Wind Tower Market 2021: Application, Technological Advancement
The global wind tower market is garnering tractions increasingly. The market growth attributes to the increased focus on sustainable energy resources led by the concerns over extensive reliance on fossil fuel. Besides, the rising pressure to adopt renewable energy sources that are environmentally viable and ensure long-term sustainability drives the growth of the market. Moreover, stringent regulations against rising Co2 emissions escalate market growth.
According to Market Research Future (MRFR), the global wind tower market is poised to reach a valuation of over USD 26 BN by 2023, growing at 7.45% during the forecast period (2018-2023). Rising focuses on the adoption of various clean energy technologies, including wind turbines, positively impact the growth of the market. Also, the rising demand for sustainable energy production substantiates the development of the market.
The rapidly growing population, industrialization, and urbanization accelerate market growth, increasing energy consumption, and demand worldwide. Also, the improving standard of living due to the economic growth worldwide boost the growth of the market. Growing ecological concerns define the rising demand for clean, renewable, and sustainable energy generation, driving wind energy demand. Substantial R&D investments foster market growth.
Conversely, high initial capital investments, high maintenance costs, and logistics issues are the major factors projected to impede the growth of the market. Nevertheless, augmented demand for sustainable power generation worldwide would support the growth of the market over the assessment period.
Major Players:
Players leading the global wind tower market include Enercon GmbH (Germany), Suzlon Energy Limited (India), CS Wind Corporation (South Korea), Siemens AG (Germany), General Electric (US), Trinity Structural Towers, Inc. (US) , Valmont Industries, Inc. (US), Vestas Wind Systems A/S (Denmark), Broadwind Energy (US), and Ambau (Germany), among others.
Global Wind Tower Market - Segments
The report is segmented into three dynamics;
By Product : Tubular Steel, Concrete, Hybrid, and others.
By Application : Onshore and Offshore.
By Regions : Asia Pacific, Europe, Americas, and the Rest-of-the-World.
Wind Tower Market - Regional Analysis
Europe dominates the global wind turbine tower market. The region is increasingly opting for eco-friendly alternatives to reduce dependency on energy generated from fossil fuel. The market growth attributes to the government initiatives and efforts to cut down the use of non-renewable fuel. Moreover, favorable government policies and favorable investments by public and private sectors increase the size of the market.
Additionally, the presence of well-developed renewable energy infrastructure and the increasing crude oil prices fuel the market growth in the region. Furthermore, increasing demand for renewable technology widens the uptake of wind towers in the region. The European wind tower market is projected to retain its dominance throughout the estimated period.
North America stands second in the global wind tower market. Currently, wind energy in the region is in the growing stage. The market growth attributes to the increase in demand for power and initiatives to use more renewable and non-conventional energy sources substantiate the regional market growth. Additionally, rising pressure to control the carbon emission in the region pushes the development of the regional market. Also, stringent EPA regulations for carbon footprints support wind projects and favorable government incentives to reduce their carbon emission reduction goals.
The Asia Pacific wind tower market is growing rapidly. Factors such as the rising adoption of clean energy solutions, including wind turbines, policy reforms, and the continual rise in power consumption across the region, boost market growth. Moreover, the rising demand for renewable technologies and increasing R&D investments substantiate market growth.
Also, the rising governmental pressure to increase renewable energy generation fosters the development of the regional market. Furthermore, the increasing demand for energy due to the rapid economic growth and industrialization in the region substantiates the market growth. The APAC wind tower market is expected to witness considerable growth during the forecast period.
Global Wind Tower Market - Competitive Landscape
Highly competitive, the wind tower market appears fragmented due to the presence of several industry players. Mergers & acquisition, collaboration, expansion, and product/ technology launch are key strategic initiatives these players incorporate to gain a larger competitive advantage. They focus on product development and geographical expansion. The market is projected to witness various innovations and new product launches that would result in intensifying the competition.
Industry/ Innovation/ Related News
September 01, 2020 ---- edotco Bangladesh Co. Ltd., an integrated telecommunications infrastructure services company, announced the development of the country’s first-ever 75-meter long hybrid solar wind tower in the northern Bay of Bengal where commercial power connection is rare. Connectivity was also challenging in that area as it is prone to frequent cyclones and colossal ocean tides.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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