WASHINGTON, Feb. 15, 2017 - The global wind turbine casting market is expected to reach some $3.27 billion by 2025, up from $1.61 billion in 2015, according to a new report by Grand View Research Inc.
Increasing populations and urbanization will spur demand for electricity in developing countries – such as China, India, South Africa and Brazil – which will drive the increasing use of wind turbines, the report finds.
Along with a growing requirement for reducing emissions and the global carbon footprint, an increase in government spending on energy research and the development of clean energy is also expected to aid in market expansion.
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North America accounted for 17 percent of the overall revenue share in 2015, and is projected to see significant growth because of a rising number of wind energy installations in the region.
The development of offshore energy will also create opportunities for the market in the coming years. In 2015, the data show that 8,598 megawatts was added to the existing capacity of 65,877 MW in the U.S.