Farmington, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Global Wind Tower Market Size Was Valued At USD 22.65 Billion In 2021. The Market Is Projected To Grow From USD 24.30 Billion In 2022 To USD 40.65 Billion By 2030, Exhibiting A CAGR Of 7.6% During The Forecast Period. The COVID-19 pandemic has been frightening and has never happened before. In all areas, the demand for wind towers has been stronger than expected compared to before the pandemic. Our study shows that the world market grew by 37.8% from 2019 to 2020.
Wind towers are big structures that hold up wind blades and all of their parts. The tower holds the rotor and hub of the turbine in place and keeps the blades from hitting the ground. The wind turbine is set up at the right height to make power from the wind. Governments all over the world are promoting wind power as an alternative to standard energy sources, which is making more people want to buy it.
Request Sample Copy of Report “Wind Tower Market Size, Share & Trends Estimation Report By Type (Steel Tower, Concrete Tower, and Hybrid Tower), By Installation (Onshore and Offshore), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- September 2022 - Broadwind Inc. announced that it has received an order valued at US$38 million for new towers from a leading global wind turbine manufacturer. This constituted the largest tower order in more than three years as demand for new wind turbines began to grow after the recent passage of the Inflation Reduction Act (IRA).
- July 2021 - Nordex Group has received an order from Italy for the delivery of two wind farms with Delta4000 turbines totaling 54.9 MW. The association is providing six N133/4.8 turbines for the 28.8 MW wind farm and five N149/5.X turbines for the 26.1 MW capacity project. The deal also consists of a premium service agreement on the turbine for an initial two years, with several options extending up to 10 years.
Segment Overview
Type Insights
Based on the type of tower, the market is split into steel towers, concrete towers, and mixed towers. In 2021, most of the market was made up of concrete buildings, which had a lot of benefits, such as lower project costs and fewer parts. The market knows this information well. Up to 20% of the total cost of a wind turbine goes to the tower, and using concrete towers helps keep the cost of a wind farm low. These towers are strong, don't cost much, and the elements you need to build them are usually easy to find nearby.
The hybrid tower market is expected to grow a lot in the next few years because composite materials are becoming more popular. These types of products can be used in the same ways as two other types. These buildings also have less weight.
Installation Insights
The market is divided into onshore and offshore based on where the setups are made. By far, the biggest part of the market in 2021 was the onshore section. When compared to other segments, the onshore section has a low cost structure and a low amount of carbon emissions. More than 72 GW of new wind power projects were built on land around the world in 2021.
Because onshore wind is getting so much attention and installation, the offshore segment is expected to grow slowly. Putting up an ocean wind farm is much more expensive than putting up a wind farm on land. The development of floating offshore wind is also helping the offshore section grow.
Regional Outlook:
During the time frame of the forecast, Asia Pacific is projected to have the biggest share of the global wind tower market. The area has the most wind farms on land than anywhere else. Major countries like China, India, and Australia use more energy because they are quickly becoming more developed and urbanized. China is at the top of the market because it is using more energy sources that don't come from fossil fuels.
Europe is another big market for wind towers. Also, it is the area with the most wind farms out at sea. In Europe, the market is growing because wind farms are being built quickly and because the government is making it easy to build them. The governments in the area are also trying to make it easy to install wind power, which is another thing that is helping the market grow.
In North America, the market is likely to grow a lot over the next few years. In this area, there are a lot of wind turbines and several well-known tower makers. In North America, the market share is rising because using more renewable energy is getting more attention.
The falling cost of wind power generation and more investments in renewable energy generation in Latin America, the Middle East, and Africa are projected to drive the market growth for wind capacity installation, which is proportional to wind tower installation.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.6% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 40.65 Billion |
| By Type | Steel Tower, Concrete Tower, Hybrid Tower, Others |
| By Installation | Offshore, Onshore, Others |
| By Companies | Suzlon Group (India), Nordex Group (Germany), Broadwind (U.S.), Ventower Industries LLC (U.S.), Arcosa Inc. (U.S.), Windar Renovables (Spain), Shanghai Taisheng Wind Power Equipment Co., Ltd. (China), Dongkuk s&c (South Korea), KGW Schweriner Maschinen- und Anlagenbau GmbH (Germany), S. Wind Corporation (South Korea) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
More people will want to buy things if you use more power.
The number of people on Earth is growing fast, and more and more of them are using electronic gadgets. This makes the need for power all the more important. As the number of factories and factories grow, so does the need for power. The growth of things like building infrastructure and business and residential construction is also driving up the need for electricity.
To meet this need, the government is looking for low-cost and pollution-free options like solar and wind power. This means that more places around the world will use wind power to make electricity to keep up with the growing demand around the world.
Driving Factors:
Market growth will be driven by laws that help renewable energy and by putting more money into wind energy.
More rules about protecting the environment force the power business to switch to cleaner energy sources that are better for the environment. Several countries around the world are working hard to create renewable energy power generation so they can use less fossil fuels and other traditional energy sources. In the past few years, more and more money has been put into wind, solar, and other types of clean energy.
The important part that government programs and policies play in the growth of the wind tower market is one of the main reasons why the market is growing. In many countries, like Germany, the U.K., the U.S., Japan, and China, the most important wind tower-specific energy policies are feed-in tariffs, tax credits, net metering, and capital grants.
Restraining Factors:
Changes in steel prices will slow market growth.
Steel is one of the most important parts of wind towers. The rise of the market is being slowed by changes in the price of steel. Steel is the most traded metal in the world, and the changes in its price are hurting many businesses that use it. So, changes in prices affect the cost of making things and the growth of the world market.
Also, the price of steel changes often, so the end price of the product could go up or down. For example, if the cost of the raw ingredients goes up, the cost of making the product will also go up, and so will the price of the finished product. The price of steel will go up by 3% in 2020 and 4.10% in 2021, according to the General Steel Corporation. This change could also hurt the company's finances, which would slow the market's growth.
Key Segments Covered:
Top Market Players:
Suzlon Group (India), Nordex Group (Germany), Broadwind (U.S.), Ventower Industries LLC (U.S.), Arcosa Inc. (U.S.), Windar Renovables (Spain), Shanghai Taisheng Wind Power Equipment Co., Ltd. (China), Dongkuk s&c (South Korea), KGW Schweriner Maschinen- und Anlagenbau GmbH (Germany), S. Wind Corporation (South Korea), and others.
By Type
- Steel Tower
- Concrete Tower
- Hybrid Tower
- Others
By Installation
- Offshore
- Onshore
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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