Wind Turbine Castings Market - Size & Upcoming Industry Trends (2024-2032)

Wind Turbine Castings Market Synopsis:

Wind Turbine Castings Market Size Was Valued at USD 2.93 Billion in 2023, and is Projected to Reach USD 5.33 Billion by 2032, Growing at a CAGR of 6.87% From 2024-2032.

The Wind Turbine Castings Market can be divided as the process of manufacturing and sale of customized cast parts inclusive of hubs, bases and rotors that is used in wind turbines. Forging these components to specification from materials such as cast iron and steel is necessary for the structural and functional requirement of wind turbines, and to meet the increasing global demand for renewable energy.

 The Wind Turbine Castings Market is a critical market that contributes the renewable energy industry greatly due to providing a variety of quality casting parts for wind turbines. When governments and industries turn to renewables to address the menace of climate change, there has been a demand for wind energy installations. As a result, there is a demand for technology improvement of manufacturing process of turbine castings in terms of strength, performance, and cost.

Onshore and offshore wind turbines require castings that are firm support offered to the nacelle, rotor and other structures of the machine. The trend over the years has been one of moving toward the bigger and more energy-intensive turbines, where further dependable and scalable cast components have come to be viewed as critical. Besides the enhancement in performance, manufacturers are also considering activities including material recycling and designing processes that minimize the use of materials and energy in the manufacturing processes.

In addition to this, the global market trends are favored by rising expenditures on wind power projects in both the developed and the developing countries. Despite high competition in wind energy power production, different regions encompassing Europe, North America, and Asia-Pacific possess different policies and strategies in the implementation of wind energy in their regions. However, as offshore wind projects progress, the need for enhanced and steadily increasing more massive and robust castings will be an issue for the industry and a possibility at the same time.

Wind Turbine Castings Market Trend Analysis:

Rising Adoption of Offshore Wind Turbines

• One of the most evident global trends influencing the Wind Turbine Castings Market as a new market is the shift of offshore wind turbines. Offshore wind farms are preferred being that they can access stronger and constant wind speeds which in turn gives offshore wind power better capacity than the onshore wind power. This has therefore resulted in higher demand for such special castings that can adequately compensate for the special and rugged marine atmosphere.
• Industry specialists are concentrating on advanced casting solutions in order to achieve anti-corrosive and extremely long-wearing parts for offshore turbines. For instance, such practice as utilizing of the enhanced alloys and increasing the demanded sets of the surface treatment. Since governments pour millions of dollars into the manufacturing of offshore wind energy specifically in Europe and Asia Pacific region, the demand for customized casting solutions is on the rise thus driving demand and innovation in the market.

Technological Advancements in Casting Processes

• The Wind Turbine Castings Market ‘s potential is in its progress in casting technologies. New age technologies like AM, CAD, and automated casting systems are driving manufacturers towards the improved and enhanced part fabrication. These technology also contribute to cutting manufacturing expenses through cutting on scrap and power usage.
• Not only, the adoption of smart sensors and IoT in the casting process enable an assessment of the properties of the material that has been cast and quality assurance in order to produce high performance parts. Given that the manufacturer with such efficient and sustainable technologies can meet the increasing demand for complex wind turbine castings.

Wind Turbine Castings Market Segment Analysis:

Wind Turbine Castings Market is Segmented on the basis of Product Type, Material, Manufacturing Process, and Application.

By Product Type, Hub segment is expected to dominate the market during the forecast period

• The segmentation of the machinery market is based on the product, including hubs, bases, rotors and other categories. Of these, hubs and rotors are popular with a largely established market share because of their fundamental importance in the operation of any turbine. Hubs are essentially the means by which rotor blades are joined since they spin and facilitate an efficient capture of energy.
• Sustentations are less dynamic as compared to discs but play the critical role of forming the general structural framework of the turbine system. The recent development in the material sciences has seen the producers of all types of equipment improving on the life and efficiency of their products to meet the changing requirements of on-shore as well as offshore wind power plants.

By Application, Onshore Wind Turbines segment expected to held the largest share

• The segmentation of the Wind Turbine Castings Market is based on applications: onshore and offshore. Onshore wind power is followed by the market in terms of installed power capacity and lower costs of installation. But offshore wind turbines have emerged, especially because they produce more energy and there is an encouragement by the government.
• Offshore applications requires castings that can able to sustain severe environmental test without degrading or corroding easily. This segment is anticipated to show high growth led by scaled-up offshore wind projects in Europe and Asia-Pacific region.

