Wind Turbine Casting Global Market Report 2024

The wind turbine casting market size has grown strongly in recent years. It will grow from $2.17 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to the global shift to renewable energy, government initiatives and incentives, energy security concerns, environmental consciousness, and 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 $3.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The projected growth in the forecast period is driven by the expansion of offshore wind farms, advancements in grid integration and storage technologies, supportive policies for wind energy, global trends towards electrification, and the increasing heights of wind turbines. Major trends expected in this period include the integration of 3D printing technology, the use of multi-material castings, a focus on design optimization and innovation, increased collaborations and partnerships, and a greater emphasis on lifecycle cost considerations.

The wind turbine casting market is poised for growth due to the increasing demand for renewable energy. Renewable energy sources, such as wind power, are gaining traction as they offer sustainable alternatives to traditional energy sources, reducing pollution and greenhouse gas emissions. Wind turbine casting technology plays a crucial role in harnessing wind energy and reducing reliance on fossil fuels and nuclear power. For example, the International Energy Agency (IEA) projects that renewables will account for nearly 95% of the growth in global power capacity by 2026, with solar photovoltaic (PV) leading the way by contributing over half of this expansion. This trend underscores the rising significance of wind turbine casting in meeting the demand for renewable energy solutions. Consequently, the increasing demand for renewable energy is expected to propel the growth of the wind turbine casting market.

The anticipated rise in electricity demand is expected to drive the growth of the wind turbine casting market in the future. Electricity, a form of energy derived from charged particles such as electrons or protons, is generated through wind energy harnessing, wherein wind turbine casting plays a crucial role by producing sturdy components for wind turbine structures. According to the International Energy Agency (IEA), a France-based intergovernmental organization, global electricity demand is projected to increase by approximately 5% in 2021 and 4% in 2022. As a result, the growing need for electricity is a key driver behind the expansion of the wind turbine casting market.

Technological advancements have become a prominent trend in the wind turbine market. Major companies in the wind turbine casting sector are prioritizing the development of innovative technologies to maintain their market position. For example, in September 2021, Siemens Gamesa Renewable Energy, a Germany-based renewable energy company, introduced a recyclable wind turbine blade. This blade is designed to be recycled at the end of its lifespan. The recycling process involves using a mildly acidic solution to separate the materials from the blade. These materials can then be recycled and utilized in various industries, including construction, consumer goods, and vehicle manufacturing.

Prominent companies in the wind turbine casting industry are embracing a strategic partnership approach to develop a large 3D printer tailored for offshore wind applications. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in September 2021, GE, a US-based provider of equipment, solutions, and services, collaborated with Fraunhofer IGCV, a Germany-based research institute, and voxeljet AG, a Germany-based manufacturer of industrial 3D printing technology, to create the world's largest 3D printer for offshore wind applications. This initiative aims to streamline the production of crucial components for GE’s Haliade-X offshore wind turbine. The Advance Casting Cell (ACC) 3D printer, supported financially by the German Federal Ministry for Economic Affairs and Energy, is expected to reduce the production time for molds used in turbine components from ten weeks to two weeks, with each mold weighing over 60 metric tons.

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 report are 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, Emerald Energy Consultancy Services Pvt. Ltd., ZF Friedrichshafen AG, Senvion S.A.

Asia-Pacific was the largest region in the wind turbine casting market in 2023. 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.

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 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 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.


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