Wind Turbine Casting Market Size, Share, Growth & Industry Analysis, By Material Type (Iron or Cast Iron, Aluminum, Copper, and Others), By Application (Onshore Wind Turbines and Offshore Wind Turbines), By Turbine Type, and Regional Analysis, 2024-2031

Wind Turbine Casting Market Size

The global Wind Turbine Casting Market size was valued at USD 2,160.0 million in 2023 and is projected to grow from USD 2,261.8 million in 2024 to USD 3,235.9 million by 2031, exhibiting a CAGR of 5.25% during the forecast period. The global market size is expanding rapidly, driven by factors like increasing investments in renewable energy and advancements in wind technology.

Governments worldwide are prioritizing clean energy initiatives, spurring demand for efficient turbine components. The trend toward larger and more powerful turbines are increasing the demand for advanced casting solutions, thereby driving market growth.

In the scope of work, the report includes solutions offered by companies, such as Siemens Gamesa Renewable Energy, S.A.U, Vestas, Sinovel Wind Group Co., Ltd., Suzlon Energy Limited, Goldwind, Dalian Huarui Heavy Industry Group Co., Ltd, SHW AG, Seforge, SAKANA Group, Nordex SE, and others.

The wind turbine casting market is experiencing robust growth fueled by increasing investments in renewable energy and advancements in wind technology. Government agencies globally are implementing policies to reduce carbon emissions, boosting demand for wind energy solutions. The shift toward larger and more efficient wind turbines is propelling the market expansion, requiring advanced casting solutions capable of meeting high-performance standards.

Offshore wind energy projects are witnessing significant expansion, propelled by favorable wind conditions and expansive coastal areas. This market trend is fostering innovation among manufacturers to develop durable and efficient turbine components, positioning the sector for continued expansion in the global renewable energy landscape.

• According to the Global Wind Energy Council (GWEC) statistics, the global offshore wind capacity added 10.8 gigawatts (GW) of new capacity in 2023, bringing the total to 75GW.

Wind turbine casting involves the production of essential components like blades, hubs, and towers for wind turbines using casting techniques. These components are crafted from materials, such as steel, aluminum, or composites, designed to endure the mechanical stress and harsh environmental conditions encountered in wind energy generation.

Casting enables the manufacturing of intricate shapes and large-scale components, which are crucial for the efficient and resilient operation of wind turbines, thereby enhancing the reliability and performance of renewable energy systems worldwide.

Analyst’s Review

The market growth is propelled by strategic initiatives in the wind turbine casting sector, due to countries like the UK seeking opportunities to expand their offshore wind energy projects. According to the UK's Committee on Climate Change (2024), sector deals and legislative targets for net-zero emissions by 2050. This underscores the UK’s dedication to enhancing renewable energy capacity.

• Following the Renewable Energy Act (EEG) in 2002, Germany plans to significantly increase its offshore wind energy capacity. As outlined in the Coalition Agreement, Germany aims to raise its offshore wind energy generation target to 30 gigawatts (GW) by 2030.

This ambitious goal reflects Germany's commitment to expanding renewable energy sources and reducing dependence on fossil fuels, aligning with broader European Union objectives for sustainable energy development. The plan is expected to drive substantial growth in the offshore wind energy sector, creating opportunities for innovation and investment in turbine technologies.

These initiatives stimulate innovation and investment in turbine casting technologies, positioning manufacturers to meet the rising global demand for reliable and efficient renewable energy solutions, thereby enhancing their market growth prospects.

Wind Turbine Casting Market Growth Factors

The increasing demand for wind turbines is currently driving market growth, propelled by several key factors. Depleting fossil fuel reserves has highlighted the need for sustainable energy sources, positioning wind energy as a compelling alternative. Moreover, mounting concerns over environmental pollution and climate change are accelerating the global shift toward cleaner energy solutions.

Governments worldwide are actively bolstering this transition by enforcing policy frameworks and incentives that foster renewable energy development. These dynamics collectively make wind energy generation projects more appealing and feasible, thereby fostering growth in the wind turbine casting market.

