Wind Tower Market

Wind Tower Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Wind Tower Market grew at a CAGR of 6.9% between 2017-2021 and is estimated to be US$ 29,413.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.8% and is expected to reach a valuation of US$ 62,335.8Mn by 2032 end.

Tall buildings called wind towers hold up wind turbines and the parts that go with them. The turbine’s nacelle and rotor are held in place by the tower, providing support for the blades when they safely clear the earth.

The wind turbine is placed at the perfect height to harness the power of the wind to generate electricity. Governments in both developed and emerging nations are actively supporting wind energy as a replacement for conventional energy sources, which favors the market for wind turbine towers.

Market Dynamic

RISING INVESTMENT IN WIND ENERGY TO DRIVE THE GROWTH OF THE WIND TOWER MARKET

The power generation sector is being forced to switch to cleaner, more environmentally friendly energy sources of a rise in environmental protection rules around the world. The development of renewable energy power generation is a top priority for major economies worldwide to lessen their reliance on conventional power generation using fossil fuels.

A significant renewable energy source that has the potential to address many global concerns is wind energy. The world erected 60.4 GW of new wind power projects in 2019, bringing the total amount of wind power installed to 651 GW. The Asia Pacific area contributed 50.7% of all new installations or 30.6 GW. Thus, the enormous yearly increase in wind power capacity is undoubtedly strengthening this market globally.

FLUCTUATING PRICES OF STEEL TO HINDER MARKET GROWTH

The primary raw material utilized to create wind towers is steel. The shifting steel price hampers the growth of the wind tower market. Steel is the most widely traded metal in the world. Therefore price volatility hurts a variety of end-use industries. Steel sheets of this type are used to make wind towers worldwide. Price variation has an impact on production costs, which affects the expansion of the worldwide market.

INCREASE IN POWER CONSUMPTION TO BOOST GROWTH

Globally rapid population expansion, a thriving industrial sector, and an increase in infrastructure-building activities all contribute to a significant surge in electricity demand. There is a growing demand for energy consumption as a result of the growth of the nations and the rise in living standards.

Around the world, regions are establishing new plants or boosting the capacity of their current ones to increase their power generation capacity in response to the rising demand for electricity. Due to strict government regulations regulating greenhouse gas emissions, companies are more likely to employ renewable energy sources for electricity generation, particularly solar energy and wind power.

Market Segments Covered in Report

By Axis Type:

• Horizontal
• Vertical

By Installation:

• Onshore
• Offshore

By Component:

• Rotator Blade
• Gearbox
• Generator
• Nacelle
• Others

By Application:

• Industrial
• Commercial
• Residential
• Utility

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why does the onshore segment dominate the market?

The onshore segment dominated the market. The onshore segment has minimal carbon emissions and a reasonable cost structure compared to other segments. More than 54 GW of new onshore wind energy projects have been constructed globally.

Why does the vertical segment is projected to create abundant opportunity?

The vertical segment dominated the global market and is anticipated to maintain its position as the segment with the highest growth during the forecast period. This can be due to its key characteristics, which include great efficiency and low cost.

Why does the rotator blade is projected as the most lucrative segment?

The segment for rotator blades dominated the global market and is anticipated to continue increasing at the highest rate during the forecast period. This is attributed to the electricity industry and growing industrialization.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The largest market for wind towers is in Europe, where the market share is 30.2%. Additionally, it is the top location for installing offshore wind. The main factors driving the market’s growth in Europe are the rapidly rising number of established wind farms and the favorable legislation.
• Over the forecast period, Asia Pacific is anticipated to dominate the global market. Onshore wind installation is primarily concentrated in the Asia-Pacific area. Due to their increasing industrialization and urbanization, nations like China, India, and Australia continue to report higher electricity demands.

Competition Analysis

Due to the robust product selection and impressive distribution network of large corporations in established and developing nations, the worldwide market is consolidated. The few domestic businesses that do enter the international market are expected to face high entry hurdles. The market will become more competitive as a result. Enterprises are increasing their production capacities by building new plants or enlarging their old ones.

The key developments in the Global Wind Tower Market:

• In May 2017, on the island of Björkö near Gothenburg, a 30-meter-high wooden wind power tower was successfully installed by the Swedish business Modvion. According to the company, woodwind towers can be constructed for a lot less money than steel ones, which lowers the cost of producing electricity from wind power. By 2022, the first wooden towers will be built for commercial usage, using the new project as a research tool.
• In September 2018, Severstal, a Russian steel and mining firm, struck a joint venture agreement with Rusnano, a state-owned technology investor, and Windar Renovables of Spain to produce wind turbine towers in Russia. The joint venture, WRS Tower LLC, manufactures steel towers in the Rostov area.

A list of some of the key suppliers present in the market are:

• Suzlon Group
• Nordex Group
• Broadwind
• Ventower Industries LLC
• Arcosa Inc.
• Windar renovables
• Shanghai Taisheng Wind Power Equipment Co., Ltd.
• Dongkuk s&c
• KGW Schweriner Maschinen- und Anlagenbau GmbH
• CS Wind Corporation

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.