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The wind turbine tower market size is estimated to grow by USD 6.08 billion at a CAGR of 4.34% between 2024 and 2028. Wind energy has been gaining significant traction as a renewable energy source due to several key factors. One of the primary drivers is the increase in rotor diameters of wind turbines, which has led to a corresponding rise in the amount of power harnessed from the wind. Additionally, supportive regulatory policies have facilitated the growth of wind energy projects, making it an increasingly attractive investment for businesses and individuals. The consumption of power derived from wind energy continues to rise, driven by advancements in technology and the need to reduce carbon emissions. These factors collectively contribute to the growing importance of wind energy in the global energy landscape.
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The market is a significant segment of the renewable energy generation industry, focusing on the production and supply of towers for wind turbine systems. These towers support the massive blades and turbine structure, enabling the conversion of wind energy into electricity. The market encompasses various tower types, including tubular steel, lattice, and guyed pole towers, each with distinct advantages in terms of cost-effectiveness, wind energy capacity, and infrastructure construction. Tower sizes vary based on the blades of wind turbines, with large-capacity wind turbines requiring taller towers to maximize energy production. The market caters to both onshore and offshore wind energy projects, contributing to the expansion of renewable infrastructure and the diversification of energy portfolios. Landowners and energy companies invest in wind energy, recognizing its potential to supplement energy supplies from traditional sources like gas-fired power plants and solar energy industry. The wind energy sector continues to grow, driven by advancements in technology and the increasing demand for sustainable energy solutions. The energy and power sector is increasingly focusing on the installation of wind turbine systems, particularly emphasizing the cost-effectiveness and durability of concrete towers over steel structures, especially given the high import duty on steel. As the cumulative wind energy installed continues to grow, the adoption of sustainable and eco-friendly electricity solutions becomes more crucial. This shift is also influencing import and export activities, with concrete towers emerging as a viable alternative to manage wind turbine tower costs. 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.
An increase in rotor diameter is notably driving market growth. The market is witnessing significant growth due to the increasing demand for renewable energy sources with a lower carbon footprint. Governments worldwide are offering tax credits, net metering, and capital subsidies to encourage the adoption of wind power projects.
Furthermore, the efficiency of wind turbines can be enhanced by utilizing hybrid towers, which combine wind and solar energy generation. Weather conditions play a crucial role in wind energy production, making dispatchable wind energy essential to ensure a consistent power supply. The size of a wind turbine's rotor and blades significantly impact its ability to extract energy from the wind effectively. By adjusting the rotor diameter based on wind speed and direction, wind turbine efficiency can be optimized, contributing to the growth of the market. Thus, such factors are driving the growth of the market during the forecast period.
An increase in demand for clean power is the key trend in the market. The market is experiencing significant growth due to the increasing demand for renewable energy sources and the need for countries to reduce their carbon footprint. Wind energy is becoming an increasingly popular alternative to traditional fossil fuel-based energy sources, as it provides a reliable, affordable, and secure method of energy generation. This clean energy source reduces the emission of harmful gases and contributes to sustainable power generation. Government initiatives, such as tax credits, net metering, and capital subsidies, have played a crucial role in the expansion of the market.
Furthermore, the development of hybrid towers, which can accommodate multiple wind turbines, has further enhanced wind turbine efficiency and reduced the overall cost of wind power projects. Weather conditions continue to be a significant factor in the wind energy sector, but advancements in technology have made wind energy more dispatchable, enabling it to provide a consistent energy supply. Despite the challenges posed by weather conditions, wind power projects have gained importance due to their potential to generate substantial revenue. The growing popularity of renewable energy sources, including wind, solar, and hydropower, has led to a reduction in the cost of designing wind turbines, making wind energy a cost-effective alternative to traditional energy sources. The increasing demand for renewable energy and the need to reduce carbon emissions are expected to drive the growth of the market in the coming years. Thus, such trends will shape the growth of the market during the forecast period.
