Wind Turbine Tower Market Analysis APAC, North America, Europe, Middle East and Africa, South America - China, US, Germany, India, Spain - Size and Forecast 2024-2028

Wind Turbine Tower Market Size 2024-2028

The wind turbine tower market size is forecast to increase by USD 6.08 billion, at a CAGR of 4.34% between 2023 and 2028.

• The market is witnessing significant growth due to several key trends. The increase in rotor diameters is driving market growth as larger turbines generate more power. Moreover, the demand for clean energy is surging, leading to increased investments in energy projects. Tubular steel towers and lattice towers are the most common types of wind turbine towers, with tubular towers gaining popularity due to their cost-effectiveness and ease of manufacturing. Another emerging trend is the development of airborne wind turbines, which have the potential to revolutionize the wind energy sector by generating power at higher altitudes and in areas with lower wind speeds. However, challenges such as high capital costs and complex regulations persist, which may hinder market growth. Despite these challenges, the market is expected to continue expanding, driven by the need for sustainable energy solutions and technological advancements.

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

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• The market is a critical component of the renewable energy infrastructure, supporting the structure of large-capacity wind turbines. The market is driven by the growing demand for renewable energy generation and the expansion of energy portfolios to reduce reliance on traditional energy supplies. Blade sizes continue to increase, necessitating taller towers to maximize energy production. Onshore wind energy remains the dominant sector, with construction activity continuing to rise.
• The wind energy sector's growth is not limited to wind energy; it also includes the solar energy industry, with wind and solar energy complementing each other In the quest for sustainable energy sources. The market trends include the increasing use of concrete towers and guyed pole towers for specific applications, and the integration of wind energy with gas-fired power plants to improve energy efficiency. Cumulative wind energy capacity is expected to continue growing, driving the demand for wind turbine towers.

How is this Wind Turbine Tower Industry segmented and which is the largest segment?

The wind turbine tower industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application
  • Onshore
  • Offshore
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • Germany
    • Spain
  • Middle East and Africa
  • South America

By Application Insights

• The onshore segment is estimated to witness significant growth during the forecast period.

The market is projected to expand at a steady pace due to rising government incentives and investor funding to promote carbon-free energy production. The global shift towards renewable energy sources, driven by the need to decrease carbon emissions, is fueling the growth of the onshore wind energy sector. Advancements in wind turbine technology, such as larger turbines for enhanced performance, contribute to the sector's expansion. The infrastructure construction required for wind energy generation is expected to continue, meeting the increasing electricity demand while reducing reliance on traditional energy sources. This transition to greener energy initiatives is a significant development In the global energy landscape.

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The onshore segment was valued at USD 21.57 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 36% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Asia Pacific (APAC) region dominated The market in 2023, accounting for a significant share, driven by the increasing adoption of wind energy as an alternative energy production source. China and India are key contributors to this growth due to various government initiatives promoting clean energy production. For instance, India aims to generate 30GW of wind power from offshore wind turbine installations by 2030. This focus on offshore wind installations is expected to propel market expansion in APAC during the forecast period. The market's growth in APAC is underpinned by government support and the region's vast potential for wind energy production.

Market Dynamics

Our wind turbine tower market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Wind Turbine Tower Industry?

An increase in rotor diameter is the key driver of the market.

• The market is experiencing significant growth due to the increasing demand for renewable energy generation in the US. With favorable energy policies, such as feed-in tariffs, residential net metering, and generation tax credits, the wind energy sector is becoming increasingly cost-effective. Wind turbine systems, which consist of tubular steel, lattice, and guyed pole towers, play a crucial role In the infrastructure construction of wind farm projects. The efficiency of wind turbines depends on various factors, including blade sizes and wind conditions. Large-capacity wind turbines with long blades can extract more energy from the wind, making them preferred choices for wind power projects.
• The construction of wind turbine towers involves the use of tubular steel for tubular towers and concrete for lattice and concrete towers. These materials ensure the turbine structure can withstand harsh weather conditions and maintain high wind energy efficiency. The shift towards renewable energy sources, such as wind and solar energy, is driven by the need to reduce carbon emissions and decrease reliance on thermal energy sources like coal-based power plants. The solar energy industry is also growing, but wind energy remains a significant contributor to renewable infrastructure and energy portfolios. The wind energy sector's growth is expected to continue, driven by increasing electricity demand and the desire for a greener energy initiative with a smaller carbon footprint.

What are the market trends shaping the Wind Turbine Tower Industry?

An increase in demand for clean power is the upcoming market trend.

