Global Wind Turbine Tower Market – Industry Trends and Forecast to 2029

Wind Turbine Tower Market Analysis and Size

Over the forecast period, the growth of the wind energy sector is projected to be driven by the various initiatives to expand their renewable infrastructure and diversify their energy supplies, which will also boost demand for wind turbine towers. Moreover, due to supportive government policies and initiatives to enhance the proportion of cleaner and renewable sources in electricity generation, the Asia-Pacific region is anticipated to be one of the most promising markets for wind turbine towers over the coming years. These determinants will significantly support the market traction over the forecast timeframe.

Global Wind Turbine Tower Market was valued at USD 28,800.00 million in 2021 and is expected to reach USD 62,639.06 million by 2029, registering a CAGR of 10.20% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

Wind Turbine Tower Market Scope and Segmentation

Market Definition

An apparatus that transforms wind kinetic energy into electrical energy is a wind turbine. The wind turbine tower is basically made from tubular steel. The tower supports the structure of the turbine, and it usually comes in three sections and is assembled on-site

Wind Turbine Tower Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increased Benefits of Wind Energy

One of the energy sources with the greatest rate of growth in the world, wind energy provides many benefits. Since most of the best wind locations are located in rural areas, this has a large economic impact. As wind turbines only occupy a small fraction of the land, farmers and ranchers can continue to use it for their livelihoods. Farmers and ranchers rent from wind power plant owners to use their property, adding to the revenue of landowners. Wind energy is abundant and endless, which is the major reason for rapid market growth. In addition, it employs a sizable portion of the population. One of the fastest expanding occupations in the nation is wind turbine technician, which employs over 100,000 individuals in the United States. Consequently, these useful properties ultimately accelerates the demand for floating wind turbines, thus accelerating the overall growth rate for the market.

Furthermore, the rapid population expansion, a growing industrial sector, and expanded infrastructure construction are all factors in the sharp rise in electricity demand. The requirement for energy consumption is increasing as nations develop and their standards of living rise. Regions worldwide are expanding their power-producing capacity by constructing new facilities or expanding existing ones as the demand for electricity rises. There is a need for individuals with specializations in electrical engineering, mechanical engineering, civil engineering, and other manufacturing-related fields due to the specialized labor required for wind tower manufacture, which further creates various job opportunities that boost the overall market's growth.

Opportunities

• Growth in Sustainable And Eco-Friendly Electricity Source

Furthermore, the increasing requirement for sustainable and eco-friendly electricity source further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. This industry is growing due to the rising demand for reliable, clean energy that helps reduce global carbon emissions and preserve natural harmony by producing electricity from renewable resources. It is one of the most advanced, reasonably priced, and environmentally benign energy generation technologies. Moreover, there has been a discernible movement in the energy sector toward renewable and green energy as a result of reasons, including the need to cut carbon emissions, the depletion of fossil fuels, climate change, and others.

• Surging Amount of Favourable Government Policies

A number of government policies supports the greener energy programme. Consequently, the boost in various favorable government policies associated with greener energy initiative and reduction in carbon footprint provides various opportunities for the market. The main energy policies that are specifically targeted at wind include feed-in tariffs, tax credits, net metering, and capital subsidies in several nations, including the United States, China, Japan, and the European Union. For instance, Poland recently established a new renewable energy law that includes a feed-in tariff for small wind turbines. Up to 3 kW, the FIT will be 0.17 euros per kWh, and up to 10 kW, it will be 0.15 euros per kWh. The specified incentives will contribute to a major increase in the wind energy sector in these nations, positively affecting the overall market's growth.

Restraints/Challenges

• High Costs

The various types of towers are employed to effectively generate wind energy. Towers including concrete, tubular steel, hybrid, and lattice towers are preferred for large wind turbines. The wind tower is the most important and expensive component of the entire turbine. It typically costs between 25 and 30 percent of the wind turbine's overall cost. The high cost of the wind turbine tower is preventing the implementation of wind turbine tower, which will prove to be a massive disadvantage for wind turbine tower market.

