Wind Tower Market by Product, Application, and Geography - Forecast and Analysis 2021-2025

The wind tower market share is expected to increase by USD 9.47 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.59%.

This wind tower market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers wind tower market segmentation by product (tubular steel towers, concrete towers, and other towers), application (onshore and offshore), and geography (APAC, Europe, North America, South America, and MEA). The wind tower market report also offers information on several market vendors, including Acciona SA, Arcosa Inc., Broadwind Energy Inc., CS WIND Corp., ENERCON GmbH, Nordex SE, Valmont Industries Inc., Vestas Wind System AS, Windar Renovables, and Xinjiang Goldwind Science & Technology Co. Ltd. among others.

What will the Wind Tower Market Size be During the Forecast Period?

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Wind Tower Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for heightened wind towers is notably driving the wind tower market growth, although factors such as the declining cost of solar PV modules may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wind tower industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Wind Tower Market Driver

Increasing demand for heightened wind towers is a major driver fueling the wind tower market growth. The increase in the height of wind towers has proliferated investments in the wind power industry. Since high-altitude wind towers have the ability to produce more power from a single wind turbine, it leads to a reduction in the total number of turbines needed for a wind farm. The overall cost of wind towers has increased in proportion to their height. Therefore, the purchase of higher wind towers has helped to fuel the revenue of vendors. Many wind tower manufacturers have started manufacturing taller wind towers to boost the total capacity of energy produced by wind turbines. The offshore segment is making even greater strides in the wind industry in terms of tower height as many of the major wind tower manufacturers are trying to enhance their offerings. The height of wind turbines is expected to increase further during the forecast period, owing to various benefits. Taller wind towers facilitate the setup of longer wind turbines, which have high energy conversion rates and can access higher wind streams than wind turbines placed at lower altitudes. The benefits associated with the height of wind towers are driving the demand for heightened wind towers globally, thereby fueling the growth of the global wind tower market.

Key Wind Tower Market Trend

The decline in LCOE of wind power generation is a major trend influencing the wind tower market growth. The cost of onshore wind power generation is within the same cost range as that of new fossil fuel capacity. Further, the fall in wind turbine costs, operation and maintenance costs, lower cost of financing, and rising turbine supplies are contributing to the decline in the LCOE. These factors have made onshore wind power generation more competitive. According to the International Renewable Energy Agency (IRENA), the global weighted average LCOE for offshore wind power generation in 2018 was 1% lower as compared to 2017 and 20% lower as compared to 2010. Similarly, the global weighted-average LCOE for onshore wind power generation fell by 82% between 1983-2018. As wind power generation costs decline, wind power generation is likely to be a compelling option for utilities and consumers that want to generate power from cleaner sources. This will boost wind turbine installation worldwide, propelling the global wind tower market. 

Key Wind Tower Market Challenge

The declining cost of solar PV modules is a major hindrance to the wind tower market growth. Wind power energy faces strong competition from alternative sources of renewable energy, such as solar energy and hydroelectric energy. The presence of high competition in renewable power generation and revisions in the prices of components in alternative technologies adversely impacts the wind tower market and reduces the overall installations. Over the past decade, there has been an increase in the generation of power using solar PV. Solar PV has become one of the inexpensive sources of electricity generation owing to factors such as an increase in the scale of production of components and intense competition among vendors in the value chain of the global solar power market. Ongoing developments in energy storage systems are driving the use of solar power. The Solar Energy Technologies Office (SETO) of the US DOE launched the SunShot Initiative in 2011 to reduce the cost and increase the adoption of solar-powered electricity.

This wind tower market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global wind tower market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wind tower market during the forecast period.

Who are the Major Wind Tower Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Acciona SA
• Arcosa Inc.
• Broadwind Energy Inc.
• CS WIND Corp.
• ENERCON GmbH
• Nordex SE
• Valmont Industries Inc.
• Vestas Wind System AS
• Windar Renovables
• Xinjiang Goldwind Science & Technology Co. Ltd.

 

This statistical study of the wind tower market encompasses successful business strategies deployed by the key vendors. The wind tower market is fragmented and the vendors are deploying growth strategies such as offering products with differentiation to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The wind tower market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Wind Tower Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the wind tower market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the renewable electricity market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Wind Tower Market?

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54% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for wind towers in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The rise in the adoption of clean energy sources such as wind energy in rapidly emerging economies such as China and India will facilitate the wind tower market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The wind tower market in APAC witnessed certain challenges in 2020 due to the COVID-19 pandemic. India, China, Indonesia, and Bangladesh are some countries most affected by the pandemic. The spread of COVID-19 has negatively impacted the supply chain and installation operations in China’s wind energy industry, which is one of the largest markets for wind towers in APAC. Most manufacturers in the wind energy supply chain shut down their facilities in January and February 2020. Also, in the first half of 2020, wind project construction was much slower than scheduled. In addition, the production capacity of components and turbines dropped. These factors have hampered the demand for wind towers in the region, especially in the first half of 2020. In the second half of 2020, the demand for wind towers increased more than that in the first half of 2020. As industries started reopening facilities, power demand increased. To cater to such demand, governments are focusing on capacity additions in the wind energy sector. For instance, in December 2020, the Government of India announced its plan to increase its investment in renewable power generation capacity to meet the target of 175 GW of clean energy capacity by 2022. In addition, in October 2020, Vestas announced the launch of a new low-wind turbine variant for the Indian market. Hence, these factors can increase the demand for wind towers in the region during the forecast period.

What are the Revenue-generating Product Segments in the Wind Tower Market?

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The wind tower market share growth in the tubular steel tower segment will be significant during the forecast period. Tubular steel towers are the most commonly used tower type in modern turbines, as they have aesthetically pleasing to look at with predictable dynamic and fatigue properties. They are cost-effective when manufactured in bulk, and their design provides strength to the wind turbine structures. The wind tower market share growth by the tubular steel towers segment will be faster than the concrete towers and other towers segments. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the wind tower market size and actionable market insights on post COVID-19 impact on each segment.

 

Wind Tower Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 5.59%
Market growth 2021-2025	$ 9.47 billion
Market structure	Fragmented
YoY growth (%)	3.07
Regional analysis	APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, and MEA
Performing market contribution	APAC at 54%
Key consumer countries	China, US, Germany, India, UK, and Brazil
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Acciona SA, Arcosa Inc., Broadwind Energy Inc., CS WIND Corp., ENERCON GmbH, Nordex SE, Valmont Industries Inc., Vestas Wind System AS, Windar Renovables, and Xinjiang Goldwind Science & Technology Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Wind Tower Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive wind tower market growth during the next five years
• Precise estimation of the wind tower market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the wind tower industry across APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wind tower market vendors

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