• According to the World Wind Energy Association, there were 38% more new wind power installations in the first half of 2023 compared to 2022.

This growth highlights the surge in the adoption of wind energy, fueled by investments and technological advancements. As reliance on wind power rises, the demand for efficient turbine components increases, propelling the growth of the market.

The inconsistencies of regulatory frameworks and government policies in different regions might hinder the growth of the wind turbine casting market. Constantly evolving regulations create uncertainties that impact investment decisions and project planning, leading to delays in new installations and project expansions.

This uncertainty can deter investors and manufacturers from committing to long-term projects or making substantial investments in new casting technologies and infrastructure. However, key players are proactively addressing these hurdles. They collaborate with policymakers to promote stable policies, influencing regulatory landscapes favorably through industry associations.

Geographic diversification of operations mitigates risks linked to regulatory shifts, enhancing adaptability to varying market conditions. This strategic approach, coupled with investments in resilient manufacturing processes and supply chain operations, empowers players to navigate regulatory complexities effectively.

Wind Turbine Casting Market Trends

The trend toward developing larger wind turbines with higher energy output is significantly propelling market growth in the wind turbine casting sector. As wind energy technology advances, there is a growing emphasis on maximizing efficiency and capacity in wind farms.

Larger turbines are able to harness more energy through stronger winds at higher altitudes, thereby increasing energy production per turbine. However, these larger turbines require correspondingly bigger and more complex castings for their components, such as blades, hubs, and towers.

This requirement drives demand for advanced casting solutions capable of manufacturing these intricate parts reliably and at scale. As manufacturers and developers strive to meet the increasing demand for more powerful turbines, the market for specialized casting solutions expand rapidly, thereby fostering market growth.

The increasing prevalence of offshore wind farms is driving significant growth in the wind turbine casting market. Offshore wind energy generation sites benefit from higher wind speeds and larger available areas compared to onshore locations, enhancing the efficiency and capacity of these sites.

This shift toward establishing offshore projects dictates the need for specialized turbine castings designed to withstand extreme marine environments effectively. The demand for these specialized components is expected to surge as offshore wind developments expand globally. This trend boosts the market for turbine castings and underscores the industry's evolution toward harnessing renewable energy sources more effectively and sustainably.

• In March 2024, the Solar Energy Corporation of India announced initiatives to issue a tender by next year for 1 GW offshore wind project development. This includes 500 MW each for projects off the coasts of Tamil Nadu and Gujarat.

The Government of India's move highlights a significant push toward expanding offshore wind energy infrastructure to enhance the capacity of renewable energy generation projects. This trend is propelling growth in the wind turbine casting market, as offshore projects like these require specialized components capable of withstanding harsh marine environments.

The increasing global focus on offshore wind energy farm development presents a lucrative opportunity for manufacturers to meet rising demand and drive innovation in turbine casting technologies.

Segmentation Analysis

The global market is segmented based on material type, application, turbine type, and geography.

By Material Type

Based on material type, the market is categorized into iron or cast iron, aluminum, copper, and others. The iron or cast-iron segment led the wind turbine casting market in 2023, reaching a valuation of USD 891.0 million.

The segment is essential for manufacturing critical components like hubs and mainframes. Known for its strength and durability, cast iron meets the rigorous demands of larger and more efficient turbines. Advancements in casting techniques and material technologies continue to enhance performance and reliability while optimizing production costs.

As global efforts intensify to shift toward sustainable energy, the iron segment remains pivotal in meeting the increasing demand for robust wind turbine components. Its continuous evolution underscores its essential role in advancing renewable energy solutions globally.

By Application

Based on application, the market is divided into onshore wind turbines and offshore wind turbines. The onshore wind turbines segment captured the largest wind turbine casting market share of 56.32% in 2023.

As nations accelerate their shift toward renewable energy, onshore wind energy has emerged as a major solution due to its cost-effectiveness and scalability. The expansion of this segment is fueled by advancements in turbine technology, enabling the development of larger, more efficient turbines that require durable casting solutions for components such as blades, hubs, and towers.

