The increase in demand for wind turbine casting is because of its ability to help in high creep resistance and developing composite components in rotor hubs as they are subjected to high stress and their role as a component in a fitting turbine is one of the major factors driving the wind turbine casting market. The rise in the number of installations in offshore applications in countries including United Kingdom, Germany, China Netherlands, Japan and
Denmark and high adoption of these products owing to longer lifespan and lower maintenance cost accelerate the market growth. The expanding trend of preference for eco-friendly energy, combined with increasing technological advancements are expected to create a revenue opportunity for the players of this market in the upcoming future.
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Market trends
- Favourable government policies in favour of the market growth.
- The presence of a favourable government policies to encourage the use of renewable resources of energy in the country is increasing the need of lowering carbon imprints and emission and thus is influencing the wind turbine casting market.
- Urbanization and industrialization in developing economies had bolsterer the market growth.
- Growing consumption of electricity owing to rapid urbanization and industrialization has resulted in high demand for wind energy in developing economies like China and India, is further expected to contribute significantly towards the market growth. Also, government in these countries are pumping money into the sector for advancements, which will further aid the situation.
- Shifting demand towards renewable energy resources and eco-friendly practices is a key factor for the market growth.
- Owing to increasing carbon emissions by the fossil fuels and the non-renewable sources of energy, the demand for the renewable power resources for energy generation purpose has increased in the recent times. Also, the development in renewable resources energy sector combined with increasing technological advancements is expected to increase the demand and the growth of the market to a great extent.
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Covid-19 Impact Analysis
- The coronavirus’s unfavourable global effects are already evident, and they will have a big impact on the wind turbine Casting in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the wind turbine Casting market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemic.
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