The market for wind towers, which forms a major part of a wind turbine system both cost wise and size wise, is directly related to the market for wind turbines. The shift towards clean renewable energy is the main driver for the wind energy market, and therefore the turbine tower market. The global wind tower market is expected to reach more than USD 26 Billion by 2023 with a CAGR of 7.45%.
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. 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.
Top Key Players:-
- General Electric
- Siemens AG
- Enercon GmbH
- General Electric
- Siemens AG
- Trinity Structural Towers, Inc.
- Vestas Wind Systems A/S
- Valmont Industries, Inc.
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North-America region is expected to grow at the highest CAGR:-
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.
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.
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
Extensive research in this market has brought to light that contract is a key strategy adopted, extensively, by the players to spread their geographical presence and achieve operational efficiencies. Agreements & Partnerships, are also major strategies adopted by the major players in the global Wind tower market. This strategy is widely adopted to increase the number of offerings to the customer.
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