Wind Tower Market Insights
In the study of Market Research Future, the global wind tower market is likely to achieve more than USD 26 Billion by 2023 with a CAGR of 7.45%. Renewable energy helps in meeting efficient energy needs in many countries which try to lower their dependence on imported fossil fuels and make its energy production more sustainable. The renewable energy industry also drives technological innovation and employment towards growth. A detailed analysis report of COVID-19 impact on Wind Tower Market Analysis is provided with the report.
The market for wind towers that forms a major part of a wind turbine system both cost wise and size wise, is directly related to the market for wind turbines, which is proliferating with key factors backing it. Out of which, the considerable shift towards clean renewable energy is considered as the main driver for the wind energy market, and global wind tower market as well.
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Market Drivers & Trends
The growth of global wind tower market is due to the mounting demand for clean and reliable energy to reduce the global carbon emissions, and to maintain ecological balance by generating electricity through renewable resources. Global Wind tower market has wide opportunities in recent years. MRFR analysts have predicted that wind tower market is to proliferate at a rapid pace due to the economic growth with emissions reduction that has given the market a considerable momentum.
Various types of wind towers are used for the efficient generation of wind energy such as tubular steel towers, concrete towers, lattice towers and hybrid towers are largely used for large wind turbines. Whereas, guyed pole towers are used for small wind turbines. Wind tower being one of the most essential parts of a wind turbine would cost 25% to 30% of the total cost of wind turbine. Wind towers are particularly designed for different applications and are also manufactured for both, onshore wind turbine and offshore wind turbine.
On the flip side, the factor of high initial capital cost of projects along with its high maintenance cost and logistics issues could pose as a hindrance to the wind tower market.
Global Wind Tower Industry Segmentation
The global wind tower market as per the study has been segmented on the basis product type and applications.
By the mode of product type, the market segment comprises of tubular steel, concrete, hybrid, and others.
By the mode of applications, the market segment includes onshore and offshore.
Regional Outlook
The global wind tower market, according to the region, has covered the main regions of Asia pacific, North America, Europe and the Rest of the World (RoW).
Among these, North America region is likely to expand at the highest CAGR due to the approval of various wind tower farm projects in countries such as U.S. and Canada. There has been substantial investment into non-conventional electricity generation. These factors are thus to drive the market for wind tower market in North America in the forecast period.
On the other side, he wind tower market in the Europe region is presently. European governments and have supported wind projects with favorable incentives as part of their carbon emission reduction goals. The United Kingdom heads with 46% of global installed capacity, in 2015, followed by Germany (30%) and Denmark (11.5%).
Whereas, Asia Pacific is likely to expand during the forecast period due to reasons such as escalating wind power generation capacity, stringent environmental regulations for emissions from burning conventional fuel, increasing demand of larger blades, and increased government support for wind power projects are the prime. Presently, China has the largest number of wind energy projects under planning and construction phase after Japan and South Korea.
Key Players
The well-known players of global wind tower market are listed as 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.).
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