Wind Turbine Tower Market Analysis and Forecast by Size, Share, Growth, Trends 2031

Wind Turbine Tower Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Tower Type (Tubular Steel Towers, Lattice Towers, Hybrid Towers); Deployment Type (Onshore, Offshore), and Geography

  • Report Code : TIPRE00015356
  • Category : Energy and Power
  • Status : Data Released
  • No. of Pages : 150
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The wind turbine tower market size is projected to reach US$ 18.49 billion by 2031 from US$ 9.98 billion in 2023. The market is expected to register a CAGR of 8.0% during 2023–2031. The research and development of next-generation or advanced wind turbine towers is likely to remain key trends in the market.

Wind Turbine Tower Market Analysis

The global wind turbine tower market is projected to experience considerable growth during the analyzed timeframe owing to the increasing number of onshore & offshore wind power projects, particularly in remote locations. Additionally, the government regulations towards reducing carbon emissions by focusing on power generation through renewable energy sources such as wind, solar, geothermal, and others are expected to drive the market growth from 2023 to 2031. Moreover, government initiatives towards the installation of wind farms across the globe are projected to fuel market growth in the coming years.

Wind turbine tower market Overview

With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for renewable power generation in developing and developed economies. This has resulted in driving the demand for wind power infrastructure across the globe. Wind power generation has gained a high level of importance and acceptability across the world compared to other renewable energy sources. Advanced developments in technology in the design and development of wind power blades, turbines, foundations, turbine towers, shafts, and other components have contributed to significant advancement in wind energy adoption and in achieving maximum power from available wind. As per the International Renewable Energy Agency (IRENA), the global wind installed capacity reached 1,017 GW by the end of 2023 from 825 GW in 2021. Thus, such an increase in the wind installed capacity is expected to increase in the coming years, owing to the advantages of wind energy and favorable policies, incentives, and tax rebates. Such a rise in wind installation capacity across the globe is anticipated to be the key driver in the wind turbine tower market.

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Wind Turbine Tower Market: Strategic Insights

Wind Turbine Tower Market

  • CAGR (2023 - 2031)
    8.0%
  • Market Size 2023
    US$ 9.98 Billion
  • Market Size 2031
    US$ 18.49 Billion

Market Dynamics

GROWTH DRIVERS
  • Decreasing Cost of Tower Manufacturing
FUTURE TRENDS
  • The Growing Focus on Floating Wind Technology
OPPORTUNITIES
  • The research and development of next-generation or advanced wind turbine towers

Key Players

  • Vestas Wind Systems A/S
  • Siemens Gamesa Renewable Energy
  • S.A.
  • Valomont Industries
  • Inc.
  • Marmen Inc
  • Nordex SE
  • KGW Schweriner Maschinen- und Anlagenbau GmbH
  • Dongkuk Structures & Construction Co Ltd
  • Arcosa Wind Towers 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
  • Offshore
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Wind Turbine Tower Market Drivers and Opportunities

Decreasing Cost of Tower Manufacturing to Favor Market

Wind towers are mainly made of steel, which accounts for almost 66-79% of total turbine cost, followed by fiberglass, plastic, or resin (11-16%), iron (5-17%), and copper and aluminum (1-2%). Wind turbine towers are predominantly made of steel. The growing commercial and technological advancement is anticipated to lower the manufacturing cost of wind turbine towers. The instability of demand for steel in the domestic market of China and the increasing export of steel from China is impacting the steel prices at the global level. The continuous downturn of steel prices is reducing the overall operational expenses of the wind projects. The declining operation cost of wind energy projects is positively impacting the wind energy sector, which is boosting the demand for wind turbine towers.

The Growing Focus on Floating Wind Technology

The floating wind technology is the offshore wind turbine mounted on a floating structure in the sea that ensures the turbine generates electricity in water depths. The floating or offshore wind technology is highly efficient in harsh environmental conditions and thus capable of producing huge amounts of power. This floating wind technology is globally adopted across various countries such as China, Germany, Japan, the UK, France, Belgium, and Denmark. The growth prospects in the adoption of floating wind technology are primarily attributed to an increase in advancement in technology, associated advantages, and turnkey solutions provided by various service providers. The growing awareness for achieving clean energy targets by various countries is propelling the demand for floating offshore wind power, which is posing a potential opportunity for the growth of the wind turbine tower market.

