Wind Tower Market Key Players, Segmentation, Share, Growth And Regional Forecast To 2023

Posted August 27, 2019 by DhanashreeP

Global Wind Tower Market Report, By Product (Tubular Steel, Concrete, Hybrid and other), By Application (Onshore and offshore) and By Region - Global Forecast to 2023.
Global Wind Tower Market Scenario

The market has been witnessing significant growth opportunities globally, owing to increase in the demand for wind towers on onshore or offshore projects. Strong government support and initiatives for wind energy enhancement in several countries around the world majorly drive the growth in the wind tower market. Governments of both, the developed and the developing nations are strongly promoting wind energy as an alternative to conventional energy sources and hence are positively influencing the market for wind towers. Moreover, depletion of fossil fuels and increase in demand for sustainable energy sources, is expected to hold lucrative opportunity for market growth. However, the high maintenance and replacement costs of wind turbines, is expected to restrain the market growth.

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Industry Highlights

The wind is one of the cleanest sources of power. Wind turbines harness the power of the wind to generate electricity. Wind tower is the support structure for a wind turbine and its other components such as blades, turn around a rotor and create electricity. It helps the wind turbine blades to safely clear the ground and elevate the turbine to an optimal height to generate electrical energy from the wind. As the speed increases with altitude, it is better to install tall wind towers to produce maximum output. Taller towers are desirable because winds are stronger at higher altitudes, thereby producing more power for each turbine installed. The opportunity to achieve 12% more power output per installed-turbine could not be realized without addressing the key height issues of installing 80m or higher towers.

Wind energy started with 40m to 50m towers that supported 400-kW to 660-kW turbines. These structures were mostly a truss tower type and can still be seen in certain "wind farm cradles. The towers with capacity range of 1.0-MW and 1.5-MW, became tubular steel structures and foundation design solutions were needed to solve the ever-growing load demand on the structure. These tubular steel structures have become the mainstay of the wind tower market.

Initial research showed that, while a composite tower would reduce weight, it would not be able to achieve the required stiffness levels and thus would be subject to unacceptable resonance oscillation forces. The company applied its learning and adapted the composite design to a highly innovative steel space frame structure that achieved all of the design objectives.

Several tower designs have been proposed for 100m and more. Conventional 80 to 100m towers could be placed atop the 31m tall concrete foundation for hub heights 111 to 131m. The wider than conventional base also allows using less concrete and rebar in the foundation.

Global wind tower market is expected to be very broad in the coming years. MRFR analysts have predicted that wind energy industry is about to grow at a rapid pace. Moreover, the economic growth with emissions reduction have given the growth, a momentum.

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North-America region is expected to grow at the highest CAGR.

The wind tower market in the Europe region is currently leading, and is followed by North America and Asia Pacific market. However, North America is expected to grow at the highest CAGR, owing to the approval of various wind tower farm projects in countries such as U.S. and Canada. This is because there has been substantial investment into non-conventional electricity generation. These factors will drive the market for wind tower market in North America during the forecast period.

European governments and the EU, as a whole, have supported wind projects with favourable incentives, as part of their carbon emission reduction goals. The United Kingdom heads the field, with 46% of global installed capacity, in 2015, followed by Germany (30%) and Denmark (11.5%). Europe is currently the leading region in wind tower market, and is followed by North America.

Leading Players

The key players of global wind tower market are Suzlon Energy Limited (India), Enercon GmbH (Germany), CS Wind Corporation (South Korea), General Electric (U.S.), Siemens AG (Germany), Trinity Structural Towers, Inc. (U.S.) , Vestas Wind Systems A/S (Denmark), Valmont Industries, Inc. (U.S.), Ambau (Germany), and Broadwind Energy (U.S.)

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Issued By MRFR
Country India
Categories Business , Energy
Tags wind tower market , wind tower market demand , wind tower market growth , wind tower market trends
Last Updated August 27, 2019