Wind Turbine Castings Market 2017-2021: Emerging Trends, Drivers, and Forecasts by Technavio

Technavio market research analysts forecast the global wind turbine castings market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.

This Smart News Release features multimedia. View the full release here:

Technavio has published a new report on the global wind turbine castings market from 2017-2021. (Gra ...

Technavio has published a new report on the global wind turbine castings market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global wind turbine castings market for 2017-2021. The report also segments the market based on material type into steel, glass-reinforced plastic, concrete, copper others. The steel segment accounted for more than 52% of the market share in 2016.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

Technavio analysts highlight the following three market drivers that are contributing to the growth of the global wind turbine castings market:

  • Growing demand for electricity
  • Increasing government spending on energy systems
  • Green bonds fueling demand for the market

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Growing demand for electricity

One of the major driving factors for the global wind turbine castings market is the increasing demand for electricity, particularly in emerging economies such as China, India, Brazil, and South Africa owing to urbanization and rapidly increasing population. As of March 2017, the requirement of electricity in India was 11,39,076 MU, while the availability was 11,31,088 MU, falling short by 7,988 MU.

“India along with other countries offer huge opportunities for replacement of non-renewable sources of energy. The growing demand for electricity translates into increased demand for cost-efficient wind energy, thereby providing an opportunity for the global wind turbine castings market to capitalize,” says Kshama Upadhyay, a lead analyst at Technavio for metals and minerals research.

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 USD 93 million in the fiscal year 2016 to lower costs, improve performance, and trigger the development of technologies used for wind power.

The US Department of Energy develops partnerships and projects along with national and industry laboratories to facilitate the production of innovative components and integrated system designs to improve the reliability and performance of offshore wind turbines. Therefore, increased government focus and spending on energy generating systems lead to increased manufacture and installments of wind turbines, translating into an augmented demand for wind turbine castings.

Green bonds fueling demand for the market

Green bonds refer to bonds with profits reserved for green investments and are issued as ‘green’ by the authorities. Vestas, the Danish wind-turbine producer, issued a green corporate bond involving EUR 500 million in 2014. Banks too have shown interest in green bonds. For instance, in 2014, the National Bank of Australia issued a green bond in connection to a range of seventeen wind and solar farms.

These green bonds fuel the demand for wind turbine casting, with increased investments in the installation of wind turbines. Green bonds support the transition of a company to aim at better results by offering considerable upfront investments.

“Green bonds offer an umbrella for clean energy and investments. The green label enables companies to be a part of the liquid green bonds asset class, thereby offering admission to a broader investor base to reduce their cost of capital,” says Kshama.

Browse Related Reports:

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at