San Francisco, Oct 31 The
global wind
turbine casting market is expected to reach USD 3.27 billion by
2025, according to a new report conducted by Grand View Research, Inc. The
growing demand for electricity in developing countries including China, India,
South Africa, and Brazil on account of increasing population and urbanization
will drive the application of wind turbines. Furthermore, increasing government
spending on energy research and the development of clean energy is expected to
aid in the market expansion.
Increasing
wind energy installations coupled with the rapid depletion of fossil fuels will
drive the demand for wind turbines, which in turn will fuel the casting
industry growth over the forecast period. Moreover, the growing requirement for
the reduction of carbon footprint and emissions is expected to spur the
industry expansion over the upcoming years.
Browse full research report on Wind Turbine Casting Market:
www.grandviewresearch.com/industry-analysis/wind-turbine-casting-market
Further key findings from the report suggest:
- The global
wind turbine casting industry is expected to grow significantly at a CAGR
of 7.4% in light of increasing application of turbines to generate energy
from natural resources in emerging countries such as China, India, South
Korea, Brazil, Japan, and UAE
- Low
maintenance costs and product development of the wind turbines will
amplify the usage of these products in energy generation and create
opportunities for the market in the future
- North America
accounted for 17% of the overall revenue share in 2015 and is projected to
witness significant growth on account of rising number of wind energy
installations in the region. Moreover, the development of offshore energy
will create opportunities for the market over the upcoming years. In 2015,
8,598 MW was added to the existing capacity of 65,877 MW in the U.S.
- Central &
South America is anticipated to witness considerable growth at a CAGR of
8.3% from 2016 to 2025 owing to positive outlook towards renewable energy
production in Argentina, Brazil, Chile, Uruguay, and Venezuela. In 2015,
Brazil added 2,754 MW to the existing capacity of 5,962 MW.
- Key
participants including 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.
- The industry
is highly fragmented in nature with a large number of manufacturers being
present in Asia Pacific, North America, and Europe. In January 2017,
Danish manufacturer Vestas signed a deal with Spanish developer Gestamp to
supply 21 turbines for two projects in Brazil.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/renewable-energy
Grand
View Research has segmented the global wind turbine casting market on the basis
of type, application and region:
Type
Outlook (Revenue, USD Million; 2014 - 2025)
- Horizontal
axis
- Vertical axis
Application
Outlook (Revenue, USD Million; 2014 - 2025)
- Onshore
- Offshore
- Others
Regional
Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Central &
South America
- Brazil
- MEA
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-wind-turbine-casting-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information:
www.grandviewresearch.com
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