About Wind Turbine Tower
The growing demand for alternative energy sources including wind power due to the fast depletion of fossil fuel reserves all over the world. This will help to boost global wind turbine tower market in the forecasted period. The increasing demand for this renewable energy source is attributable to the polluting greenhouse effects of fossil fuels. Wind turbine towers are one of the most vital components of a wind turbine system in terms of cost as well as dimension. There is a growth in the introduction of new turbine rotor sizes on onshore and offshore projects, which want taller turbine towers, which, in turn, drive growth in the global wind turbine tower market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 1.32% |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Wind Turbine Tower market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Valmont SM A / S (Denmark), Broadwind Energy Inc. (United States), Marmen Inc. (Canada), CS Wind Corporation (South Korea), Dongkuk Structures & Construction Co Ltd. (South Korea), Navacel Process Industries (Spain), Broadwind Energy Inc. (United States), Valmont Industries, Inc. (United States), Trinity Structural Towers, Inc. (United States) and Speco Technologies (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Titan Wind Energy (China), Shanghai Taisheng Wind Power Equipment Co., Ltd. (China), Dajin Heavy Industry (China), Tianneng Battery Group Co.Ltd. (China) and Harbin Hongguang Boiler Group Co., Ltd. (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Wind Turbine Tower market by Type (Tubular Steel Towers, Concrete Towers, Lattice Towers and Guyed Pole Towers), Application (Tourist Attractions, Border Defense, School and Other) and Region.
On the basis of geography, the market of Wind Turbine Tower has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North Amercia region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Installation, the sub-segment i.e. Onshore will boost the Wind Turbine Tower market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Tubular Steel Towers with Maximum Durability and Increasing Demand for Portable and Easily Distributable Wind Turbine Towers
Market Growth Drivers:
Increasing Demand for Renewable Energy Sources across the Globe and Growing Awareness about Environmental Factors Affected in Power Generation
Challenges:
Wind Tower Developments Depending on the Environmental & Atmospheric Conditions across the Globe
Restraints:
Highly Capital Intensive Market might Stagnate the Business Growth and Lack of Awareness about Wind Energy Plants across Underdeveloped Economies
Opportunities:
Increasing Government Reimbursements in Developing Renewable Energy Infrastructure and Increasing Awareness about Highly Economic Energy
Market Leaders and their expansionary development strategies
On January 12, 2022, Siemens Gamesa Renewable Energy and Siemens Energy AG announced their intention to merge their wind energy businesses to create a new global leader in the wind power industry.
On May 5, 2022, Ørsted announced the launch of a new wind turbine tower factory in Esbjerg, Denmark. The factory will produce towers for Ørsted's next generation of offshore wind turbines.
Key Target Audience
Wind Turbine Tower Manufacturers, Wind Turbine Tower Suppliers and Distributors, Renewable Power Plant Developers, Research and Development Institutes, Power Generation International Traders, Government Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.