Wind Turbine Castings Market Regional Insights:

Asia-Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia-Pacific region accounts for the largest Global Wind Turbine Castings Market share due to objectives such as industrialization, liberal government policies, and capital investments in wind energy plants. Both China and India constitute a considerable share in wind energy targets and a large number of wind farms.
• Also, the region enjoys favorable factor conditions, with a sound manufacturing sector and sources of input materials, which makes cost-efficient production possible. Since the Asia-Pacific region is in a process of increasing its installed wind energy capacity it shall continue to dominate the global wind turbine castings market.

Active Key Players in the Wind Turbine Castings Market:

• Sinovel Wind Group Co., Ltd. (China)
• Siemens Gamesa Renewable Energy (Spain)
• General Electric (GE) Renewable Energy (United States)
• Vestas Wind Systems A/S (Denmark)
• Suzlon Energy Limited (India)
• Goldwind Science & Technology Co., Ltd. (China)
• Enercon GmbH (Germany)
• Nordex SE (Germany)
• Shanghai Electric Group Company Limited (China)
• Acciona Windpower S.A. (Spain)
• Dongfang Electric Corporation (China)
• Marmen Inc. (Canada)
• Other Active Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Wind Turbine Castings Market by Product Type
 4.1 Wind Turbine Castings Market Snapshot and Growth Engine
 4.2 Wind Turbine Castings Market Overview
 4.3 Hub
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Hub: Geographic Segmentation Analysis
 4.4 Base
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Base: Geographic Segmentation Analysis
 4.5 Rotor
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Rotor: Geographic Segmentation Analysis
 4.6 Others
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Others: Geographic Segmentation Analysis

Chapter 5: Wind Turbine Castings Market by Material
 5.1 Wind Turbine Castings Market Snapshot and Growth Engine
 5.2 Wind Turbine Castings Market Overview
 5.3 Steel
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Steel: Geographic Segmentation Analysis
 5.4 Cast Iron
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Cast Iron: Geographic Segmentation Analysis
 5.5 Others
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Others: Geographic Segmentation Analysis

Chapter 6: Wind Turbine Castings Market by Manufacturing Process
 6.1 Wind Turbine Castings Market Snapshot and Growth Engine
 6.2 Wind Turbine Castings Market Overview
 6.3 Sand Casting
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Sand Casting: Geographic Segmentation Analysis
 6.4 Investment Casting
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Investment Casting: Geographic Segmentation Analysis
 6.5 Die Casting
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Die Casting: Geographic Segmentation Analysis
 6.6 Others
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Others: Geographic Segmentation Analysis

Chapter 7: Wind Turbine Castings Market by Application
 7.1 Wind Turbine Castings Market Snapshot and Growth Engine
 7.2 Wind Turbine Castings Market Overview
 7.3 Onshore Wind Turbines
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Onshore Wind Turbines: Geographic Segmentation Analysis
 7.4 Offshore Wind Turbines
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Offshore Wind Turbines: Geographic Segmentation Analysis

Chapter 8: Company Profiles and Competitive Analysis
 8.1 Competitive Landscape
  8.1.1 Competitive Benchmarking
  8.1.2 Wind Turbine Castings Market Share by Manufacturer (2023)
  8.1.3 Industry BCG Matrix
  8.1.4 Heat Map Analysis
  8.1.5 Mergers and Acquisitions  
 8.2 SINOVEL WIND GROUP CO. LTD. (CHINA)
  8.2.1 Company Overview
  8.2.2 Key Executives
  8.2.3 Company Snapshot
  8.2.4 Role of the Company in the Market
  8.2.5 Sustainability and Social Responsibility
  8.2.6 Operating Business Segments
  8.2.7 Product Portfolio
  8.2.8 Business Performance
  8.2.9 Key Strategic Moves and Recent Developments
  8.2.10 SWOT Analysis
 8.3 SIEMENS GAMESA RENEWABLE ENERGY (SPAIN)
 8.4 GENERAL ELECTRIC (GE) RENEWABLE ENERGY (UNITED STATES)
 8.5 VESTAS WIND SYSTEMS A/S (DENMARK)
 8.6 SUZLON ENERGY LIMITED (INDIA)
GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. (CHINA)
 8.7 ENERCON GMBH (GERMANY)
 8.8 NORDEX SE (GERMANY)
 8.9 SHANGHAI ELECTRIC GROUP COMPANY LIMITED (CHINA)
 8.10 ACCIONA WINDPOWER S.A. (SPAIN)
 8.11 DONGFANG ELECTRIC CORPORATION (CHINA)
 8.12 MARMEN INC. (CANADA)
 8.13 OTHER ACTIVE PLAYERS

