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Wind
Tower Market Highlights
Wind Tower Marketis projected to be worth USD
51.31 Billion by 2027, registering a CAGR of 9.82% during the forecast period
(2021 - 2027).
Key
Players
The
key players of global wind tower market are Suzlon Energy Limited (India),
Enercon GmbH (Germany), CS Wind Corporation (South Korea), General Electric
(U.S.), Siemens AG (Germany), Trinity Structural Towers, Inc. (U.S.) , Vestas
Wind Systems A/S (Denmark), Valmont Industries, Inc. (U.S.), Ambau
(Germany), and Broadwind Energy (U.S.).
Wind
turbine towers can be tubular, lattice structured or guyed pole towers.
Concrete towers are most popular structures for wind projects. Turbine towers
are made in sections and assembled on site. Increasing capacities of modern
wind turbines have resulted in larger rotor diameters. This has necessitated
higher towers. Taller towers are, increasingly, becoming popular as wind
profiles are stronger at greater heights.
The
market has been witnessing significant growth opportunities globally, owing to
increase in the demand for wind towers on onshore or offshore projects. Strong
government support and initiatives for wind energy enhancement in several
countries around the world majorly drive the growth in the wind tower market.
Governments of both, the developed and the developing nations are strongly
promoting wind energy as an alternative to conventional energy sources and
hence are positively influencing the market for wind towers. Moreover,
depletion of fossil fuels and increase in demand for sustainable energy
sources, is expected to hold lucrative opportunity for market growth. However,
the high maintenance and replacement costs of wind turbines, is expected to
restrain the market growth.
In
2016, Siemens has announced the commercial launch of a concrete wind
turbine tower technology that places turbines in stronger winds, at
higher altitudes, which results in more potential energy production and
increased project revenue for customers. This technology is part of an ongoing
commitment to use innovation to expand wind power in the United States and
around the globe.
The
growth in wind energy is due to the increasing demand for clean and reliable
energy to reduce the global carbon emissions and to maintain ecological
balance, by generating electricity through renewable resources. However, high
initial capital cost of projects, with high maintenance cost and logistics
issues, can hinder the wind tower market.
One
big obstacle standing in the way of bigger wind turbines, is the high cost of
building. The largest turbines, now in use require towers that are wider than
the standard gaps. That means wind farm operators cannot simply truck in
modular tower sections.
Market
Research Analysis
Access
Complete Report @ https://www.marketresearchfuture.com/reports/wind-tower-market-5265
North-America
region is expected to grow at the highest CAGR.
The
wind tower market in the Europe region is currently leading, and is followed by
North America and Asia Pacific market. However, North America is expected to
grow at the highest CAGR, owing to the approval of various wind tower farm
projects in countries such as U.S. and Canada. This is because there has been
substantial investment into non-conventional electricity generation. These
factors will drive the market for wind tower market in North America during the
forecast period.
European
governments and the EU, as a whole, have supported wind projects with
favourable incentives, as part of their carbon emission reduction goals. The
United Kingdom heads the field, with 46% of global installed capacity, in 2015,
followed by Germany (30%) and Denmark (11.5%). Europe is currently the leading
region in wind tower market, and is followed by North America.
Scope
of the Report
This
study provides an overview of the global wind tower market, tracking two market
segments across four geographic regions. The report studies key players,
providing a five-year annual trend analysis that highlights market size, volume
and share for North America, Europe, Asia Pacific (APAC) and Rest of the World
(ROW). The report also provides a forecast, focusing on the market
opportunities for the next five years for each region. The scope of the study
segments the global Wind tower market by its component type, by location and by
region.