Wind
Turbine Tower Market Insights
In the study of Market
Research Future, the Wind
Turbine Tower Market is
likely to achieve more than USD 26 Billion by 2023 with a CAGR of 7.45%.
Renewable energy helps in meeting efficient energy needs in many countries
which try to lower their dependence on imported fossil fuels and make its
energy production more sustainable. The renewable energy industry also drives
technological innovation and employment towards growth.
The market for wind towers
that forms a major part of a wind turbine system both cost wise and size wise,
is directly related to the market for wind turbines, which is proliferating
with key factors backing it. Out of which, the considerable shift towards clean
renewable energy is considered as the main driver for the wind energy market, and
global wind tower market as well.
Market
Drivers & Trends
The growth of global wind
tower market is due to the mounting demand for clean and reliable energy to
reduce the global carbon emissions, and to maintain ecological balance by
generating electricity through renewable resources. Global Wind tower market
has wide opportunities in recent years. MRFR analysts have predicted that wind
tower market is to proliferate at a rapid pace due to the economic growth with
emissions reduction that has given the market a considerable momentum.
Various types of wind towers
are used for the efficient generation of wind energy such as tubular steel
towers, concrete towers, lattice towers and hybrid towers are largely used for
large wind turbines. Whereas, guyed pole towers are used for small wind
turbines. Wind tower being one of the most essential parts of a wind turbine
would cost 25% to 30% of the total cost of wind turbine. Wind towers are
particularly designed for different applications and are also manufactured for
both, onshore wind turbine and offshore wind turbine.
On the flip side, the factor
of high initial capital cost of projects along with its high maintenance cost
and logistics issues could pose as a hindrance to the wind tower market.
Wind
Turbine Tower Market Segmentation
The global wind tower
market, as per the study has been segmented on the basis product type and
applications.
By the mode of product type,
the market segment comprises of tubular steel, concrete, hybrid, and others.
By the mode of applications,
the market segment includes onshore and offshore.
Regional
Outlook
The global wind tower
market, according to the region, has covered the main regions of Asia pacific,
North America, Europe and the Rest of the World (RoW).
Among these, North-America
region is likely to expand at the highest CAGR due to the approval of various
wind tower farm projects in countries such as U.S. and Canada. There has been
substantial investment into non-conventional electricity generation. These
factors are thus to drive the market for wind tower market in North America in
the forecast period.
On the other side, he wind
tower market in the Europe region is presently. European governments and have
supported wind projects with favorable incentives as part of their carbon
emission reduction goals. The United Kingdom heads with 46% of global installed
capacity, in 2015, followed by Germany (30%) and Denmark (11.5%).
Whereas, Asia Pacific is
likely to expand during the forecast period due to reasons such as escalating
wind power generation capacity, stringent environmental regulations for
emissions from burning conventional fuel, increasing demand of larger blades,
and increased government support for wind power projects are the prime.
Presently, China has the largest number of wind energy projects under planning
and construction phase after Japan and South Korea.
Key
Players
The well-known players of
global wind turbine tower market are listed as 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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