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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Key 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.).

Segmental Analysis

The segmentation of the wind tower market is carried out on the basis of product, application, and region. On the basis of product, the wind tower market is segmented into concrete, tubular steel, hybrid and other. Based on application, the wind tower market is segmented into offshore and Onshore. The regions included in the wind tower market are Europe, North America, Asia Pacific and rest of the world.

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Regional Analysis

The wind tower market is segmented into regions such as Europe, North America, Asia Pacific and rest of the world for the regional analysis of the market. The European region is presently directing the growth in the wind tower market and is followed by the North American region. The European governments and the EU has supported wind projects with advantageous incentives, as part of their carbon emission reduction goals. The Asia Pacific region is anticipated to develop through the forecast period owing to several reasons. The growing wind power generation capacity, strict environmental regulations for emissions from burning conventional fuel, growing demand for larger blades, and amplified government support for wind power projects, are among a few of the key factors motivating wind tower market’s growth. Presently, China has a major number of wind energy projects under the planning and construction phase, which is trailed by South Korea and Japan. These countries are contributing to the overall market growth due to the progressively rising electricity requirements, swift urbanization and technological progress in the region.

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