• Wind energy is Intermittent

 It can be challenging to forecast precisely how much electricity a wind turbine will produce over time because a wind turbine's efficiency in producing electricity depends on the weather. The turbine's rotor won't rotate on any given day if wind speeds are too low. This means that wind energy isn't always dispatchable during peak electricity demand. As a result, the unpredictable nature of wind will further pose as a serious challenge to the growth of the wind turbine tower market.

This wind turbine tower market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wind turbine tower market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Wind Turbine Tower Market

COVID-19 damaged the various industries since it interfered with the industrial processes and the supply chain. Most businesses stopped operating because to a lack of workers. However, COVID-19's effects are causing a slow drop in the demand for wind turbine tower worldwide. The outbreak of coronavirus had a negative impact on the wind turbine tower market, as the production of wind turbine towers was put on hold for a set length of time, which had a significant influence on sales. Demand for wind power projects is inversely correlated with wind turbine tower sales. The wind projects have suffered, and demand for wind turbines has significantly decreased due to the COVID-19 outbreak's lockdown.

Additionally, import and export activities were severely damaged, negatively influencing the global market. The United Nations Industrial Development Organization (UNIDO) reports that due to uncertainty and income loss during the lockout, between 30 and 70 percent of pre-COVID-19 vendors and workers relocated to their hometowns. This lack of personnel availability or reduced workforce availability is anticipated to directly impact production and manufacturing operations, which will lead to a reduction in demand for the raw materials used in wind turbine tower. This is anticipated to slow the market's growth for wind turbine tower during the anticipated term.

Recent Development

• In February 2022, In order to establish a wind turbine tower plant in the Baltic Sea city of Gdask, Spain's GRI Renewable Industries and the capital group of Poland's state Industrial Development Agency (GK ARP) signed a Memorandum of Understanding (MoU).
• In June 2021, the development of a 252 MW wind power project from CLP India received a fresh order from Suzlon Group, the largest provider of renewable energy solutions in India. 120 S120-140m wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) towers, each with a rated capacity of 2.1 MW, will be installed by Suzlon. The project will be finished at Sidhpur, Gujarat, and should be operational by 2022.

Global Wind Turbine Tower Market Scope

The wind turbine tower market is segmented on the basis of type and installation. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Tubular
• Lattice
• Others

Installation

• Onshore
• Offshore

Wind Turbine Tower Market Regional Analysis/Insights

The wind turbine tower market is analyzed and market size insights and trends are provided by country, type and installation as referenced above.

The countries covered in the wind turbine tower market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the wind turbine tower market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rapid installation of wind farms and offshore wind installations. Moreover, promoting and producing renewable energy sources will boost the market growth within the region.

Asia-Pacific, on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing investments in renewable energy generation. The rapid increase in demand for renewable source of energy as well as strong regulatory and policy frameworks, will aid in the market growth over the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Wind Turbine Tower Market Share Analysis

The wind turbine tower market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wind turbine tower market.

Some of the major players operating in the wind turbine tower market are

• General Electric (U.S.)
• Vestas (Denmark)
• Siemens (Spain)
• Goldwind (China)
• Shanghai Electric (China)
• ABB (Switzerland)
• Doosan Corporation (South Korea)
• Hitachi Ltd. (Japan)
• Nordex SE (Germany)
• EEW Group (Germany)
• Nexans (France)
• DEME (Belgium)
• Ming Yang Smart Energy Group Co (China)
• Envision (China)
• Rockwell Automation Inc., (U.S.)
• Hyundai Motor Company (South Korea)
• Schneider Electric (France)
• Zhejiang Windey Co., Ltd., (China)
• Taiyuan Heavy Industry Co., (China)
• Sinovel Wind Group Co., Ltd. (China)

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