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.
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The growth in this sector is due to the
increasing demand for clean and reliable energy to reduce the global carbon
emissions, and to maintain ecological balance by generating electricity through
renewable resources. However, high initial capital cost of projects with high
maintenance cost and logistics issues, can hinder the wind tower market. Global
Wind tower market has a very broad market in recent years. MRFR analysts have
predicted that wind tower market is about to grow at a rapid pace. Moreover,
the economic growth with emissions reduction have given the growth, momentum.
Key
Players:
The key players of global wind tower
market are 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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Regional
Outlook
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.
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.
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