• The market is experiencing significant growth due to the increasing demand for renewable energy generation in the US and globally. Favorable energy policies, such as feed-in tariffs, residential net metering, and generation tax credits, are driving the expansion of wind energy infrastructure. Wind turbine systems, including those with large blade sizes, are becoming more cost-effective, making wind power projects increasingly attractive for landowners and energy suppliers. Tubular steel and concrete towers, as well as lattice and guyed pole towers, are commonly used In the construction of wind turbine structures. The wind energy sector is a key contributor to the renewable infrastructure, providing a reliable, affordable, and secure source of electricity that reduces carbon emissions and decreases reliance on thermal energy sources like coal-based power and gas-fired power plants.
• The wind energy industry's cost-effectiveness and increasing efficiency, even in challenging weather conditions, make it a valuable addition to energy portfolios. Dispatchable wind energy, which can be stored and released on demand, further enhances its appeal. The wind power projects' success is also influenced by advancements in wind turbine technology, enabling the deployment of large-capacity wind turbines. As the demand for renewable energy continues to grow, the wind energy sector is poised to play a significant role in meeting electricity demand while reducing carbon footprint. The market for wind turbine towers is expected to remain dynamic, driven by the need for innovative solutions to optimize wind turbine efficiency and adapt to various wind conditions.

What challenges does the Wind Turbine Tower Industry face during its growth?

The development of airborne wind turbines is a key challenge affecting the industry's growth.

• The market encompasses the manufacturing and construction of towers used in wind turbine systems. Taller towers are essential in regions with unpredictable wind currents to optimize renewable energy generation. Tubular steel and concrete towers, as well as lattice and guyed pole towers, are commonly used In the wind energy sector. The height of these towers varies based on the minimum wind speed required for continuous energy production. in the US, favorable energy policies such as feed-in tariffs, residential net metering, and generation tax credits have bolstered the wind energy sector. Large-capacity wind turbines with blade sizes exceeding 100 meters are increasingly being adopted for cost-effective wind farm projects.
• The wind power industry's growth is driven by the shift towards renewable energy sources, aiming to reduce carbon emissions and decrease reliance on thermal energy sources like coal-based power. The market is influenced by several factors, including weather conditions, wind farm project locations, and wind power project development. Dispatchable wind energy, which can be scheduled to provide consistent electricity supplies, is becoming increasingly important to meet electricity demand. Hybrid towers, combining the advantages of tubular steel and lattice towers, are gaining popularity due to their wind turbine efficiency and adaptability to various wind conditions.

Exclusive Customer Landscape

The wind turbine tower market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wind turbine tower market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, wind turbine tower market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Arcosa Inc.
• Bergey Wind Power Co.
• Bouygues Construction SA
• Broadwind Energy Inc
• CS WIND Corp.
• Dongkuk S and C
• KGW Schweriner Maschinen und Anlagenbau GmbH
• Marmen Inc.
• Modvion AB
• Nordex SE
• NRG Systems
• Red Rock Automation Ltd
• Renewtech LLC
• Shanghai Taisheng Wind Power Equipment Co. Ltd.
• Suzlon Energy Ltd.
• thyssenkrupp AG
• Valmont Industries Inc.
• Ventower Industries
• Windar Renovables

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Wind turbine towers play a crucial role In the renewable energy generation sector, providing the structural support for large-capacity wind turbines. These towers are essential components of wind energy infrastructure, enabling the conversion of wind energy into electricity. In this article, we will delve into the market dynamics of wind turbine towers, focusing on their manufacturing, construction, and market trends. Manufacturing of Wind Turbine Towers The manufacturing process of wind turbine towers involves the production of tubular, lattice, and guyed pole towers. Tubular towers are made from seamless or welded tubular steel, offering advantages such as higher load capacity and easier transportation.

In contrast, lattice towers are constructed from triangular or rectangular steel sections, providing excellent stability and strength. Guyed pole towers, on the other hand, utilize cables and anchors to support the turbine, making them suitable for smaller wind turbines and less windy sites. Construction of Wind Turbine Towers The construction of wind turbine towers involves several stages, including foundation preparation, tower assembly, and turbine installation. Foundation preparation includes site preparation, soil testing, and concrete pouring. Tower assembly involves the transportation of tower sections to the site and their subsequent erection using cranes or helicopters. Finally, the turbine is installed on top of the tower, connected to the electrical grid, and commissioned.

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What are the Key Data Covered in this Wind Turbine Tower Market Research and Growth Report?

• CAGR of the Wind Turbine Tower industry during the forecast period
• Detailed information on factors that will drive the Wind Turbine Tower growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the wind turbine tower market growth of industry companies

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