- Wind turbines make use of wind’s kinetic power to generate energy. A recent study by Grand View Research, Inc. notes that rising need for renewable energy sources will be the main driver of the worldwide wind turbine casting market.
For Market Research Report on “Wind Turbine Casting Market” Visit -http://www.grandviewresearch.com/industry-analysis/wind-turbine-casting-market
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Strict environmental regulations are leading to greater adoption of energy sources that lower carbon emissions. Green energy programs and energy security are likely to increase the adoption of wind energy. Consumers are becoming aware of the benefits of wind power. In fact, wind power is the fastest-growing alternative energy.
Industrialization is creating higher demand for energy. Wind energy can satisfy this demand while contributing low carbon economy. There has been an increase in wind turbine installations in the emerging nations of Latin America and Asia Pacific. Technological developments in the wind turbine sector are also estimated to have a favorable market impact.
Wind turbines use thin-walled casted parts resulting in lower weight and better fatigue strength. They have a life-span of around 20 years. During this period, they function efficiently with nominal maintenance costs. Rising offshore wind installations will also lead the wind turbine casting market towards expansion in the forthcoming years.
Wind turbines are easier and faster to install as compared to other power generation sources. The global cumulative installed capacity of wind turbines in 2014 was more than 370 GW. Inefficiencies in supply chain will inhibit the market in the next seven years. Cavities in the casted parts of unfinished surface areas can lead to stress in those areas. This will also be a restrainer for the wind turbine casting market.
Asia Pacific will be the fastest-expanding market in the years ahead. It would owe the same to augmented installations in India and China. In fact, China is anticipated to dominate in terms of wind power production. A robust economy, coupled with huge population in the nation, will help it achieve the said status.
North America and Europe will witness substantial growth. This is because of stringent environmental norms promoting the adoption of alternative energy. Key players in the wind turbine casting market include Sinovel Wind Group Company, DHI DCW Group, Goldwind Science & Technology Co. Ltd., and Vestas Wind Systems A/S.
Information Source: Grand View Research
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