Wind Tower Market Set to Soar Past USD 41.3 Billion by 2030 | Skyquest Technology
The wind tower market, including steel, concrete, and hybrid tower types, is projected to experience significant growth from 2023 to 2030. With applications in both offshore and onshore wind projects, the market offers promising opportunities for industry players.
Westford, USA, July 18, 2023 (GLOBE NEWSWIRE) -- The global Wind Tower market size is expected to reach USD 41.3 billion by 2030 and exhibit a CAGR of 7.6% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing global demand for renewable energy, government support and incentives for wind power development, growing concerns about climate change and carbon emissions, decreasing costs of wind energy generation, advancements in wind turbine technology and efficiency, expanding offshore wind energy projects, increasing investment in wind power infrastructure, favourable policies and regulations promoting renewable energy adoption, rising awareness and public acceptance of wind energy as a clean and sustainable power source, is fueling the market's growth.
According to SkyQuest's latest global research of the Wind Tower market, increasing use of advanced materials and tower designs to improve efficiency and reduce weight, growing deployment of taller and larger wind towers to harness stronger and more consistent wind resources, development of offshore wind farms and floating wind turbines to tap into untapped wind resources, integration of smart technologies and digitalization in wind tower monitoring and maintenance, adoption of modular and prefabricated tower construction methods to reduce costs and construction time, focus on sustainability and recyclability in wind tower manufacturing and operations, development of hybrid towers combining wind and solar energy generation, emphasis on local manufacturing and supply chain localization to reduce transportation costs and carbon emissions, are the trends that aid in the market's growth.
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Browse in-depth TOC on "Wind Tower Market"
Pages - 157
Tables - 61
Figures -75
A wind tower is a tall structure that supports a wind turbine. The tower is typically made of steel or concrete and is designed to withstand the forces of wind and gravity. The tower's height determines how much wind the turbine can capture, and the materials used in the tower's construction determine its strength and durability.
Prominent Players in Wind Tower Market
Siemens Gamesa Renewable Energy
GE Renewable Energy
Vestas
Nordex Group
MHI Vestas Offshore Wind
Senvion
Enercon
TPI Composites
LM Wind Power
Broadwind Energy
Inox Wind
Suzlon Energy
Gamesa Corporacion Tecnologica
Windar Renewables
UPM Wind Conversions
Sparcraft
Tecsis
Elecnor
CWind
Nordic Structures
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Report Scope & Segmentation:
Attributes | Details |
Forecast Period | 2023-2030 |
Market Size in 2022 | 24.3 Billion |
2030 Value Projection | 41.3 Billion |
CAGR | 7.6% |
Segments Covered |
steel towers, concrete towers, and hybrid towers
Off-Shore and On-Shore |
Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Tubular Steel Towers Demand to Grow Substantially in the Forecast Period
Tubular Steel Towers dominated the global online market as they have been widely used in the wind energy industry for many years and have become the standard choice for onshore wind farms. Their design, manufacturing processes, and installation techniques are well-established and have been refined over time.
Onshore Wind is the Leading Application Segment
In terms of application, onshore wind is the leading segment as they are more prevalent and widely deployed compared to offshore wind farms. Onshore wind projects have been established in various regions globally, contributing to a larger market size and demand for wind towers.
Asia Pacific is the leading Market Due to the Largest Wind Power Capacity
Region-wise, North America is one of the largest growing markets due to the largest wind power capacity. The Chinese government has implemented favorable policies and incentives to promote renewable energy, including wind power. Supportive regulations, feed-in tariffs, and subsidies have encouraged the growth of the wind energy sector, driving the demand for wind towers in the region.
A recent report thoroughly analyzes the major players operating within the Wind Tower market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Wind Tower.
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Key Developments in Wind Tower Market
In February 2023: TPI Composites announced that it would acquire LM Wind Power, which makes wind turbine blades. The acquisition is expected to help TPI Composites expand its product portfolio and become a more vertically integrated company.
January 2023: Broadwind Energy announced it would acquire Winco International, which makes wind tower components. The acquisition is expected to help Broadwind Energy expand its product portfolio and become a vertically integrated company.
Key Questions Answered in Wind Tower Market Report
What specific growth drivers will impact the market during the forecast period?
Can you list the top companies in the market and explain how they have achieved their positions of influence?
In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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