Global Wind Turbine Casting Market: Overview
With the escalating world population and rapid industrialization, the demand for energy is never-ending. Additionally, apparent environmental harm caused by conventional energy is gaining awareness across the end-users. As a result of these two causes, heavy investments are being put in to develop the new sources of energy that are eco-friendly too. Wind energy, which utilizes kinetic energy of wind into electrical power, is one strong alternative to overcome the two causes. Wind turbines have various parts including a main shaft, mainframe, rotor hub, rotor blades, generators, gearbox, tower, power converter, rotor bearing, transformer, nacelle housing, and cables. The primary parts that undergo casting include axle pins, rotor hubs, and main carriers. Concurrently, the demand in the global market for wind turbine casting is projected to escalate at a robust rate during the forecast period of 2016 to 2024.
This report on global wind turbine casting market is a comprehensive analysis of all the factors that are expected to influence the growth rate, and includes figurative estimations of the future scenario. The wind turbine casting market can be segmented on the basis of type, into horizontal axis and vertical axis, and on the basis of application, into onshore, offshore, and others. The report also contains profiles of some of the key players currently operation in the market, estimating their market share and projects under development.
Global Wind Turbine Casting Market: Trends and Opportunities
The growing demand for wind turbines is one of the primary growth driver for the global wind turbine casting market. Generally, the lifespan of wind turbine is about two decades, provided they are produced or cast in order to work without interruption throughout their lifespan. To reduce the weight of wind turbine as much as possible, the wind turbine assembly uses large-volume, thin-walled cast parts. This further increases the fatigue strength of the wind turbines, and increases the demand for the same.
Besides the increasing demand for eco-friendly energy that eases the dependency on conventional sources, the recent technological advancements have also improved the efficiency of wind turbines by lowing the maintenance cost and thereby increased the demand in the market for wind turbine casting. In a bid to decrease pollution levels, several governments across the globe are offering encouraging incentives for the players in the wind energy market, which is further favoring the growth rate. Some of the other factors positively influencing the market are quicker rate of installation and ongoing race to achieve complete grid parity in the future.
Global Wind Turbine Casting Market: Region-wise Outlook
North American region is gaining extended demand mostly from the developed economy of the U.S. while India and China are prominent countries as far as Asia Pacific region is concerned. China currently serves the maximum demand in the wind energy market with most number of installations and is further likely to play a key role in the development of the wind turbine casting market. The U.S. market heavily depends on China as they import casting, which leads to long lead times, high freight and handling fees, and slow supplier responses. The growth in the Indian wind turbine is somewhat uncertain due the policy constraints. The U.K., Spain, France, and Germany drive the European regional market for wind turbine casting.
Companies mentioned in the research report
Vestas, Sinovel, Goldwind, Enercon, DHI DCW Group Co., Ltd., Suzlon, Premier Heavy Engineering, SHW Casting Technologies GmbH & Co. KG, SAKANA Group, Global Castings, SEFORGE, Riyue Heavy Industry Corporation Ltd., and Elyria Foundry Company, LLC are some of the key players currently operational in the global wind turbine casting market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.