The Floating Offshore Wind Centre of Excellence report has identified 22 countries that are most ready to become major players in the nascent renewable energy technology. In January 2022, The United Kingdom government announced 11 renewable power projects that will each be awarded up to US$959.23 million as it puts forward US$2.97 billion to boost the renewable energy generated in the UK. Such investment in offshore or floating wind technology across the world is projected to fuel market growth in the coming years.

Wind Turbine Tower Market Report Segmentation Analysis

Key segments that contributed to the derivation of the wind turbine tower market analysis are tower type, and deployment type

  • Based on tower type, the wind turbine tower market is divided into tubular steel towers, lattice towers, and hybrid towers. The tubular steel towers segment held a larger market share in 2023.
  • On the basis of deployment type, the market is segmented into onshore and offshore. The onshore segment held a larger market share in 2023.

Wind Turbine Tower Market Share Analysis by Geography

The geographic scope of the wind turbine tower market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific dominated the wind turbine tower market in 2023. The Asia Pacific region includes China, Australia, India, South Korea, Japan, & the Rest of Asia Pacific. Asia Pacific leads the wind turbine tower market owing to its growing focus on integrating renewable energy resources in the overall power mix and target of mitigating the environmental pollution caused by fossil fuels. China held the leading position in the global wind market in terms of onshore and offshore wind installations. The growing focus of turbine tower manufacturers on the supply chain ecosystem also majorly drives the overall wind turbine tower market growth. The growing positive approach toward encouraging the utilization of clean energy resources instead of conventional sources for power generation by funding renewable projects, subsidies, and policies fuels the demand for wind turbine towers in India and Australia.

Wind Turbine Tower Market Report Scope

Report Attribute Details
Market size in 2023 US$ 9.98 Billion
Market Size by 2031 US$ 18.49 Billion
Global CAGR (2023 - 2031) 8.0%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Tower Type
  • Tubular Steel Towers
  • Lattice Towers
  • Hybrid Towers
By Deployment Type
  • Onshore
  • 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 A/S
  • Siemens Gamesa Renewable Energy
  • S.A.
  • Valomont Industries
  • Inc.
  • Marmen Inc
  • Nordex SE
  • KGW Schweriner Maschinen- und Anlagenbau GmbH
  • Dongkuk Structures & Construction Co Ltd
  • Arcosa Wind Towers Inc
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Wind Turbine Tower Market News and Recent Developments

    The wind turbine tower market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wind turbine tower market are listed below:

    • The GreenerTower has already closed its first order. RWE and Siemens Gamesa were agreed to launch 36 GreenerTowers at the 1,000-MW Thor offshore wind energy project in Denmark. In total, about 72 SG 14-236 DD offshore wind turbines was planned to be installed starting in 2026. (Source: Siemens Gamesa Renewable Energy, S.A., Press Release, April 2023)
    • Orsted and Vestas, global leaders in renewable energy, announced a commercial sustainability partnership. Ørsted is expected to procure low-carbon steel wind turbine towers and rotor blades made from recycled materials from Vestas in all joint offshore wind projects. (Source: NN, Inc, Press Release, June 2023)

    Wind Turbine Tower Market Report Coverage and Deliverables

    The “Wind Turbine Tower Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Wind turbine tower market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Wind turbine tower market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST and SWOT analysis
    • Wind turbine tower market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wind turbine tower market
    • Detailed company profiles
    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 dominated the wind turbine tower market in 2023?

    Asia Pacific dominated the wind turbine tower market in 2023.

    What are the future trends of the wind turbine tower market?

    The research and development of next-generation or advanced wind turbine towers is the future trend of the wind turbine tower market

    Which are the leading players operating in the wind turbine tower market?

    Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy, S.A., Valomont Industries, Inc., Marmen Inc, Nordex SE, KGW Schweriner Maschinen- und Anlagenbau GmbH, Dongkuk Structures & Construction Co Ltd, Arcosa Wind Towers Inc, Broadwind Inc, CS WIND are some of the leading players in the wind turbine tower market.

    What would be the estimated value of the wind turbine tower market by 2031?

    US$ 18.49 billion estimated value of the wind turbine tower market by 2031.

    What is the expected CAGR of the wind turbine tower market?

    8.0% is the expected CAGR of the wind turbine tower market.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

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    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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