Wind Tower Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Wind Tower Market Research Report By Product (Tubular Steel, Concrete, Hybrid and other), By Application (Onshore and offshore) and By Region – Global Forecast to 2027.” the 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 was valued at USD 26.95 Billion in 2020.
High Demand for Clean and Reliable Energy to Minimize Global Carbon Emissions
The increased demand for clean and reliable energy to minimize global carbon emissions and maintain ecological balance by generating power from renewable resources is driving expansion in this sector. However, the wind tower business may be hampered by the high initial capital costs of projects with high maintenance costs and logistical challenges. In recent years, the global wind tower market has grown significantly. According to MRFR analysts, the wind tower market is set to expand rapidly. Furthermore, economic growth has gained momentum as a result of carbon reductions.
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For the efficient generation of wind energy, various types of wind towers are used. Large wind turbines are housed in tubular steel towers, concrete towers, lattice towers, and hybrid towers. Guyed pole towers, on the other hand, are utilized for small wind turbines. One of the most essential components of a wind turbine, the wind tower, would cost 25% to 30% of the entire cost of the wind turbine. Wind turbines are custom-built for a variety of applications. Wind towers are manufactured for both onshore and offshore wind turbines.
List of the key players of global wind tower market profiled are –
- CS Wind Corporation (South Korea)
- Suzlon Energy Limited (India)
- Enercon GmbH (Germany)
- General Electric (U.S.)
- Vestas Wind Systems A/S (Denmark)
- Siemens AG (Germany)
- Trinity Structural Towers Inc. (U.S.)
- Valmont Industries Inc. (U.S.)
- Ambau (Germany)
- Broadwind Energy (U.S.).
The global wind tower industry has been segmented on the basis of product and application.
On the basis of product, the global wind tower market has been segmented into tubular steel, concrete, hybrid, and others. Tubular steel towers are the most often utilized tower type in modern turbines since they are visually appealing and have predictable dynamic and fatigue qualities. When manufactured in bulk, they are cost-effective, and their design adds strength to wind turbine structures. The tubular steel towers segment will develop its wind tower market share quicker than the concrete towers and other towers segments. However, the impact of COVID19 has slowed the tubular steel towers market due to disrupted supply chain activities.
On the basis of application, the global wind tower market has been segmented into onshore and offshore.
Europe to Lead the Global Market
Wind energy is now in its early stages of development. This is owing to increased power consumption, global measures to employ more renewable, non-conventional energy sources, and the global need to limit carbon emissions. As part of their carbon emission reduction aims, European countries and the EU as a whole have sponsored wind projects with favorable incentives. Europe is currently the market leader in wind turbines, followed by North America.
APAC to Witness Growth in the Global Market
The Asia Pacific is a major income source for the global wind industry, with China, Japan, and India being the most notable countries due to high electricity consumption, rapid urbanization, and technical improvements. Wind tower investments are based on the nacelle and turbine. The material and weight of a wind tower have an impact on its strength and stability. The design of a wind tower has the most influence on the market. As a result, wind towers for onshore applications differ markedly from towers for offshore use. Increasing wind power generation capacity, stringent environmental laws for emissions from conventional fuel combustion, rising demand for larger blades, and more government funding for wind power projects are just a few examples. China currently has the most wind energy projects in the planning and construction stages, followed by Japan and South Korea.
Segmentation of Market covered in the research:
Wind Tower Market Report, By Product (Tubular Steel, Concrete, Hybrid and other), By Application (Onshore and offshore) and By Region – Global Forecast to 2027.
Browse In-depth Market Research Report (111 pages) on Wind Tower Market
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