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.
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:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Axis Type, Installation, Component, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.8%.
Rising investment in wind energy to drive the growth of the wind tower market.
Major global Wind Tower Market players 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
Fluctuating prices of steel hinder the market growth
Europe is expected to account for the largest market revenue share in the Global Wind Tower market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst