Shift towards renewable energy sources coupled with increasing awareness among consumers is anticipated to drive the global wind turbine casting market over the next seven years. Rapid industrialization along with increasing energy demand is expected to remain a key driving factor for market growth over the forecast period.
Wind turbines are widely used to convert wind kinetic energy to electric power. Stringent government regulations against carbon emissions are anticipated to fuel the demand. Wind energy is essential for developing sustainable low carbon economy and reduces environment detrimental effects.
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Increasing wind turbine installation coupled with technological advancements in emerging economies of Asia Pacific and Latin America is expected to boost the market. Strong initiatives by environmental agencies to promote renewable energy along with growing consumer awareness are further anticipated to propel market growth.
Green energy program coupled with energy security measure is expected to encourage wind energy adoption. Wind turbines have a lifespan of around 20 years and can work efficiently with minimum maintenance cost and development. It utilizes thin-walled casted parts to reduce weight, increase fatigue strength, and effective operation.
Growing wind turbines installation in offshore wind applications is anticipated to fuel market growth significantly over the next seven years. Abundant availability coupled with huge market potential is expected to attract massive investment in the industry. Easier and quicker installation in comparison to other contemporary modes of energy generation is expected to benefit market growth.
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Increasing focus on developing environment-friendly adhesives to reduce carbon footprints is expected to fuel the demand over the forecast period. These initiatives have been supported by government support and private funding in countries such as the UK, China, India, France, Germany, the U.S., and Canada.
Rapid urbanization in developing regions is expected to result in increased energy demand over the forecast period. Key market players are working on developing turbines to attain full grid parity in order to reduce cost and product differentiation. Wind turbine installation was increased by 42% in 2014 to 51.2 GW wind power and cumulative installed capacity increased to 372 GW.
Inefficient supply chain is expected to hamper market growth over the forecast period. Furthermore, cavity presence in casted parts cause increase in stress in a particular area. Industry participants are involved in continuous development and innovation to overcome such hindrances in order to meet customer demand.
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