Global Wind turbine castings Market 2017-2021
About Wind Turbine Castings
A wind turbine is a device or an assembly of operating systems that is installed to convert kinetic energy into electricity and form a source of renewable energy, thereby reducing the reliance on fossil fuels. The electric energy generated by wind turbines is ultimately used in communities, homes, and businesses. Small wind turbines find application in caravans or boats for battery charging or to power traffic signs.
Technavio’s analysts forecast the global wind turbine castings market to grow at a CAGR of 7.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global wind turbine castings market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wind Turbine Castings Market 2017-2021
Technavio recognizes the following companies as the key players in the global wind turbine castings market: Goldwind Science & Technology, Premier, SAKANA Group, and Suzlon Energy.
Other Prominent Vendors in the market are: Elyria Foundry Company, ENERCON, Riyue Heavy Industry, shandong longma Heavy Industry, Simplex Castings, Sinovel Wind Group, and K & M Machine-Fabricating.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of thin-walled cast components. Thin-wall casting has emerged as a trend in the global wind turbine castings market owing to economic issues and environmental pressure. Thin-walled steel circular hollow sections (CHSs) are the most popularly used sections in wind turbine towers and are subjected to bending.”
According to the report, one driver in the market is increasing government spending on energy systems. The increasing government focus on energy systems and research is fueling the growth of the global wind turbine castings market, with prominence in regions such as the US and Europe. The US Department of Energy (DOE) allocated more than $93.50 million in the fiscal year 2016 to lower costs, improve performance, and trigger the development of technologies used for wind power. The budget request for the Wind Program is more than $150 million.
Further, the report states that one challenge in the market is availability of solar panels for the generation of electricity. The installation of solar panels for the generation of electricity is a challenge for the global wind turbine castings market. It also hinders the possibility of installing more number of wind turbines. In 2015, new installations accounted for about 55GW of assisted global solar power, generating around 235 GW by the end of the year, claiming an increase of around 29% as against the capacity in 2014. APAC recorded an increasing demand for solar panels for the generation of electricity.
Goldwind Science & Technology, Premier, SAKANA Group, and Suzlon Energy. Elyria Foundry Company, ENERCON, Riyue Heavy Industry, shandong longma Heavy Industry, Simplex Castings, Sinovel Wind Group, and K & M Machine-Fabricating.