Global Wind Tower Market Report and Forecast 2024-2032

Global Wind Tower Market Size

The global wind tower market value reached approximately USD 27.90 billion in 2023. The market is projected to grow at a CAGR of 8% between 2024 and 2032, reaching a value of around USD 55.96 billion by 2032.

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Global Wind Tower Market Growth

Wind towers refer to the building structures that support wind turbines and all their components. The tower prevents the turbine's blades from colliding with the ground by supporting the rotor and hub in place. With help from wind towers, wind turbines are positioned at the ideal height to harness the force of the wind.

Some of the key factors propelling the wind tower market growth are the increasing need for electricity, rapid adoption of green energy, expanding population, targets to reduce greenhouse gas emissions, and the depletion of fossil resources. As per the wind tower market analysis, governments all around the world are spending money on researching and implementing renewable energy sources. Thus, the increasing adoption of renewable energy is expected to support the market growth globally. Moreover, technical advancements and greater investments in research and innovation to make wind towers more resilient, efficient, and cost-effective are further supporting the global market.

Global Wind Tower Market Analysis

The wind tower market dynamics and trends are being boosted by offshore wind farms that are becoming increasingly popular in the wind energy sector. Offshore wind farms are typically located in areas where wind speeds are higher and more consistent than on land. The absence of obstacles like buildings, trees, and terrain variations allows the wind to flow more freely, resulting in higher energy production than their onshore counterparts.

Global Wind Tower Industry Outlook

China dominates the solar energy market with a projected capacity of 450 GW by the end of 2023, adding 23.77 GW in the first half of the year, as reported by the World Wind Energy Association 2023. The United States follows, anticipating 152 GW, with a significant increase of 22.449 GW from January to June 2023. Germany and France lead Europe's growth, each surpassing 1 GW within the same period. Germany's capacity reached 69 GW, with a 1.559 GW addition in early 2023, boosting the wind tower industry revenue.

India's capacity stands at 45 GW, reflecting a 2.34 GW increase in the first half of 2023. Spain and the United Kingdom made additions of 212 MW and 569 MW, respectively. Brazil's capacity is hit 29.253 GW, with a 2.306 GW boost in early 2023.

Canada and Sweden reached 16.849 GW and 16.328 GW, respectively, in 2023, with Canada adding 550 MW and Sweden 815 MW in the first half of 2023. Turkey, Italy, and Australia capacities reached 15 GW, 12.3 GW, and 11.5 GW, with incremental additions of 173 MW, 300 MW, and 705 MW, respectively enhancing the demand of the wind tower market.

The Netherlands and Mexico capacities reached 8.8 GW and 7.5 GW by the end of 2023, with the Netherlands adding 300 MW and Mexico 5 MW in early 2023. The rest of the world collectively added 24.912 GW for 2023, contributing to a global total of 1,045.942 GW. The first half of 2023 alone saw a global increase of 41.157 GW, emphasizing the continued expansion and investment in solar energy infrastructure worldwide.

The global transition to renewable energy sources is increasing demand for wind energy, thereby driving the market for wind towers as essential components in turbines.

• Supportive government policies, subsidies, and tax incentives worldwide are encouraging investments in wind energy projects, fostering growth in the wind tower industry.

• The wind tower market dynamics and trends are driven by ongoing innovations in wind turbine design and manufacturing processes are enhancing the efficiency, reliability, and cost-effectiveness of wind towers.

The significant initial costs associated with manufacturing and installing wind towers can discourage potential investors and developers, especially in emerging markets.

• Reliance on complex global supply chains for raw materials and components poses logistical challenges and potential delays in tower production.

• Securing suitable land for wind farm developments and navigating complex permit processes can be time-consuming and subject to regulatory uncertainties, impacting project timelines and costs.

Rapid industrialisation and urbanisation in emerging economies present substantial wind tower market opportunities, with increasing investments in renewable energy infrastructure.

• The expansion of offshore wind farms, particularly in regions like Europe and Asia-Pacific, provides new avenues for market growth due to higher wind speeds and fewer land constraints compared to onshore installations.

• Advances in tower design, such as modular and hybrid structures, along with improvements in manufacturing techniques, are poised to reduce costs and enhance performance, driving broader adoption of wind energy solutions.

Intense competition among global and regional manufacturers could result in price pressures and potential reductions in profit margins, challenging the market's sustainability.

• Changing political environments and evolving regulations related to renewable energy subsidies and tariffs may introduce uncertainties, influencing investment decisions within the wind tower sector.

• Resistance from environmental groups and local communities concerning visual impacts, noise pollution, and wildlife conservation could delay project approvals and escalate costs, impacting market growth and project feasibility.

Key Players in the Global Wind Tower Market and Their Strategic Initiatives

ENERCON GmbH:

• Invests in research and innovation to enhance energy output and reliability. 

• Expand global market presence through strategic partnerships and acquisitions. 

• Emphasises sustainability with eco-friendly manufacturing practices.

CS Wind Corporation:

• Invests in technology upgrades to improve tower production efficiency. 

• Expand production capacity globally to meet growing wind tower market demand. 

• Focuses on cost-effective solutions to maintain competitive pricing.

Arcosa Wind Towers, Inc.:

• Invests in R&D to enhance tower design for improved performance and durability. 

• Expands manufacturing facilities strategically to serve regional markets effectively. 

• Focuses on safety and quality assurance in manufacturing processes.

Vestas Wind Systems A/S:

• Invests heavily in sustainable energy solutions and renewable energy projects to capture wind tower market opportunities.

• Expands global footprint through strategic alliances and joint ventures. 

• Focuses on enhancing operational efficiency and reducing lifecycle costs.

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Global Wind Tower Industry Segmentation

“Global Wind Tower Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Tubular Steel

• Concrete

• Lattice

• Hybrid

• Guyed Pole Towers

• Others

Market Breakup by Application

• Off-Shore

• On-Shore

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Wind Tower Market Share

Tubular steel towers, predominant in the wind tower market, are constructed from welded rolled steel sections, offering strength, durability, and efficiency due to reduced wind resistance. On-shore wind farms lead the market, benefiting from lower costs and easier accessibility, thus driving the global wind tower market revenue.

Leading Companies in the Wind Tower Market

The wind tower market players are increasingly investing in renewable and sustainable materials in the construction of wind towers to reduce the environmental impact.

• ENERCON GmbH 

• CS Wind Corporation 

• Arcosa Wind Towers, Inc. 

• Vestas Wind Systems A/S 

• Shanghai Taisheng Wind Power Equipment Co. Ltd. 

• WINDAR Renovables 

• KGW SchwerinerMaschinen-und Anlagenbau GmbH

Key Highlights of the Report

Wind Tower Market Report Snapshots

Wind Tower Market Size

Wind Tower Market Growth

Wind Tower Market Analysis

Wind Tower Market Share

Wind Tower Companies