Wind Tower Market Highlights
Wind turbine towers can be tubular, lattice structured or guyed pole towers. Concrete towers are most popular structures for wind projects. Turbine towers are made in sections and assembled on site. Increasing capacities of modern wind turbines have resulted in larger rotor diameters. This has necessitated higher towers. Taller towers are, increasingly, becoming popular as wind profiles are stronger at greater heights.
Wind Tower Market is projected to be worth USD 51.31 Billion by 2027, registering a CAGR of 9.82% during the forecast period (2021 - 2027).
The market has been witnessing significant growth opportunities globally, owing to increase in the demand for wind towers on onshore or offshore projects. Strong government support and initiatives for wind energy enhancement in several countries around the world majorly drive the growth in the wind tower market.
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Governments of both, the developed and the developing nations are strongly promoting wind energy as an alternative to conventional energy sources and hence are positively influencing the market for wind towers. Moreover, depletion of fossil fuels and increase in demand for sustainable energy sources, is expected to hold lucrative opportunity for market growth. However, the high maintenance and replacement costs of wind turbines, is expected to restrain the market growth.
In 2016, Siemens has announced the commercial launch of a concrete wind turbine tower technology that places turbines in stronger winds, at higher altitudes, which results in more potential energy production and increased project revenue for customers. This technology is part of an ongoing commitment to use innovation to expand wind power in the United States and around the globe.
The growth in wind energy is due to the increasing demand for clean and reliable energy to reduce the global carbon emissions and to maintain ecological balance, by generating electricity through renewable resources. However, high initial capital cost of projects, with high maintenance cost and logistics issues, can hinder the wind tower market.
One big obstacle standing in the way of bigger wind turbines, is the high cost of building. The largest turbines, now in use require towers that are wider than the standard gaps. That means wind farm operators cannot simply truck in modular tower sections.
Market Research Analysis
North-America region is expected to grow at the highest CAGR.
The wind tower market in the Europe region is currently leading, and is followed by North America and Asia Pacific market. However, North America is expected to grow at the highest CAGR, owing to the approval of various wind tower farm projects in countries such as U.S. and Canada. This is because there has been substantial investment into non-conventional electricity generation. These factors will drive the market for wind tower market in North America during the forecast period.
European governments and the EU, as a whole, have supported wind projects with favourable incentives, as part of their carbon emission reduction goals. The United Kingdom heads the field, with 46% of global installed capacity, in 2015, followed by Germany (30%) and Denmark (11.5%). Europe is currently the leading region in wind tower market, and is followed by North America.
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Scope of the Report
This study provides an overview of the global wind tower market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Wind tower market by its component type, by location and by region.
- By Product
- Tubular Steel
- By Application
- By Regions
- North America
- Asia Pacific
- Rest of the World
The key players of global wind tower market are Suzlon Energy Limited (India), Enercon GmbH (Germany), CS Wind Corporation (South Korea), General Electric (U.S.), Siemens AG (Germany), Trinity Structural Towers, Inc. (U.S.) , Vestas Wind Systems A/S (Denmark), Valmont Industries, Inc. (U.S.), Ambau (Germany), and Broadwind Energy (U.S.).