Authored By: Sarah
11 Jul 2024

 Wind Turbine Tower Market Size to grow by USD 6080.2 million between 2024-2028

According to a research report “ Wind Turbine Tower Market” by Application (Onshore, Offshore) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 6080.2 million, at a CAGR of  4.34% during the forecast period. In the context of the global energy landscape, the exhaustion of fossil fuel reserves and the environmental concerns surrounding their use have fueled a surge in demand for renewable energy sources, particularly wind power. Wind energy, an abundant and clean alternative, is recognized for its potential to generate electricity in a sustainable and pollution-free manner. The efficiency of wind turbines is contingent upon the optimal design of their rotors and blades, which can be adjusted to maximize energy extraction based on wind speed and direction.

Browse market data tables, figures, and in-depth TOC on “Wind Turbine Tower Market” by Application (Onshore, Offshore) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Application, the Onshore segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

The Wind Turbine Tower market represents a significant business opportunity for manufacturers and suppliers, driven by the increasing global shift towards renewable energy sources. With growing demand for cleaner and more sustainable energy solutions, the market is projected to experience robust expansion. Key players in this sector focus on enhancing tower design efficiency, reducing costs, and ensuring reliability to meet customer needs. Innovations in materials science and manufacturing processes are also crucial to improving tower performance and reducing the levelized cost of energy.

APAC is forecasted to hold the largest market size by region in 2024

The Wind Turbine Tower market represents a significant business opportunity, with continued growth driven by the global shift towards renewable energy sources. Key players in this sector include Vestas, Siemens Gamesa, and GE Renewable Energy. These companies are investing heavily in research and development to increase tower height and improve efficiency, positioning themselves at the forefront of this burgeoning industry. The market is expected to reach USDXX billion by 2026, with a CAGR of XX%.

The Wind Turbine Tower Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Arcosa Inc.
  • Bergey Wind Power Co.
  • Bouygues Construction SA
  • Broadwind Energy Inc
  • CS WIND Corp.
  • Dongkuk S and C
  • KGW Schweriner Maschinen und Anlagenbau GmbH
  • Marmen Inc.
  • Modvion AB
  • Nordex SE
  • NRG Systems
  • Red Rock Automation Ltd
  • Renewtech LLC
  • Shanghai Taisheng Wind Power Equipment Co. Ltd.
  • Suzlon Energy Ltd.
  • thyssenkrupp AG
  • Valmont Industries Inc.
  • Ventower Industries
  • Windar Renovables
.

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Research Analysis Overview

The Wind Turbine Tower Market has witnessed significant growth in recent years due to the increasing focus on Cumulative Wind Energy as a viable alternative to traditional Energy Supplies from Gas-fired Power Plants and the Solar Energy Industry. Large-capacity Wind Turbines with Tubular Steel Towers, such as Guyed Pole Towers, Lattice Towers, and Concrete Towers, are becoming increasingly popular in the Wind Energy Sector. The Turbine Structure's Cost-effectiveness and Renewable Infrastructure Construction have made Landowners more interested in Wind Energy as part of their Energy Portfolios. Manufacturing of Blades for Wind Turbine Systems has seen an increase in Blade Sizes to maximize energy generation. The Onshore Wind Energy sector continues to dominate the market, with Tubular and Lattice Towers being the preferred choices for their durability and strength. The Wind Energy sector's continued growth is expected to drive the demand for Wind Turbine Towers in the coming years.

Market Research Overview

The Wind Turbine Tower market is witnessing significant growth due to the increasing number of wind power projects worldwide. Dispatchable wind energy, which can be relied upon to provide a consistent power output even during unfavorable weather conditions, is becoming increasingly important in meeting electricity demand. The efficiency of wind turbines is a crucial factor in the wind energy sector, with large-capacity wind turbines and advanced blade technologies driving improvements. Hybrid towers, such as Guyed Pole Towers, Lattice Towers, Concrete Towers, and Tubular Steel Towers, play a vital role in the infrastructure construction of wind farm projects. Capital subsidies, net metering, tax credits, and favorable energy policies are key drivers for the wind energy industry, reducing the carbon footprint and decreasing reliance on coal-based power and thermal energy sources. The wind energy sector is becoming a significant part of energy portfolios, with renewable infrastructure increasingly replacing traditional power generation from coal-fired power plants and gas-fired power plants. The manufacturing of wind turbine systems, including blades and turbine structures, is a growing industry, with blade sizes continuing to increase to maximize energy production. The solar energy industry is also experiencing similar growth, with both industries working together to provide cost-effective, renewable power generation solutions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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