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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 experiencing significant growth due to the rise in demand for clean power sources and the increasing adoption of large-capacity wind turbines. Concrete towers, lattice towers, and guyed pole towers are the primary types of wind turbine towers used in the industry. Concrete towers offer advantages such as durability and fire resistance, making them a popular choice for large-scale wind farms. Lattice towers, on the other hand, are cost-effective and easy to transport and install. Guyed pole towers are ideal for onshore wind farms with limited space. The solar energy industry's growth and the integration of solar energy with wind energy are emerging trends in the market.
Furthermore, solar energy and wind energy are complementary renewable energy sources, and their integration can increase the efficiency and reliability of renewable energy systems. Additionally, the development of large-capacity wind turbines and the increasing use of solar energy in gas-fired power plants are driving the demand for taller and stronger wind turbine towers. The market is expected to continue growing due to the cost-effectiveness and environmental benefits of wind energy.
The market is a significant segment of the renewable infrastructure, playing a crucial role in the wind energy sector's growth. The market consists of tubular steel towers, concrete towers, lattice towers, and guyed pole towers, each with unique advantages for wind turbine systems. Turbine structures are essential for the effective generation of renewable energy from wind turbine systems. Manufacturing of wind turbine towers involves the production of tubular and lattice structures, primarily using tubular steel. Blade sizes for wind turbines have been increasing, leading to the demand for taller towers to accommodate larger rotors. Construction of wind energy infrastructure continues to expand, with landowners and energy companies investing in large-capacity wind turbines to diversify their energy portfolios and reduce reliance on traditional energy supplies from gas-fired power plants and solar energy industry. The cost-effectiveness of wind energy generation, coupled with advancements in turbine technology, has led to a rise in the cumulative wind energy capacity. The market for wind turbine towers is expected to grow as the wind energy sector continues to evolve and expand.
The market 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.
The onshore segment is estimated to witness significant growth during the forecast period. The market is expected to experience steady growth during the forecast period, driven by favorable energy policies and increasing investments in renewable power generation. Onshore wind energy deployments are witnessing significant growth due to the advancements in wind turbine technology, leading to improved operational efficiency and decreasing prices. This trend is fueled by the global push towards harnessing renewable energy sources and reducing carbon emissions. Additionally, government initiatives such as feed-in tariffs, generation tax credits, and residential net metering are providing incentives for wind energy production. The market is also seeing the introduction of larger turbines to optimize energy generation. Tubular steel towers remain the preferred choice for wind turbine towers due to their strength and durability.
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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.
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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APAC held the largest share in 2023, driven by the growing trend towards renewable power generation in the region. Favorable energy policies, including feed-in tariffs, residential net metering, and generation tax credits, have encouraged the expansion of the wind energy sector in countries like China and India. Notably, India aims to generate 30GW of wind power from offshore installations by 2030, contributing significantly to the market growth in APAC. Tubular Steel Towers are widely used in both onshore and offshore wind turbine installations due to their strength and durability. These initiatives underscore the commitment of governments in APAC to reduce carbon emissions and promote sustainable energy sources, ensuring the continued growth of the market in the forecast period.
Our 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.
Increase in rotor diameter is the key driver of the market. The market is witnessing significant growth due to the increasing demand for renewable energy generation from wind power. With the world's fossil fuel reserves depleting rapidly, there is a pressing need for cleaner and sustainable sources of electricity. Wind energy, as a renewable and pollution-free source, is abundant and has gained prominence in the energy sector. The efficiency of a wind turbine system relies heavily on the dimensions of its rotor and blades. By adjusting the blade sizes based on wind speed and direction, energy extraction from the wind can be optimized. The manufacturing of wind turbine towers involves the use of tubular and lattice structures, which ensure stability and durability.
An increase in demand for clean power is the upcoming trend in the market. The market is witnessing significant growth due to the increasing demand for wind energy as part of the shift towards renewable energy sources. Countries around the world are implementing energy policies to reduce reliance on fossil fuels and harness wind energy as a reliable, affordable, and secure alternative for power generation.
Furthermore, wind turbine systems, comprised of blades and towers, are essential components of this renewable energy generation process. Manufacturers are focusing on producing larger blade sizes to maximize energy production. Tubular and lattice towers are commonly used in wind turbine construction due to their strength and durability.
The development of airborne wind turbines is a key challenge affecting the market growth. Wind turbine systems harness renewable energy by converting the kinetic energy of wind into electricity. The wind turbine tower plays a crucial role in this process, as it supports the wind turbine system and allows it to reach heights necessary for optimal energy generation.
Furthermore, the size of the blades and the manufacturing process for the towers vary, with tubular and lattice designs being common choices. The height of the tower is determined by the minimum wind speed required for continuous energy generation. In regions with inconsistent wind currents, taller towers are essential to capture the wind effectively.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arcosa Inc. - The company offers the construction of wind turbine towers that provide fabricated steel internal components through a house manufacturing facility.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 market 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.
The market is witnessing significant growth due to the increasing demand for renewable energy generation from wind energy. The market is segmented into tubular steel towers, concrete towers, lattice towers, and guyed pole towers. The large-capacity wind turbines require tall towers to support the blades with sizes ranging from 50 to 150 meters. The manufacturing of wind turbine towers involves the use of tubular steel and concrete, each having its unique advantages in terms of cost-effectiveness, wind turbine efficiency, and structural integrity. Favorable energy policies, feed-in tariffs, residential net metering, and generation tax credits are driving the growth of the wind energy sector.
Furthermore, the onshore wind energy market dominates the market due to the lower cost of infrastructure construction compared to offshore wind energy. However, the offshore wind energy market is expected to witness significant growth due to the high capacity factor and the increasing focus on reducing carbon emissions from coal-based power and thermal energy sources. Weather conditions and wind farm project locations are crucial factors affecting the design and construction of wind turbine towers. Hybrid towers, combining the advantages of tubular steel and lattice towers, are gaining popularity due to their cost-effectiveness and wind turbine efficiency. The wind energy sector's growth is also influenced by the electricity demand, carbon footprint reduction initiatives, and government incentives such as capital subsidies.
Market Scope |
|
Report Coverage |
Details |
Page number |
143 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
Market growth 2024-2028 |
USD 6.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.16 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
China, US, Germany, India, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, and Windar Renovables |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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