Chapter 9: Global Wind Turbine Castings Market By Region
 9.1 Overview
 9.2. North America Wind Turbine Castings Market
  9.2.1 Key Market Trends, Growth Factors and Opportunities
  9.2.2 Top Key Companies
  9.2.3 Historic and Forecasted Market Size by Segments
  9.2.4 Historic and Forecasted Market Size By Product Type
  9.2.4.1 Hub
  9.2.4.2 Base
  9.2.4.3 Rotor
  9.2.4.4 Others
  9.2.5 Historic and Forecasted Market Size By Material
  9.2.5.1 Steel
  9.2.5.2 Cast Iron
  9.2.5.3 Others
  9.2.6 Historic and Forecasted Market Size By Manufacturing Process
  9.2.6.1 Sand Casting
  9.2.6.2 Investment Casting
  9.2.6.3 Die Casting
  9.2.6.4 Others
  9.2.7 Historic and Forecasted Market Size By Application
  9.2.7.1 Onshore Wind Turbines
  9.2.7.2 Offshore Wind Turbines
  9.2.8 Historic and Forecast Market Size by Country
  9.2.8.1 US
  9.2.8.2 Canada
  9.2.8.3 Mexico
 9.3. Eastern Europe Wind Turbine Castings Market
  9.3.1 Key Market Trends, Growth Factors and Opportunities
  9.3.2 Top Key Companies
  9.3.3 Historic and Forecasted Market Size by Segments
  9.3.4 Historic and Forecasted Market Size By Product Type
  9.3.4.1 Hub
  9.3.4.2 Base
  9.3.4.3 Rotor
  9.3.4.4 Others
  9.3.5 Historic and Forecasted Market Size By Material
  9.3.5.1 Steel
  9.3.5.2 Cast Iron
  9.3.5.3 Others
  9.3.6 Historic and Forecasted Market Size By Manufacturing Process
  9.3.6.1 Sand Casting
  9.3.6.2 Investment Casting
  9.3.6.3 Die Casting
  9.3.6.4 Others
  9.3.7 Historic and Forecasted Market Size By Application
  9.3.7.1 Onshore Wind Turbines
  9.3.7.2 Offshore Wind Turbines
  9.3.8 Historic and Forecast Market Size by Country
  9.3.8.1 Russia
  9.3.8.2 Bulgaria
  9.3.8.3 The Czech Republic
  9.3.8.4 Hungary
  9.3.8.5 Poland
  9.3.8.6 Romania
  9.3.8.7 Rest of Eastern Europe
 9.4. Western Europe Wind Turbine Castings Market
  9.4.1 Key Market Trends, Growth Factors and Opportunities
  9.4.2 Top Key Companies
  9.4.3 Historic and Forecasted Market Size by Segments
  9.4.4 Historic and Forecasted Market Size By Product Type
  9.4.4.1 Hub
  9.4.4.2 Base
  9.4.4.3 Rotor
  9.4.4.4 Others
  9.4.5 Historic and Forecasted Market Size By Material
  9.4.5.1 Steel
  9.4.5.2 Cast Iron
  9.4.5.3 Others
  9.4.6 Historic and Forecasted Market Size By Manufacturing Process
  9.4.6.1 Sand Casting
  9.4.6.2 Investment Casting
  9.4.6.3 Die Casting
  9.4.6.4 Others
  9.4.7 Historic and Forecasted Market Size By Application
  9.4.7.1 Onshore Wind Turbines
  9.4.7.2 Offshore Wind Turbines
  9.4.8 Historic and Forecast Market Size by Country
  9.4.8.1 Germany
  9.4.8.2 UK
  9.4.8.3 France
  9.4.8.4 The Netherlands
  9.4.8.5 Italy
  9.4.8.6 Spain
  9.4.8.7 Rest of Western Europe
 9.5. Asia Pacific Wind Turbine Castings Market
  9.5.1 Key Market Trends, Growth Factors and Opportunities
