Wind Tower Market Forecasts to 2028 – Global Analysis By Product (Concrete Tower, Tubular Steel, Steel Tower, Hybrid Tower, Lattice and Other Products), By Installation (Offshore, Onshore and Other Installations), By Sales Channel (Aftermarket and Manufac

Wind Tower Market Forecasts to 2028 – Global Analysis By Product (Concrete Tower, Tubular Steel, Steel Tower, Hybrid Tower, Lattice and Other Products), By Installation (Offshore, Onshore and Other Installations), By Sales Channel (Aftermarket and Manufacturer/Distributor/Service Provider) and By Geography

According to Stratistics MRC, the Global Wind Tower Market is accounted for $24.82 billion in 2022 and is expected to reach $43.03 billion by 2028 growing at a CAGR of 9.6% during the forecast period. Giant structures that hold up wind turbines and the components that they contain are known as wind towers. To safely clear the ground, the tower wires the turbine's blades and handles the nacelle and rotor. The wind turbine is situated at a suitable height to capitalise on the wind's energy to generate electricity. Governments all around the world are actively promoting wind power as an alternative to conventional energy sources, which is boosting consumer demand.

According to the International Energy Association (IEA), in 2021, wind electricity generation increased by a record 273 TWh. This was 45% higher growth than in 2020 and was the highest among all renewable power technologies.

Market Dynamics:

Driver:

Rise in power consumption

The demand for an adequate source of electricity is increasing as the global population and the penetration of electronic devices grow rapidly. The need for power is similarly rising as production grows. The demand for energy is being increased by an array of expanding activities, including the construction of new houses and companies and infrastructural improvements. The government is seeking affordable emission-free options, like wind and solar, to meet this need. In order to produce sufficient power to meet the rising global demand, this results in an increasing installation of wind energy around the world.

Restraint:

Fluctuating prices of steel

For the production of wind towers, steel is an essential raw material. Steel price volatility is impeding market expansion. The price volatility of steel, which is the most traded metal in the world, has adversely affected a number of end-use sectors. Price variation thus has an impact on production costs and the growth of the worldwide market. Additionally, steel prices are volatile, so the price of the finished product may rise or fall.

Opportunity:

Technological advancements

The industry's most important trend currently is the development of wind energy technology. The objective is to reduce the cost of tower manufacturing and increase wind energy generation efficiency. Hybrid towers, which integrate tubular steel and concrete towers or tubular steel and lattice towers, are the result of growing research and development. Because less material is required for production, the cost of the wind tower as a whole decreases significantly. However, governments all over the world are concentrating on the construction of offshore wind towers, which is further sparking the market's R&D operations.

Threat:

Growing challenges with wind towers

There are growing problems in the market for wind towers that could prevent it from expanding continuously in accordance with its full potential. Market constraints include a lack of adequate funds, contemporary infrastructure, supported facilities, and research and development methods that are becoming more common. Additionally, the situation has worsened since the pandemic arrived.

Covid-19 Impact:

Because of the huge rise in installations in 2020 and 2021, the COVID-19 epidemic has had a significant impact on the market. In 2020 and 2021, the installation of capacity on the world market for wind towers reached milestones. But the renewable industry depends substantially on imports from other nations in many of them, particularly China. The majority of the U.S. wind industry's raw materials and components are sourced from China and Europe. Major manufacturers of wind equipment, including G.E., Xinjiang Goldwin, and Hybrid Tower, had production halts as a result of lockdowns in numerous nations, which resulted in massive backlogs and delays in order fulfilment.

The concrete tower segment is expected to be the largest during the forecast period

Due to numerous benefits, such as reduced project costs and modularity, the concrete tower category had the largest share of the market in 2021 and is predicted to continue dominating the market during the projected period. This data has been fully comprehended by the market. A wind farm's sufficient cost is lowered by using concrete towers, which can store up to 20% of the overall cost of a wind turbine. These towers are very durable, cost minimally to build, and most of the materials are readily available.

The offshore segment is expected to have the highest CAGR during the forecast period

The offshore segment is predicted to grow profitably at a rapid pace during the projection period as installation costs for offshore wind farms are significantly higher than those for onshore wind farms. A significant factor in the rise of the offshore segment is the emergence of floating offshore wind. However, this expansion can be attributed to the increased installation of these turbines, the requirement for greater energy production, the rise in offshore wind projects, and the decreased visual pollution. Moreover, the overall market expansion is also being driven by the rising technological developments in offshore towers, such as floating platforms that may be used at extremely deep water depths.

Region with largest share:

Due to its dominance in onshore wind installation, Asia Pacific is predicted to hold the largest share of the global wind tower market throughout the forecast period. Energy demand is rising in major nations like China, India, and Australia as a result of rapid urbanisation and industrialization. Additionally, due to the increasing installation of renewable energy, China dominates the industry. However, the primary factors driving China's demand for windmills include the country's rising energy needs the government's efforts to promote the growth of renewable energy sources, rapid industrialization, low material costs, and access to inexpensive labour.

Region with highest CAGR:

Due to the presence of numerous offshore wind companies, technological advancements, the expanding wind industry, rising R&D, and government initiatives to support the production of electricity from renewable sources, North America is predicted to experience lucrative market growth during the extrapolated period. Furthermore, a number of well-known tower manufacturers additionally operate in this region due to the strong wind energy installation rates.

Key players in the market

Some of the key players in Wind Tower market include Ventower Industries LLC, Nordex Group, Shanghai Taisheng Wind Power Equipment Co., Ltd, Arcosa Inc., Broadwind, Dongkuk s&c, CS Wind Corporation, Suzlon Energy Limited, Kgw Schweriner Maschinen- Und Anlagenbau Gmbh, Enercon Gmbh, General Electric, Trinity Structural Towers, Inc., Siemens Ag, Vestas Wind Systems A/S, Valmont Industries, Inc, Goldwind And Clipper Windpower Plc.

Key Developments:

In September 2022, Broadwind Inc. announced that it has received an order valued at US$38 million for new towers from a leading global wind turbine manufacturer. This constituted the largest tower order in more than three years as demand for new wind turbines began to grow after the recent passage of the Inflation Reduction Act (IRA).

In July 2021, The Nordex Group announced a strategic partnership with TPI Composites in Mexico. The two companies agreed on a unique strategic collaboration along with cooperation in India and Turkey.

Products Covered:
• Concrete Tower
• Tubular Steel
• Steel Tower
• Hybrid Tower
• Lattice
• Other Products

Installations Covered:
• Offshore
• Onshore
• Other Installations

Sales Channels Covered:
• Aftermarket
• Manufacturer/Distributor/Service Provider

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements