Wind Turbine Tower Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 1.32 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine Tower Market Analysis
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.
- The concrete tower is expected to be the fastest-growing segment in the wind turbine tower market, as it requires low transportation costs, has high strength, and the material required is available locally.
- Emerging markets such as Africa, which has various geographical locations that could be considered suitable for wind energy deployment, are likely to act as an opportunity in the future.
- Asia-Pacific dominated the market in 2021, with most of the demand coming from China and India.
Wind Turbine Tower Market Trends
This section covers the major market trends shaping the Wind Turbine Tower Market according to our research experts:
Concrete Wind Tower to Witness Highest Growth Rate
- The concrete wind tower segment is expected to be the fastest-growing segment of the wind tower market. These towers have high strength, require low transportation costs, and the material needed to build these towers is generally available locally.
- Due to technological advancements, large-capacity wind turbines are becoming more cost-effective. The large turbines are heavier, require large rotors, and are taller. For these types of turbines, the concrete wind tower proves to be more cost-effective than tubular steel towers due to their high strength.
- As of 2021, global cumulative wind energy installed capacity reached 824,874 MW, comparatively higher than 436,828 MW installed in 2015. The market is growing strongly, which is likely to boost the growth of concrete wind towers.
- In December 2020, Nordex began the production of concrete wind turbine towers from its new factory in Spain. The concrete tower production facility is built in Motilla del Palancar, in Castilla-La Mancha. The company plans to equip four wind farm projects in Spain with concrete towers.
- Therefore, the increasing share of large wind turbines, relatively high stability of concrete tower cost, lower transportation requirements, local availability of material for concrete towers, and increased import duty on steel in the United States are expected to be the major drivers for the concrete wind tower market.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be one of the promising markets for wind turbine towers in the coming years, owing to the favorable government policies and the efforts to increase the share of cleaner and renewable sources in power generation.
- In China, nearly 70% of the electricity produced in 2021 was from thermal energy sources. Due to the increasing pollution from thermal sources, the country has been trying to increase the share of cleaner and renewable sources in power generation.
- As of 2021, India holds the fourth-largest wind power installed capacity globally. These projects are majorly spread in the northern, southern, and western parts of the country.
- The Indian government has successfully reduced the cost of wind power below the cost of coal-based power, owing to which renewable power has become an attractive market for consumers.
- In June 2021, Suzlon Group, India's largest renewable energy solutions provider, announced its new order for the development of a 252 MW wind power project from CLP India. Suzlon will install 120 units of S120-140m wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower, with a rated capacity of 2.1 MW each. The project is located in Sidhpur, Gujarat, and is expected to be commissioned by 2022.
- In July 2021, Danish wind turbine manufacturer Vestas Wind Systems AS signed an agreement to sell its tower factory in Pueblo, Colorado, to South Korean tower maker CS Wind Corp.
- Therefore, the efforts of Asia-Pacific countries to increase the renewable infrastructure and diversify their energy portfolios are likely to drive the growth of the wind energy sector, further increasing the demand for wind turbine towers during the forecast period.
Wind Turbine Tower Industry Overview
The 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.
Wind Turbine Tower Market Leaders
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Trinity Structural Towers Inc.
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Valmont Industries Inc.
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KGW Schweriner Maschinen- und Anlangenbau GmbH
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Broadwind Energy Inc.
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Dongkuk S&C
*Disclaimer: Major Players sorted in no particular order
Wind Turbine Tower Market News
- In February 2022, Spain's GRI Renewable Industries signed a Memorandum of Understanding (MoU) with the capital group of Poland's state Industrial Development Agency (GK ARP) to develop a wind turbine tower factory in the Baltic coast city of Gdańsk
Wind Turbine Tower Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD million, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Tubular Steel Towers
- 5.1.2 Concrete Towers
- 5.1.3 Lattice Towers
- 5.1.4 Guyed Pole Towers
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5.2 Deployment
- 5.2.1 Onshore
- 5.2.2 Offshore
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.2 North America
- 5.3.3 Middle-East and Africa
- 5.3.4 Europe
- 5.3.5 South America
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Valmont Industries Inc.
- 6.3.2 KGW Schweriner Maschinen- und Anlangenbau GmbH
- 6.3.3 Broadwind Energy Inc.
- 6.3.4 Dongkuk S&C
- 6.3.5 Speco Technologies Co. Ltd
- 6.3.6 Titan Wind Energy AS
- 6.3.7 CS Wind Corporation
- 6.3.8 Vestas Wind Systems AS
- 6.3.9 Suzlon Energy Ltd
- 6.3.10 Enercon GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityWind Turbine Tower Industry Segmentation
The scope of the wind turbine tower market report includes:
| Type | Tubular Steel Towers |
| Concrete Towers | |
| Lattice Towers | |
| Guyed Pole Towers | |
| Deployment | Onshore |
| Offshore | |
| Geography | Asia-Pacific |
| North America | |
| Middle-East and Africa | |
| Europe | |
| South America |
Wind Turbine Tower Market Research FAQs
What is the current Wind Turbine Tower Market size?
The Wind Turbine Tower Market is projected to register a CAGR of less than 1.32% during the forecast period (2024-2029)
Who are the key players in Wind Turbine Tower Market?
Trinity Structural Towers Inc., Valmont Industries Inc., KGW Schweriner Maschinen- und Anlangenbau GmbH, Broadwind Energy Inc. and Dongkuk S&C are the major companies operating in the Wind Turbine Tower Market.
Which is the fastest growing region in Wind Turbine Tower Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wind Turbine Tower Market?
In 2024, the Asia Pacific accounts for the largest market share in Wind Turbine Tower Market.
What years does this Wind Turbine Tower Market cover?
The report covers the Wind Turbine Tower Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Wind Turbine Tower Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Turbine Tower Industry Report
Statistics for the 2024 Wind Turbine Tower market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Turbine Tower analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
