Wind Turbine Tower Market Size (2024 - 2029)

The wind turbine tower market is experiencing moderate growth, influenced by factors such as the declining cost of wind energy and increased investments in the sector. Despite challenges posed by the COVID-19 pandemic and competition from solar and gas-fired power plants, the market's expansion is supported by the demand for concrete towers due to their cost-effectiveness and local material availability. Emerging markets, particularly in Africa, present future opportunities, while the Asia-Pacific region, led by China and India, currently holds a significant share of the market.

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Market Size of Wind Turbine Tower Industry

Wind Turbine Tower Market Summary
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

Wind Turbine Tower Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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Wind Turbine Tower Market Size Summary

The wind turbine tower market is experiencing a steady growth trajectory, driven by the declining cost of wind energy and increased investments in the wind power sector. Despite the initial setbacks caused by the COVID-19 pandemic, which led to manufacturing and supply delays, the market is poised for expansion. The concrete tower segment is anticipated to be the fastest-growing due to its cost-effectiveness, high strength, and local material availability. This segment's growth is further supported by technological advancements that make large-capacity wind turbines more economically viable. The market's expansion is also bolstered by the increasing share of large wind turbines and the relatively stable cost of concrete towers, alongside the rising import duties on steel in the United States.

Asia-Pacific is emerging as a promising region for wind turbine towers, driven by favorable government policies and a push towards cleaner energy sources. Countries like China and India are making significant strides in increasing their renewable energy capacities, with India achieving a notable reduction in wind power costs, making it competitive with coal-based power. The region's efforts to diversify energy portfolios and enhance renewable infrastructure are expected to sustain the demand for wind turbine towers. The market is moderately fragmented, with key players like Trinity Structural Towers Inc., Valmont Industries Inc., and Broadwind Energy Inc. actively participating in the sector's growth. Collaborative efforts, such as the MoU between GRI Renewable Industries and Poland's Industrial Development Agency, highlight ongoing initiatives to expand production capabilities in strategic locations.

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Wind Turbine Tower Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Tubular Steel Towers

      2. 2.1.2 Concrete Towers

      3. 2.1.3 Lattice Towers

      4. 2.1.4 Guyed Pole Towers

    2. 2.2 Deployment

      1. 2.2.1 Onshore

      2. 2.2.2 Offshore

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

      2. 2.3.2 North America

      3. 2.3.3 Middle-East and Africa

      4. 2.3.4 Europe

      5. 2.3.5 South America

Wind Turbine Tower Market Size FAQs

The Wind Turbine Tower Market is projected to register a CAGR of less than 1.32% during the forecast period (2024-2029)

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.

Wind Turbine Tower Market Report Snapshots

Wind Turbine Tower Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)