Published Report - Wind Turbine Tower Market Size Report - Outlook & Forecast 2030

  • Report Code : TIPAR00015356
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 146
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Wind Turbine Tower Market Size Report - Outlook & Forecast 2030

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[Research Report] The wind turbine tower market was valued at US$ 8,912.1 million in 2022 and is projected to reach US$ 16,438.5 million by 2030; it is expected to register a CAGR of 8% during 2022–2030.

 

Analyst Perspective:

Asia Pacific dominates the wind turbine tower market owing to its growing emphasis on integrating renewable energy resources in the overall power mix and target of mitigating the environmental pollution caused by fossil fuels. China dominates the market in terms of onshore and offshore wind installations. The growing focus of turbine tower manufacturers on the supply chain ecosystem is also majorly impacting the overall wind turbine tower market positively. The rising positive approach toward encouraging the utilization of green energy resources instead of conventional sources for power generation by funding renewable projects, subsidies, and policies is boosting the demand for wind turbine towers in India and Australia. The growing number of new wind capacity installations across Japan and South Korea is also boosting the wind turbine tower market share of Asia Pacific region.

Germany is leading the market for wind turbine towers in Europe, followed by Italy and France. The growing focus on net zero carbon emissions, coupled with an increasing emphasis on mitigating environmental pollution, bolsters the wind turbine tower market growth in Europe.

The US held the largest share of the wind turbine tower market in North America in 2022, followed by Canada. The favorable government policies, incentives, and mandates propel the demand for wind turbine towers in North America.

Saudi Arabia, South Africa, and Egypt are among the major wind turbine tower market in the Middle East & Africa. These countries substantially contribute to wind energy production, which drives the market growth. Key factors responsible for the market growth are the improved initiatives for using green energy sources to meet the growing power demand, reducing dependency on fossil fuels, and supportive government policies.

Brazil and Argentina are among the major wind turbine tower market in South America. Factors such as encouraging government policies and mounted efforts to meet the rising power demand utilizing clean energy sources drive the wind turbine tower market growth in the region.

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Published Report - Wind Turbine Tower Market: Strategic Insights

Published Report - Wind Turbine Tower Market

  • CAGR (2022 - 2030)
    8%
  • Market Size 2022
    US$ 8.91 Billion
  • Market Size 2030
    US$ 16.44 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Number of Wind Farms
  • Favorable government policies and initiatives for wind energy
  • Decreasing cost of tower manufacturing
FUTURE TRENDS
  • Technology Advancements to Attain More Wind Energy Potential
OPPORTUNITIES
  • Rising Demand for Floating Wind Technology

Key Players

  • Vestas Wind Systems AS
  • KGW
  • DONGKUKS&C
  • CS Wind Corporation
  • Siemens Gamesa
  • Valmont Industries Inc
  • Broadwind Energy
  • Arcosa Wind Towers Inc
  • Marmen Inc

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Tower Type
  • Tubular Steel Towers
  • Lattice Towers
  • Hybrid Towers
Deployment Type
  • Onshore and Offshore
Geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

 

Market Overview:

Wind turbines demonstrate a crucial role in the power generation process. The growing environmental pollution and rising concerns regarding mitigating greenhouse gas emissions push the development of wind energy, positively impacting the demand for wind turbine towers across the world. The net zero carbon emission targets of different countries boost the demand for renewable energy resources across the countries.

Mounting share of renewable resources in the complete power infrastructure and increasing focus on mitigating carbon emissions fuel the wind turbine tower market growth. Tubular steel towers lead the wind turbine tower market as they are the most common tower types generally installed in wind farms. With technological advancements, wind farms are also showing interest in incorporating hybrid towers. The low maintenance cost and operational efficiency are major reasons for the leading share of tubular steel towers.  

