According to Market Research Future (MRFR), the global wind tower market is expected to reach more than USD 26 billion with a CAGR of 7.45% from 2017 to 2023 (forecast period). The report presents a thorough understanding of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Renewable energy can be generated from a wide range of sources, including wind, solar, hydro, tidal, geothermal, and biomass. Through using more renewables to meet their energy needs, many countries are trying to reduce their reliance on imported fossil fuels and make their energy production more sustainable. The renewable energy industry is also driving technological innovation and employment towards growth.
As a reliable source of clean and affordable energy, wind resources certainly have a crucial role in achieving these goals. With proper planning and mitigation measures, offshore/onshore wind can be constructed without damaging the environment. The market for wind towers, which is a big part of the wind turbine system, both cost-wise and size-wise, is directly connected to the market for wind turbines. The switch towards clean renewable energy is the key driver of the market for wind energy and thus the market for turbine towers.
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Key Players
Notable players in the global wind tower market are Suzlon Energy Limited (India), General Electric (U.S.), Enercon GmbH (Germany), CS Wind Corporation (South Korea), Siemens AG (Germany), Trinity Structural Towers, Inc. (U.S.), Valmont Industries, Inc. (U.S.), Vestas Wind Systems A/S (Denmark), Ambau (Germany), and Broadwind Energy (U.S.).
Market Dynamics
Growth in this sector is due to the growing demand for clean and reliable energy to minimize global carbon emissions and maintain an ecological balance by generating electricity from renewable resources. Nevertheless, high initial capital costs of projects with high maintenance costs and logistics problems can impede the market for wind towers. The global market for wind towers had an extensive market in recent years. MRFR analysts have predicted that the wind tower market is about to rise at a rapid rate. Moreover, economic growth with a reduction in emissions has given momentum to growth.
For the efficient generation of wind energy, various types of wind towers are used. Tubular steel towers, lattice towers, concrete towers, and hybrid towers are used for large wind turbines. At the same time, guyed pole towers are used for small wind turbines. The wind tower, one of the most important parts of the wind turbine, will cost 25 to 30% of the overall cost of the wind turbine. Wind towers are specifically designed for a number of applications. Wind towers are manufactured for onshore wind turbines and offshore wind turbines.
Regional Analysis
Region-wise, the global wind tower market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
Wind energy is currently at the stage of growth. This is due to increased demand for power, global initiatives to use more renewable, non-conventional energy sources, and the global need to minimize carbon emissions. European governments and the EU as a whole have promoted wind projects with favorable incentives as part of their carbon emission reduction targets. The European region is currently the leading wind tower market, followed by North America.
The Asia Pacific is a significant revenue generator for the global wind industry, where China, Japan, and India are considered major countries due to demand for electricity, rapid urbanization, and technological developments. Investments in wind towers are dependent on the turbine and the nacelle. The strength and stability of the wind tower are determined by material and weight. The market is essentially influenced by the design of the wind tower. Wind towers for onshore applications are also decidedly different from towers for offshore use.
Moreover, the Asia Pacific is expected to rise during the forecast period due to a variety of factors. Some of them include increasing wind power generation capacity, strict environmental regulations on emissions from burning conventional fuel, increasing demand for larger blades, and increased government support for wind power projects. China currently has the largest number of wind energy projects under the planning and construction stages, followed by Japan and South Korea.
Market Segmentation
The global wind tower market has been segmented into products and applications.
Based on product, the global wind tower market has been segmented into tubular steel, concrete, hybrid, and others.
Based on application, the global wind tower market has been segmented into onshore and offshore.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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