Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global Wind Tower Market size was valued at USD 22.65 billion in 2021. The market is anticipated to expand from USD 24.30 billion in 2022 to USD 40.65 billion by 2029, exhibiting a CAGR of 7.6% over the estimated period. The market growth can be attributed to the rising promotion of wind power by governments across the globe. This information is provided by Fortune Business Insights™ in its research report, titled “Wind Tower Market, 2022-2029”.
Industry Development:
Broadwind Inc. secured USD 11 million in orders for a new tower. The company would manufacture the tower sections at Abilene, Texas. The deal would help in strengthening the company’s position in the market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.6% |
| 2029 Value Projection | USD 40.65 billion |
| Base Year | 2021 |
| Market Size in 2018 | USD 22.65 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 186 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Market Value to Rise Owing to Surging Investments in Wind Energy |
| Concrete Tower Demand to Surge Owing to High Strength and Low Cost |
Drivers and Restraints:
Market Value to Rise Owing to Surging Investments in Wind Energy
The wind tower market growth is being driven by an increase in the enforcement of environmental protection regulations. These efforts are being undertaken for reducing their dependence on conventional sources for power generation. This is further supplemented by an increase in investments in solar, wind, and other sources. However, the market growth is likely to be hindered by the fluctuating prices of steel.
COVID-19 Impact:
Market Expansion Mildly Affected Owing to Issues of Raw Material Supply
The market has registered an increase in capacity installation in 2020 and 2021. However, the COVID-19 pandemic had a mild impact on industry growth. Lockdown restrictions led to the shutdown of production facilities, resulting in huge delays and backlogs in order fulfillment. This was due to the dependence of several countries on imports from other nations. For instance, the U.S. imports several wind raw materials from Europe and China.
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Segments:
Concrete Tower Demand to Surge Owing to High Strength and Low Cost
On the basis of type, the market is fragmented into concrete tower, steel tower, and hybrid tower. Of these, the concrete tower segment accounted for a significant share in 2021 and is expected to register commendable growth throughout the estimated period. The rise can be attributed to a range of benefits such as modularity reduction and project cost.
Offshore Segment to Gain Traction Driven by Low Carbon Emissions
Based on installation, the market is segmented into offshore and onshore. The onshore segment is slated to register appreciable expansion over the forecast period. The surge is being driven by the benefit of economic cost structure and low carbon emissions.
Based on geography, the market for wind towers is subdivided into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.
Report Coverage:
The report provides a comprehensive analysis of the key trends that are anticipated to drive the business landscape over the forthcoming years. It further delves into the prominent factors that are expected to propel market growth across various regions. Some of the additional aspects include the vital steps taken by leading industry participants for strengthening their position in the market.
Regional Insights:
Asia Pacific to Emerge Prominent Driven by Increasing Industrialization
The Asia Pacific wind tower market share is expected to record lucrative growth throughout the estimated period. This is on account of rapidly growing urbanization and industrialization and the consequent energy demand in the region.
The Europe region is estimated to register a notable surge over the analysis period. This is driven by favorable government regulations and rapidly escalating installation of wind farms.
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Competitive Landscape:
Major Industry Participants Enter into Collaborative Agreements to Maintain Market Position
Leading wind tower companies are focused on the adoption of various strategies such as mergers, acquisitions, and product developments for strengthening their position in the market. Some of the other steps comprise rising participation in trade fairs and increase in research activities.
List of Key Players Mentioned in the Report:
- Suzlon Group (India)
- Nordex Group (Germany)
- Broadwind (U.S.)
- Ventower Industries LLC (U.S.)
- Arcosa Inc. (U.S.)
- Windar Renovables (Spain)
- Shanghai Taisheng Wind Power Equipment Co., Ltd. (China)
- Dongkuk s&c (South Korea)
- KGW Schweriner Maschinen- und Anlagenbau GmbH (Germany)
- C.S. Wind Corporation (South Korea)
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Wind Tower Market
- Global Wind Tower Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Steel Tower
- Concrete Tower
- Hybrid Tower
- Market Analysis, Insights and Forecast – By Installation
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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