The development of airborne wind turbine is the major challenge that affects the growth of the market. Wind turbines convert the kinetic energy of wind into electrical power through the rotation of their blades. This process occurs when wind flows over the turbine blades, creating a pressure gap between them. To maintain balance, the other blades rotate, turning the rotor and generator, resulting in electricity production. In regions with inconsistent wind currents, tall wind turbine towers are essential to capture the wind at higher altitudes, where winds are more consistent. The tower height is determined by the minimum wind speed required for continuous energy generation. To incentivize the adoption of wind power, various policies such as tax credits, net metering, and capital subsidies are implemented.
Furthermore, hybrid towers, which combine wind and solar energy, are also gaining popularity due to their efficiency and ability to provide dispatchable wind energy, making them a viable solution for reducing carbon footprint in various industries. Weather conditions also play a crucial role in wind power projects, necessitating advanced technologies for predicting and managing wind patterns. Hence, the above factors will impede the growth of the market during the forecast period
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 also 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 share growth by the Onshore segment will be significant during the forecast period. The market encompasses the manufacturing and construction of towers for wind turbine systems, which support the blades and enable the generation of renewable energy. Tower designs include tubular steel, concrete, lattice, and guyed pole structures, each suitable for onshore and offshore applications. Favorable energy policies, feed-in tariffs, residential net metering, and generation tax credits have driven the growth of the wind energy sector, leading to an increase in wind farm projects and the demand for large-capacity wind turbines.
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The Onshore segment showed a gradual increase in the market share of USD 21.57 billion in 2018. Tubular steel towers and turbine structures are cost-effective solutions for wind energy infrastructure construction, addressing the rising electricity demand and reducing carbon emissions. As part of the broader renewable infrastructure, wind energy is increasingly becoming a significant contributor to energy portfolios, displacing thermal energy sources like coal-based power and gas-fired power plants, and reducing pollution. Landowners are also showing interest in wind energy initiatives, making it a promising sector for infrastructure development.
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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.
The market encompasses the manufacturing and construction of towers for wind turbine systems, which support the blades and generate renewable energy. Tower designs include tubular steel, concrete, lattice, and guyed pole structures, with blade sizes ranging from small residential systems to large-capacity wind farm projects. Favorable energy policies, such as feed-in tariffs, residential net metering, and generation tax credits, drive the growth of the wind energy sector. Tubular steel towers and turbine structures are commonly used for onshore wind farms, while offshore projects often employ concrete and lattice towers due to their strength and durability. Renewable power generation from wind energy is becoming increasingly cost-effective, providing an alternative to thermal energy sources like coal-based power and gas-fired power plants. The wind energy infrastructure construction is essential to meet growing electricity demand and reduce carbon emissions as part of the greener energy initiative. Landowners and developers play a crucial role in the implementation of wind farm projects, contributing to the expansion of the renewable infrastructure and diversification of energy portfolios.
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.
Wind Turbine Components Market: Wind Turbine Components Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast
Europe - Wind Turbine Services Market: Europe - Wind Turbine Services Market by Application, and Type - Forecast and Analysis
Wind Turbine Monitoring Systems Market: Wind Turbine Monitoring Systems Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, US, UK, India, Germany - Size and Forecast
The market is witnessing significant growth due to the increasing adoption of wind energy as a viable alternative to traditional thermal energy sources. Wind turbine systems, comprising blades and towers, are essential components of this renewable energy generation technology. Manufacturing of wind turbine towers involves using tubular steel and lattice structures. Tubular towers offer advantages such as easier transportation and installation, while lattice towers provide better stability and support for large-capacity wind turbines. The construction of wind turbine towers is influenced by various factors, including onshore and offshore locations, blade sizes, and favorable energy policies. Onshore wind farm projects dominate the market due to cost-effectiveness and easier infrastructure construction.
Furthermore, government initiatives like feed-in tariffs, residential net metering, and generation tax credits are driving the wind energy sector's growth. As the world moves towards greener energy initiatives, wind energy is becoming an integral part of electricity demand, reducing reliance on coal-based power and decreasing carbon emissions. Solar energy and gas-fired power plants are facing competition from wind energy, leading to a shift in energy portfolios. Wind energy infrastructure construction is expected to continue growing, making themarket an attractive investment opportunity. Landowners are increasingly recognizing the potential of wind energy and are partnering with wind energy companies to set up wind farms. The future of the wind energy sector lies in large-capacity wind turbines, making the demand for robust and efficient wind turbine towers crucial.
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, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market 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. |
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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