Wind Turbine Castings Market 2017-2021: Emerging Trends, Drivers, and Forecasts by 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.
The market study covers the present scenario and growth prospects of the
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.
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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
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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.
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