Wind Turbine Tower Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The wind turbine tower market is projected to reach USD 14.32 billion by 2027, registering a CAGR of less than 1.32% during the forecast period (2022–2027). With the COVID-19 outbreak in Q1 2020, the growth of the wind turbine tower market was moderately impacted due to delays in manufacturing and supplying of new towers. This factor resulted in financial challenges for major players. The declining cost of wind energy and increasing investments in the wind power sector are the key drivers for this market. However, substitution between the solar energy and gas-fired power plants will continue to restrain the market. The solar energy industry has achieved cost reduction at a significantly higher rate than the wind energy sector.
Key HighlightsThe wind turbine tower market is moderately fragmented. The major companies include Trinity Structural Towers Inc., Valmont Industries Inc., KGW Schweriner Maschinen- und Anlangenbau GmbH, Broadwind Energy Inc., and Dongkuk S&C.
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