 

Market Driver:

Increase in Number of Wind Farms is Boosting the Wind Turbine Tower Market Growth

Growing focus on mitigating greenhouse gas emissions and rising concerns about increasing levels of environmental pollution are boosting the application of renewable energy sources in different end-use industries, which, in a way, is also fueling the demand for wind energy. Nearly 77.6 GW of new wind power capacity was installed, and the total installed capacity reached ~906 GW in 2022 globally. The increasing government initiatives toward funding wind projects and maintaining the old wind farms are boosting the wind turbine tower growth globally. As per the US Energy Information Administration, Wind Prime (Iowa), Empire Wind 2 (New York), Beacon Wind (New York), Boswell Springs Wind (Wyoming), 25 Mile Creek Windfarm (Oklahoma), and Ranchland Wind Project II (Texas) were among the major wind farm projects in the US in 2022. Likewise, in Asia Pacific, the growing governmental focus on promoting renewable energy is fueling the number of wind projects. For instance, Pinnapuram Integrated Renewable Energy Project, Yudean Yangjiang Qingzhou I Offshore Wind Farm, MacIntyre Wind Farm, Yuedean Yangjiang Qingzhou II Offshore Wind Farm, and Abukuma Onshore Wind Farm were a few major wind projects in Asia Pacific in 2022. Gruissan Floating Offshore Wind Farm, Les Moulins de Lohan Wind Farm, Dobele Wind Farm, Maasvlakte 2 Wind Farm, and Askio III Wind Farm are among the major wind farms anticipated to be active during 2023–2025. The increase in wind project financing drives the wind turbine tower market. For instance, in 2023, Innergex Renewable Energy secured US$ 534 million in construction financing for developing Boswel Spring Wind Project in the US. In 2022, The Asian Development Bank sealed a US$ 107 million financing project with BIM Wind Power Joint Stock Company to help the operation of an 88 MW wind farm in Ninh Thuan province, Vietnam.

Increasing governmental initiatives and funding and growing inclination toward wind energy as one of the prominent renewable energy sources are boosting the demand for wind turbine towers globally. The growing number of wind farms is acting as a major driver for the wind turbine tower market.

Segmental Analysis:

The wind turbine tower market, based on tower type, is segmented into tubular steel towers, lattice towers, and hybrid towers. Wind turbine tower is primarily the guyed structure that supports a wind turbine generator. The tower of a wind turbine carries a rotor and nacelle. The towers used for large wind turbines are tubular steel towers, lattice towers, or concrete towers, whereas the guyed tubular towers are used by small wind turbines only. Fabricated from tubular steel, the wind turbine tower supports the complete structure of a turbine. The towers generally come in three sections and are assembled on-site. The taller towers let turbines capture a greater amount of energy and produce more electricity since wind speed rises with the height. Steel material is considered reliable, effective, and vigorous for wind turbines. Developments in wind turbine towers are getting signed, which would drive the wind turbine tower market growth in the coming years.

Regional Analysis:

The North America wind turbine tower market is categorized into the US, Canada, and Mexico. Owing to strict government regulations, growth in investment in wind power projects, favorable policies for promoting renewable resources for energy production, and declined cost of wind energy, the wind energy sector across the region is projected to register remarkable growth. With the growing concern about climate change and the importance of renewable energy in mitigating environmental pollution, the demand for wind turbine towers is projected to increase in North America. The growing focus on achieving net zero carbon emission and rising emphasis on promoting renewable energy sources for power generation is boosting the demand for wind turbine towers in countries across North America. In 2022, Vestas introduced an onshore wind turbine tower with 199 meters of hub height. In 2023, Vestas secured a 140 MW order to support the Halkirk II wind project owned by Capital Power in Alberta, Canada. The order consists of 31 V150-4.5 MW wind turbines. Turbine delivery is anticipated to be initiated in the second quarter of 2024. In addition, The Inflation Reduction Act got recognition as law in 2022, extending and increasing the tax credits for wind energy projects that begin construction before January 1, 2025. The renewable electricity production tax credits (PTC) allow developers and owners of wind energy facilities to receive a federal income tax credit on every kilowatt-hour of electricity supplied to the power grid yearly for ten years after a facility is active. The IRA extended the PTC through 2024, which earlier expired for wind at the end of 2021. Wind projects that are active after 2024 are eligible for a technology-neutral clean energy PTC of the same amount. Initiating in 2025, the IRA aims at converting energy tax credits into emissions-driven, technology-neutral tax credits. The growing focus on the development of wind power farms is boosting the wind turbine tower market share of the North America.

