Wind Turbine Tower Market Developments and Forecast by 2030

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. 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 2022 to 2030. 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

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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 2022.
• On the basis of deployment type, the market is segmented into onshore and offshore. The onshore segment held a larger market share in 2022.

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 2022. 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 Regional Insights

The regional trends and factors influencing the Wind Turbine Tower Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wind Turbine Tower Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Wind Turbine Tower Market Report Scope

Wind Turbine Tower Market Players Density: Understanding Its Impact on Business Dynamics

The Wind Turbine Tower Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Wind Turbine Tower Market are:

1. Vestas Wind Systems A/S
2. Siemens Gamesa Renewable Energy
3. S.A.
4. Valomont Industries
5. Inc.
6. Marmen Inc

Disclaimer: The companies listed above are not ranked in any particular order.

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 (2020–2030)” 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