PUBLISHER: The Business Research Company | PRODUCT CODE: 1678637
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678637
Wind turbine casting involves casting or molding components according to specifications, then assembling them to create wind energy systems. These systems are designed to capture air flow, causing the blades to rotate.
In wind turbine casting, the main types are horizontal axis and vertical axis turbines. The horizontal axis refers to an axis parallel to the ground and flat, which is utilized in wind turbines to generate greater power with less energy consumption. This makes them suitable for large wind power plants and electricity production. The materials used in wind turbine casting include copper, glass-reinforced plastic, and concrete, which find applications in both onshore and offshore settings. Wind turbines are used by various end-users, including industrial, commercial, and residential sectors.
The wind turbine casting market research report is one of a series of new reports from The Business Research Company that provides wind turbine casting market statistics, including wind turbine casting industry global market size, regional shares, competitors with a wind turbine casting market share, detailed wind turbine casting market segments, market trends and opportunities, and any further data you may need to thrive in the wind turbine casting industry. This wind turbine casting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The wind turbine casting market size has grown strongly in recent years. It will grow from $2.31 billion in 2024 to $2.46 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global shift to renewable energy, government initiatives and incentives, energy security concerns, environmental consciousness, cost reduction in wind energy.
The wind turbine casting market size is expected to see strong growth in the next few years. It will grow to $3.35 billion in 2029 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to offshore wind farm expansion, grid integration and storage, supportive policies for wind energy, global electrification trends, increasing wind turbine heights. Major trends in the forecast period include integration of 3D printing technology, multi-material castings, design optimization and innovation, collaborations and partnerships, lifecycle cost considerations.
The increasing demand for renewable energy is anticipated to drive the growth of the wind turbine casting market in the future. Renewable energy sources are derived from natural resources that replenish more quickly than they are consumed. The popularity of renewable energy is growing because it helps reduce pollutants and greenhouse gas emissions, both of which play a significant role in climate change. Wind turbine casting technology is a critical component of renewable energy, as it aids in decreasing the reliance on fossil fuels and hazardous nuclear energy. For example, in January 2023, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that in 2022, power generation from solar photovoltaic systems reached a record 270 TWh, reflecting a 26% increase from 2021. Despite being the third-largest renewable electricity technology after wind and hydropower, solar PV accounted for 4.5% of the world's total electricity production. Consequently, the rising demand for renewable energy is expected to propel the growth of the wind turbine casting market.
The rising demand for electricity is projected to drive the growth of the wind turbine casting market in the coming years. Electricity is a form of energy produced by charged particles, such as electrons or protons, either in a static state or as a dynamic current. Wind turbine casting plays a crucial role in harnessing wind energy to generate electricity by creating durable components for wind turbine structures. For example, in July 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, reported that global electricity demand is expected to rise by approximately 4% in 2024, up from a growth rate of 2.5% in 2023. Thus, the increasing electricity demand is significantly contributing to the expansion of the wind turbine casting market.
Technological advancements have become a significant trend in the wind turbine casting market. Leading companies in this sector are concentrating on developing innovative products to maintain their competitive edge. For instance, in January 2024, Mingyang Smart Energy, a China-based wind turbine manufacturer, introduced the MySE 18.X-20 MW wind turbine. This turbine features flexible power ratings ranging from 18.X to 20 MW and has rotor diameters between 260 to 292 meters (approximately 853 to 958 feet), enabling it to cover a swept area equivalent to nine soccer fields. The MySE 18.X-20 MW can generate an impressive 80 million kWh annually, which is enough to power around 96,000 households. Additionally, it can significantly reduce carbon emissions by approximately 66,000 tonnes per year, thus contributing to global sustainability initiatives.
Major companies in the wind turbine casting industry are increasingly pursuing strategic partnerships to create sustainable energy solutions. Strategic partnerships involve leveraging the strengths and resources of different companies to achieve mutual benefits and success. For example, in September 2024, Octopus Energy, a UK-based financial services and energy firm, joined forces with Sherbro Alliance Partners, a UK-based company focused on sustainable eco-city development, to establish a sustainable energy source for Sierra Leone, where only 28% of the population currently has access to electricity. This initiative aims to significantly enhance access to clean energy. The wind farm will play a crucial role in Sierra Leone's goal of achieving 85% renewable energy capacity by 2030, aligning with the country's strategic energy transition objectives. The partnership is part of a broader vision to transform Sherbro Island into a vibrant eco-city that integrates modern infrastructure with sustainable living practices, including the incorporation of wind turbines, solar panels, and battery storage systems.
In September 2022, SSE Renewables, a UK-based electricity generation company, acquired Siemens Gamesa Renewable Energy's existing European renewable energy development platform for $564.22 million (€580m). This move marks SSE Renewables' entry into the Southern European market, complementing its established renewables business in the UK and Ireland, where it currently owns and operates 4GW of renewable assets, including nearly 2GW of onshore wind capacity. Additionally, SSE Renewables has a secured pipeline of over 11GW of onshore wind, offshore wind, and hydro projects. Siemens Gamesa Renewable Energy, headquartered in Germany, is known for manufacturing wind turbines and providing onshore and offshore wind services.
Major companies operating in the wind turbine casting market include Hitachi Ltd., General Electric Company, Vestas Wind Systems A/S, Dongfang Electric Corporation, Nordex SE, Goldwind Science & Technology Co Ltd., Suzlon Energy Limited, Mingyang Smart Energy Group Co Ltd., Zhejiang Windey Co Ltd., TPI Composites Inc., Juwi Holding AG, China Ming Yang Wind Power Group Limited, SHW Casting Technologies GmbH & Co, Sinovel Wind Group Co Ltd., Enercon GmbH, SimplexCC Ltd., Emergya Wind Technologies B.V., DHI DCW Group Co Ltd., Global Castings Pvt Ltd., Elyria Foundry Company LLC, SE Forge Limited, Envision Energy, China National Machinery Import & Export Corporation (CMC), Premier Heavy Engineering Ltd., SAKANA Group, AEROVIDE GmbH, Shandong Longma Heavy Industry Group Co Ltd., CSIC Haizhuang Windpower Equipment Co Ltd., Zhonghang Hui Teng Renewable Resources Co Ltd., Mitsubishi Power Ltd., Hangzhou Steam Turbine & Power Group Co Ltd., XEMC Windpower Co Ltd., Hyosung Heavy Industries, ZF Friedrichshafen AG, Senvion S.A
Asia-Pacific was the largest region in the wind turbine casting market in 2024. The regions covered in the wind turbine casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wind turbine casting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wind turbine casting market consists of sales of rotor hubs, axle pins, blades, generators, shaft machines, and hydraulics systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wind Turbine Casting Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wind turbine casting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wind turbine casting ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wind turbine casting market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.