Wind Turbine Tower Market Size, Share & Trends Analysis Report By Type (Steel Tower, Concrete Tower, Hybrid Tower), By Installation (Offshore, Onshore), By Region, And Segment Forecasts, 2024 - 2030

Wind Turbine Tower Market Size, Share & Trends Analysis Report By Type (Steel Tower, Concrete Tower, Hybrid Tower), By Installation (Offshore, Onshore), By Region, And Segment Forecasts, 2024 - 2030

Wind Turbine Tower Market Size & Trends

The global wind turbine tower market size was estimated at USD 27.78 billion in 2023 and is projected to grow at a CAGR of 8.1% from 2024 to 2030. The global market is primarily driven by the increasing demand for clean, renewable energy sources as countries worldwide aim to reduce their carbon footprint and combat climate change. Governments are implementing supportive policies, such as tax incentives and renewable energy targets, to encourage the adoption of wind power.

For example, the European Union has set a target to derive 32% of its energy from renewable sources by 2030. China aims to be carbon neutral by 2060, driving significant investments in wind energy infrastructure.

Technological advancements in wind turbine design and manufacturing have also significantly propelled the market growth. Innovations such as taller towers and larger rotor diameters enhance the efficiency and energy output of wind turbines. Taller towers can access stronger and more consistent wind currents at higher altitudes, which translates to increased energy generation. For example, the latest generation of wind turbines can have towers exceeding 100 meters in height, enabling them to harness more wind power. These advancements not only improve the overall performance of wind turbines but also make wind energy more competitive with traditional energy sources, further driving market growth.

Government policies and incentives are another critical factors driving the global market growth. Many governments worldwide are implementing supportive policies, including subsidies, tax incentives, and feed-in tariffs, to encourage the adoption of wind energy. The U.S., for instance, offers the Production Tax Credit (PTC) and the Investment Tax Credit (ITC), which have been instrumental in promoting wind power projects. Similarly, the Chinese government provides substantial subsidies and favorable policies to support the wind energy sector, making it one of the largest markets for wind turbine towers globally. These policy measures create a favorable investment environment, attracting both domestic and international players to the wind energy market.

Moreover, the declining cost of wind energy is a significant factor triggering the growth of the market. Over the past decade, the cost of wind power has decreased considerably due to economies of scale, improved supply chain efficiencies, and technological innovations. This cost reduction makes wind energy an increasingly attractive option for power generation, especially in regions with high wind potential. For example, the Levelized Cost of Energy (LCOE) for wind has reached competitive levels compared to fossil fuels in many markets. This economic viability is encouraging more investments in wind power projects, thereby driving the demand for wind turbine towers. As these driving factors continue to evolve and strengthen, the global market is poised for sustained growth and development.

Global Wind Turbine Tower Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the wind turbine tower market report on the basis of installation, type, and region:

• Installation Outlook (Revenue, USD Billion, 2018 - 2030)
• Offshore
• Onshore
• Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Steel Tower
• Concrete Tower
• Hybrid Tower
• Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Central & South America
• Brazil
• Middle East & Africa
• UAE

Please note The report will be delivered in 4-8 business days upon order notification.