Key Player Analysis:

Vestas Wind Systems AS, KGW, DONGKUKS&C, CS Wind Corporation, Siemens Gamesa, Valmont Industries Inc, Broadwind Energy, Arcosa Wind Towers Inc, Marmen Inc, and Nordex Group are among the key wind turbine tower market players operating in the market.

Wind Turbine Tower Market Report Scope

Report Attribute Details
Market size in 2022 US$ 8.91 Billion
Market Size by 2030 US$ 16.44 Billion
Global CAGR (2022 - 2030) 8%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Tower Type
  • Tubular Steel Towers
  • Lattice Towers
  • Hybrid Towers
By Deployment Type
  • Onshore and Offshore
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Vestas Wind Systems AS
  • KGW
  • DONGKUKS&C
  • CS Wind Corporation
  • Siemens Gamesa
  • Valmont Industries Inc
  • Broadwind Energy
  • Arcosa Wind Towers Inc
  • Marmen Inc
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

     

    Recent Developments: 

    Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global wind turbine tower market. A few recent developments by key the wind turbine tower market players are listed below:

    Year

    News

    Region

    2023

    The GreenerTower has already closed its first order. RWE and Siemens Gamesa have agreed to introduce 36 GreenerTowers at the 1,000-MW Thor offshore wind power project in Denmark. In total, 72 SG 14-236 DD offshore wind turbines are planned to be installed starting in 2026.

    Europe

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Tower Type, Deployment Type, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which region to dominate the wind turbine tower market in the forecast period?

    Asia Pacific is one of the major regions in the wind turbine towers market owing to favorable government mandates and policies, growing investment in wind energy projects, and lowered cost of wind energy. China, India, Australia, South Korea, and Japan are some of the major markets in Asia Pacific for wind turbine towers. China, India, and Japan are the dominating countries holding a large share of the market, which is further estimated to increase during the forecast period.

    Who are the major vendors in the wind turbine tower market?

    Vestas Wind Systems AS, KGW, CS Wind Corporation, Siemens Gamesa, and Nordex Group are the key market players operating in the global wind turbine tower market.

    What is the future trend for the wind turbine tower market?

    Technological advancement in wind energy can reduce the operational cost in the near future. In terms of wind turbine towers, the manufacturing of taller towers can unlock the higher potential of the wind turbine. Stronger winds are normal at higher heights; sometimes, it is beyond the reach of conventional turbines. An average 17-meter increase in height can offer the additional clearance required for longer blades to attain those high-altitude winds.

    What are market opportunities for the wind turbine tower market?

    The demand for offshore wind turbine towers is growing, which allows the turbine to generate electricity in deep water. The floating wind technology is substantially competent in extreme conditions and, thus, capable of producing high power. This technology is being implemented globally across various countries, such as China, Japan, Germany, the UK, Belgium, Denmark, and France.

    What are reasons behind the wind turbine tower market growth?

    Growing focus on mitigating greenhouse gas emissions and rising concerns about increasing levels of environmental pollution are boosting the application of renewable energy sources in different end-use industries, which, in a way, is also fueling the demand for wind energy. Nearly 77.6 GW of new wind power capacity was installed, and the total installed capacity reached ~906 GW in 2022 globally.

    The List of Companies - Wind Turbine Tower Market

    1. Vestas Wind Systems AS
    2. KGW
    3. DONGKUKS&C
    4. CS Wind Corporation
    5. Siemens Gamesa
    6. Valmont Industries Inc
    7. Broadwind Energy
    8. Arcosa Wind Towers Inc
    9. Marmen Inc
    10. Nordex Group

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