY INDUSTRY (China)
• Qinchuan Machine (China)
• Shandong Longma (China)
• KOCEL (China)
• Henan Hongyu (China)
• SXD (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.