  9.5.2 Top Key Companies
  9.5.3 Historic and Forecasted Market Size by Segments
  9.5.4 Historic and Forecasted Market Size By Product Type
  9.5.4.1 Hub
  9.5.4.2 Base
  9.5.4.3 Rotor
  9.5.4.4 Others
  9.5.5 Historic and Forecasted Market Size By Material
  9.5.5.1 Steel
  9.5.5.2 Cast Iron
  9.5.5.3 Others
  9.5.6 Historic and Forecasted Market Size By Manufacturing Process
  9.5.6.1 Sand Casting
  9.5.6.2 Investment Casting
  9.5.6.3 Die Casting
  9.5.6.4 Others
  9.5.7 Historic and Forecasted Market Size By Application
  9.5.7.1 Onshore Wind Turbines
  9.5.7.2 Offshore Wind Turbines
  9.5.8 Historic and Forecast Market Size by Country
  9.5.8.1 China
  9.5.8.2 India
  9.5.8.3 Japan
  9.5.8.4 South Korea
  9.5.8.5 Malaysia
  9.5.8.6 Thailand
  9.5.8.7 Vietnam
  9.5.8.8 The Philippines
  9.5.8.9 Australia
  9.5.8.10 New Zealand
  9.5.8.11 Rest of APAC
 9.6. Middle East & Africa Wind Turbine Castings Market
  9.6.1 Key Market Trends, Growth Factors and Opportunities
  9.6.2 Top Key Companies
  9.6.3 Historic and Forecasted Market Size by Segments
  9.6.4 Historic and Forecasted Market Size By Product Type
  9.6.4.1 Hub
  9.6.4.2 Base
  9.6.4.3 Rotor
  9.6.4.4 Others
  9.6.5 Historic and Forecasted Market Size By Material
  9.6.5.1 Steel
  9.6.5.2 Cast Iron
  9.6.5.3 Others
  9.6.6 Historic and Forecasted Market Size By Manufacturing Process
  9.6.6.1 Sand Casting
  9.6.6.2 Investment Casting
  9.6.6.3 Die Casting
  9.6.6.4 Others
  9.6.7 Historic and Forecasted Market Size By Application
  9.6.7.1 Onshore Wind Turbines
  9.6.7.2 Offshore Wind Turbines
  9.6.8 Historic and Forecast Market Size by Country
  9.6.8.1 Turkiye
  9.6.8.2 Bahrain
  9.6.8.3 Kuwait
  9.6.8.4 Saudi Arabia
  9.6.8.5 Qatar
  9.6.8.6 UAE
  9.6.8.7 Israel
  9.6.8.8 South Africa
 9.7. South America Wind Turbine Castings Market
  9.7.1 Key Market Trends, Growth Factors and Opportunities
  9.7.2 Top Key Companies
  9.7.3 Historic and Forecasted Market Size by Segments
  9.7.4 Historic and Forecasted Market Size By Product Type
  9.7.4.1 Hub
  9.7.4.2 Base
  9.7.4.3 Rotor
  9.7.4.4 Others
  9.7.5 Historic and Forecasted Market Size By Material
  9.7.5.1 Steel
  9.7.5.2 Cast Iron
  9.7.5.3 Others
  9.7.6 Historic and Forecasted Market Size By Manufacturing Process
  9.7.6.1 Sand Casting
  9.7.6.2 Investment Casting
  9.7.6.3 Die Casting
  9.7.6.4 Others
  9.7.7 Historic and Forecasted Market Size By Application
  9.7.7.1 Onshore Wind Turbines
  9.7.7.2 Offshore Wind Turbines
  9.7.8 Historic and Forecast Market Size by Country
  9.7.8.1 Brazil
  9.7.8.2 Argentina
  9.7.8.3 Rest of SA

Chapter 10 Analyst Viewpoint and Conclusion
10.1 Recommendations and Concluding Analysis
10.2 Potential Market Strategies

Chapter 11 Research Methodology
11.1 Research Process
11.2 Primary Research
11.3 Secondary Research