Wind Tower Market Growth, Key Players and Future Scope

Growing Wind Power Capacity Driving Wind Tower Market

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The strongest factors leading to the growth of the wind tower market are the increasing government support for wind farms, rising capacity of such installations, and surging need for geopolitical energy security and energy independence. As a result, the industry revenue, which stood at $26,140.5 million in 2015, is projected to increase at a 7.4% CAGR during 2016–2022 (forecast period). A wind tower is the main support system for the wind turbine and other components of a windmill, including the generator.

The tower type segment of the wind tower market is categorized into concrete towers, tubular steel towers, lattice towers, hybrid towers, and guyed pole towers. Among these, the industry was dominated in 2015 by the tubular steel towers category, which will keep holding the largest share till 2022. This is attributed to the cost-effectiveness and strength of these variants. As the tower costs make up for around 30% of the windmills’, having a cost-effective tower is essential to produce electricity cheaply and sell it at reasonable per-unit prices.

Download report sample at: https://www.psmarketresearch.com/market-analysis/wind-towermarket/report-sample The market is bifurcated into offshore and onshore, on the basis of application, of which onshore was the larger bifurcation during the historical period (2012– 2015). This was a result of the ease with which windmills can be installed on land. Additionally, reaching offshore windmills is more difficult, which makes their maintenance cumbersome, thereby making onshore installations more popular. In the coming years, the offshore bifurcation will witness the faster growth, as with advancements in technology, such as the advent of undersea cables, erecting windmills in the seabed is becoming feasible.

A prominent trend in the wind tower market is the opportunities being created for skilled laborers. As the renewable energy sector is growing, an increasing number of people with expertise in civil engineering, electrical engineering, and mechanical engineering are finding employment. Governments and private companies around the world are investing heavy sums in the wind power sector to reduce the rate of environmental degradation and dependence on oil, natural gas, and coal to produce electricity.

Government support is also one of the major drivers for the wind tower market advance across the globe. As per the International Renewable Energy Agency (IRENA), from 180,850 Megawatts (MW) in 2010, the worldwide installed capacity of wind power plants increased to 622,704 MW in 2019. This was a result of the increasing initiatives by numerous countries to augment the share of renewables in their energy mix. Such efforts are aimed at reducing the emission of greenhouse gases (GHGs) and dependence on fossil fuels, which are witnessing a rapid shrink in their reserves.

Another reason behind the market growth is the efforts being taken by governments to achieve energy independence. Currently, most of the world depends on major oil-producing countries for their energy needs. The import of

oil requires huge spending, and with the prices of oil fluctuating, economies across the globe are suffering. Hence, many nations, including Canada, the U.S., Brazil, Mexico, and several European Union (EU) countries, are making efforts to increase the production of clean electricity, so they do not have to depend on oil trade.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/wind-tower-market In 2015, Asia-Pacific (APAC) was the largest wind tower market as a result of the increasing capacity of wind power plants to cater to the rising demand for electric power. China and India are among the largest wind energy producers on earth, and many more wind power plants are under various stages of commissioning in these countries. The Middle East and Africa (MEA) would grow the fastest during the forecast period due to the lower penetration of wind power here, which will offer market players immense opportunities for expansion.

Hence, the installations of wind towers are set to keep rising, as the focus on renewable energy becomes stronger.

GLOBAL WIND TOWER MARKET •

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By Tower Type o

Tubular Steel Towers

o

Concrete Towers

o

Hybrid towers

o

Lattice Towers

o

Guyed Pole Towers

By Application o

Onshore

o

Offshore

By Region o

North America

o

Europe

o

Asia-Pacific

o

Latin America

o

Middle East and Africa

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