Market Highlights
Wind turbine towers can be
tubular, lattice structured or guyed pole towers. Concrete towers are most
popular structures for wind projects. Turbine towers are made in sections and
assembled on site. Increasing capacities of modern wind turbines have resulted
in larger rotor diameters. This has necessitated higher towers. Taller towers
are, increasingly, becoming popular as wind profiles are stronger at greater
heights.
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.
Industry Overview
In 2016, Siemens has announced
the commercial launch of a concrete wind turbine tower technology that places
turbines in stronger winds, at higher altitudes, which results in more
potential energy production and increased project revenue for customers. This
technology is part of an ongoing commitment to use innovation to expand wind
power in the United States and around the globe. The growth in wind energy 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.
One big obstacle standing in
the way of bigger wind turbines, is the high cost of building. The largest
turbines, now in use require towers that are wider than the standard gaps. That
means wind farm operators cannot simply truck in modular tower sections.
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.
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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