Wind Tower Market

Wind Tower Market

Growth Factors of Wind Tower Market

The wind tower market size was valued at USD 26.05 billion in 2023, and the market is now projected to grow from USD 27.94 billion in 2024 to USD 49.92 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period of 2023-2032.

The COVID-19 pandemic posed significant challenges on the wind tower market growth. Due to lack of industrial operations and a halt in commercial campaigns, implementation of government policies, investments in projects and other initiatives due to covid pandemic., which lead a decline in the wind tower market expansion. Lockdown enacted in numerous nations have hindered the manufacturing and caused transportation delays. In addition, worldwide restrictions have caused a halt in economic activities. Despite the challenges of covid pandemic, the wind tower sector has proven to be robust. Although the construction of electric vehicle has been delayed due to shortage of man power and procurement concerns of raw material.

Positive renewable energy laws & growing wind energy investment to fuel market expansion. Growing renewable resource installation for power generation to support wind tower market growth. The market is expected to be driven by the shift toward decarbonizing power generation through the adoption of clean and eco-friendly energy technology. As part of their partnerships with top private companies, some nations regularly deploy renewable energy systems to guarantee the attainment of their renewable energy targets. Many businesses are producing power utilizing renewable energy sources, including solar and wind power, as a result of environmental restrictions. This is anticipated to boost market expansion.

Growing industrialization raises the need for electricity as well. The need for electricity is further increased by an increase in a number of activities, including the building of commercial and residential buildings and the development of infrastructure.

Comprehensive Analysis of Wind Tower Market

The wind tower market and power and energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types and by installation. The types segmentation includes, Steel Tower, Concrete Tower, and Hybrid Tower while by Installation segmentation include Onshore and Offshore.

The Asia Pacific region lead the wind tower market by benefitting a market size of USD 15.18 billion in 2023 due to both urbanization and industrialization are expanding quickly. China is at the top of the industry because of the increase in renewable energy installations.

The top players in the market play a crucial role in the power and energy industry assuring industrial prospectus growth and setting market standards. These players include, Suzlon Group (India), Nordex Group (Germany), Broadwind (U.S.), Ventower Industries LLC (U.S.), Arcosa Inc. (U.S.), Windar Renovables (Spain), Shanghai Taisheng Wind Power Equipment Co., Ltd. (China), Dongkuk s&c (South Korea), KGW Schweriner Maschinen- und Anlagenbau GmbH (Germany), C.S. Wind Corporation (South Korea) these market players provide a level-playing competitive landscape.

In July 2021, Orders totaling 54.9 MW for the delivery of two wind farms with Delta4000 turbines were placed with the Nordex Group in Italy. A premium service contract worth up to ten years is also included in the agreement, which covers the turbines for the first two years with multiple options for extension.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.5% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

• Steel Tower
• Concrete Tower
• Hybrid Tower

By Installation

• Offshore
• Onshore

By Region

• North America (By Type, By Installation, and By Country)
• U.S. (By Type)
• Canada (By Type)
• Europe (By Type, By Installation, and By Country)
• U.K. (By Type)
• Germany (By Type)
• Spain (By Type)
• Sweden (By Type)
• France (By Type)
• Rest of Europe (By Type)
• Asia Pacific (By Type, By Installation, and By Country)
• China (By Type)
• India (By Type)
• Australia (By Type)
• Rest of Asia Pacific (By Type)
• Latin America (By Type, By Installation, and By Country)
• Brazil (By Type)
• Mexico (By Type)
• Argentina (By Type)
• Rest of Latin America (By Type)
• Middle East & Africa (By Type, By Installation, and By Country)
• Egypt (By Type)
• Morocco (By Type)
• Rest of Middle East & Africa (By Type)

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