Supported by favorable government policies and incentives, these projects drive demand for high-performance casting materials capable of withstanding the rigorous conditions of wind energy generation farms. Hence, the onshore wind turbines segment is at the forefront of driving innovation and market expansion in renewable energy infrastructure.

• In November 2023, GE Vernova entered into an agreement with O2 Power to provide, install, and commission 36 units of its 2.7-132 onshore wind turbines. These turbines are designated for a 97 MW wind power project located in Maharashtra, India.

This collaboration underscores GE Vernova's commitment to advancing renewable energy infrastructure in India, leveraging its reliable turbine technology to contribute significantly to achieving the country's renewable energy goals.

By Turbine Type

Based on turbine type, the market is categorized into horizontal axis wind turbine and vertical axis wind turbine. The horizontal axis wind turbine segment is expected to garner the highest revenue of USD 1,820.0 million in 2031. These turbines are favored for their efficiency and versatility across both onshore and offshore applications.

As global demand for renewable energy escalates, spurred by environmental concerns and energy security, horizontal axis turbines stand out for their ability to efficiently harness energy from wind. Advancements in technology continue to enhance these turbines, enabling larger and more reliable designs that require robust casting solutions for components like blades, hubs, and nacelles.

Government incentives and policies supporting renewable energy further propel market expansion, making horizontal-axis wind turbines integral to meeting the rising global demand for sustainable energy solutions.

Wind Turbine Casting Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia-Pacific wind turbine casting market share stood around 36.18% in 2023 in the global market, with a valuation of USD 781.5 million. This market expansion is propelled by a strong commitment to reducing greenhouse gas emissions and promoting sustainable development. Recent advancements in turbine casting technology, coupled with supportive government incentives, are accelerating the adoption of wind turbine casting solutions across Asian countries.

• According to GWEC, the global offshore wind industry added approximately 11 GW of new capacity in 2023, with significant contributions from Asian nations. China leads global onshore wind installations with 69.3 GW capacity added in 2023, while also connecting over 6.3 GW of offshore wind grids, comprising 58% of global new installations. In India, the installation of 2.8 GW of new wind power farms in 2023 contributed to a total installed capacity of 44.7 GW by year-end, concentrated in the northern, southern, and western regions of the country.

These developments highlight the Asia-Pacific region's pivotal role in driving growth and innovation within the market.

North America is anticipated to witness the significant growth at a CAGR of 5.19% over the forecast period.The market is witnessing substantial growth as offshore wind energy gains traction as a prominent sustainable energy source. This market expansion is fueled by a concerted effort to reduce greenhouse gas emissions and advance sustainable development initiatives.

Recent innovations in turbine casting technologies, supported by favorable government policies and incentives, are accelerating the adoption of wind turbine casting solutions across the region.

Competitive Landscape

The global wind turbine casting market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Wind Turbine Casting Market

• Siemens Gamesa Renewable Energy, S.A.U
• Vestas
• Sinovel Wind Group Co., Ltd.
• Suzlon Energy Limited
• Goldwind
• Dalian Huarui Heavy Industry Group Co., Ltd
• SHW Casting Technologies GmbH & Co. KG
• Seforge
• SAKANA Group
• Nordex SE

Key Industry Development

• January 2023 (Product Launch): Braun Windturbinen GmbH, a German wind turbine manufacturer, announced the installation of 7.5 kW small wind turbines. The system operates three turbines in parallel with the grid using the Smart Wind SW7.5 and includes a 6.0 kW heating rod as a backup heating system. When the power reaches 2.5 kW during grid-parallel operation, the heating rod automatically activates according to the turbine characteristic curve. Additionally, the domestic hot water temperature monitoring is adjustable and integrated with the small wind turbine.

The global wind turbine casting market is segmented as:

By Material Type

• Iron or Cast Iron
• Aluminum
• Copper
• Others

By Application

• Onshore Wind Turbines
• Offshore Wind Turbines

By End User

• Horizontal Axis Wind Turbine
• Vertical Axis Wind Turbine

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America