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.
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.
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Wind Turbine Tower Market: Strategic Insights
Market Size Value in US$ 8,912.1 million in 2022 Market Size Value by US$ 16,438.5 million by 2030 Growth rate CAGR of 8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Wind Turbine Tower Market: Strategic Insights
| Market Size Value in | US$ 8,912.1 million in 2022 |
| Market Size Value by | US$ 16,438.5 million by 2030 |
| Growth rate | CAGR of 8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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.
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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.
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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.
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Tower Type, Deployment Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
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 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.
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.
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.
The List of Companies - Wind Turbine Tower Market
- Vestas Wind Systems AS
- KGW
- DONGKUKS&C
- CS Wind Corporation
- Siemens Gamesa
- Valmont Industries Inc
- Broadwind Energy
- Arcosa Wind Towers Inc
- Marmen Inc
- Nordex Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
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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