According to the latest study titled ‘Wind Turbine Casting Market Share, Size, Trends, Industry Analysis Report By Type; By Application; By Regions, Segment Forecasts, 2020 – 2027’, available with Market Study Report, worldwide wind turbine casting market is anticipated to amass USD 2.9 billion by the year 2027.
 

Rapid urbanization and numerous construction projects are fostering the electricity demand, which is working in favor of the market growth. Efforts by federal agencies to promote the usage of renewable energy and minimize dependency on fossil fuels, in consort with focus towards reducing carbon footprint and GHG emissions are bolstering the wind turbine projects, hence impelling the growth of wind turbine casting market.
 

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Notably, wind turbine, with wind as an alternative energy source, employs the principle of converting kinetic energy of wind into electricity. These wind turbines have various components, namely, nacelle housing, wires, rotor bearings, razil, India, China, Japan, Germany, and the primary shaft, rotor hub, power converter, generator, rotor blades, mainframe, gear box, and tower. Some of these components are manufactured by casting process, and undergo heavy stress to ensure elevated creep resistance.
 

Paradigm shift towards alternative power among numerous end-users, longer lifespan of wind turbine components, and constant research & development in the field are augmenting the global wind turbine casting industry outlook.
 

Based on type, the market is divided into vertical axis, and horizontal axis, wherein the latter segment held the major industry share and is poised to showcase similar growth trends in the forthcoming years. High efficiency, and impressive power output are boosting the adoption of horizontal axis wind turbines.
 

Moving on to application scope, worldwide wind turbine casting market size for onshore applications is slated to boom over 2020-2027, cites the report.
 

From geographical frame of reference, nations like South Africa, the UK, Brazil, Japan, Germany, India, China, and the US are touted to become major contributors towards wind turbine casting market remuneration in the ensuing years, creditable to surging efforts by countries to setup offshore application facilities.
 

Prominent companies in the global wind turbine casting industry sphere are Global Castings (now Baettr), Premier Ltd., SHW Casting Technologies GmbH, Suzlon Energy Limited, Goldwind, Enercon GmbH, DHI DCW Group Co. Ltd., Vestas Wind Systems A/S, Sinovel Wind Group Company, and SEForge Ltd.