Wind Turbine Tower Market 2021: Opportunities, Share, Industry Forecast
The Global Wind Tower Market is Set to Post 7.45% CAGR by 2023
According to Market Research Future (MRFR), the global wind turbine tower market is expected to reach more than USD 26 billion with a CAGR of 7.45% from 2017 to 2023 (forecast period). The report presents a thorough understanding of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Renewable energy can be generated from a wide range of sources, including wind, solar, hydro, tidal, geothermal, and biomass. Through using more renewables to meet their energy needs, many countries are trying to reduce their reliance on imported fossil fuels and make their energy production more sustainable. The renewable energy industry is also driving technological innovation and employment towards growth.
As a reliable source of clean and affordable energy, wind resources certainly have a crucial role in achieving these goals. With proper planning and mitigation measures, offshore/onshore wind can be constructed without damaging the environment. The market for wind towers, which is a big part of the wind turbine system, both cost-wise and size-wise, is directly connected to the market for wind turbines. The switch towards clean renewable energy is the key driver of the market for wind energy and thus the market for turbine towers.
Market Dynamics
Growth in this sector is due to the growing demand for clean and reliable energy to minimize global carbon emissions and maintain an ecological balance by generating electricity from renewable resources. Nevertheless, high initial capital costs of projects with high maintenance costs and logistics problems can impede the market for wind towers. The global market for wind towers had an extensive market in recent years. MRFR analysts have predicted that the wind tower market is about to rise at a rapid rate. Moreover, economic growth with a reduction in emissions has given momentum to growth.
For the efficient generation of wind energy, various types of wind towers are used. Tubular steel towers, lattice towers, concrete towers, and hybrid towers are used for large wind turbines. At the same time, guyed pole towers are used for small wind turbines. The wind tower, one of the most important parts of the wind turbine, will cost 25 to 30% of the overall cost of the wind turbine. Wind towers are specifically designed for a number of applications. Wind towers are manufactured for onshore wind turbines and offshore wind turbines.
Market Segmentation
The global wind tower market has been segmented into products and applications.
Based on product, the global wind tower market has been segmented into tubular steel, concrete, hybrid, and others.
Based on application, the global wind tower market has been segmented into onshore and offshore.
Regional Analysis
Region-wise, the global wind tower market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
Wind energy is currently at the stage of growth. This is due to increased demand for power, global initiatives to use more renewable, non-conventional energy sources, and the global need to minimize carbon emissions. European governments and the EU as a whole have promoted wind projects with favorable incentives as part of their carbon emission reduction targets. The European region is currently the leading wind tower market, followed by North America.
The Asia Pacific is a significant revenue generator for the global wind industry, where China, Japan, and India are considered major countries due to demand for electricity, rapid urbanization, and technological developments. Investments in wind towers are dependent on the turbine and the nacelle. The strength and stability of the wind tower are determined by material and weight. The market is essentially influenced by the design of the wind tower. Wind towers for onshore applications are also decidedly different from towers for offshore use.
Moreover, the Asia Pacific is expected to rise during the forecast period due to a variety of factors. Some of them include increasing wind power generation capacity, strict environmental regulations on emissions from burning conventional fuel, increasing demand for larger blades, and increased government support for wind power projects. China currently has the largest number of wind energy projects under the planning and construction stages, followed by Japan and South Korea.
Key Players
Notable players in the global wind tower market are Suzlon Energy Limited (India), General Electric (U.S.), Enercon GmbH (Germany), CS Wind Corporation (South Korea), Siemens AG (Germany), Trinity Structural Towers, Inc. (U.S.), Valmont Industries, Inc. (U.S.), Vestas Wind Systems A/S (Denmark), Ambau (Germany), and Broadwind Energy (U.S.).
Browse Complete report @ https://www.marketresearchfuture.com/reports/wind-tower-market-5265
About Market Research Future:
Market Research Future (MRFR) is a reliable firm that undertakes an extensive analysis of markets in various domains. Our teams of research analysts gather relevant data through painstaking primary and secondary research that aims to give clients a complete outlook on markets of their interest. The data is compared against third-party agencies and reputed organizations for estimating valuations and revenue projections.
MRFR’s goal in providing a comprehensive coverage of the market replete with latest trends, niches, developments, and insights can be lucrative for business needs. We aim to push our clients to the forefront by guiding them with astute information for making informed decisions. Our market intelligence can track down key issues in industries and be modified as per the fluctuations in economic scenarios. The reports are customized and offered as per a specific region or country and adhere to latest policies.
Read More Related Insights:
Contact Us:
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
Maharashtra, India
+1 646 845 9312
SattaKing Very interesting blog. A lot of blogs I see these days don't really provide anything that I'm interested in, but I'm most definitely interested in this one. Please Visit Once Satta King Online Game Result on Our Website.
ReplyDeleteThe fun part of this game is the planning stage, in which you need to think of the best strategies to attack your opponents from different angles. Satta King
Its Very Profitable for us Please Share this kind of Article.
Please Visit Once Satta King Online Game Result on Our Website. We just increasing our visibility on Internet.