Wind Tower Market Growth Boost by Rising Demands and Technology Transition to Avail Clean Renewable Energy
New York, US, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Wind Tower Market Information by Product, Application, and Region – Forecast till 2032”, Wind Tower Market could thrive at a rate of 9.8% between 2023 and 2032. The market size will be reaching around USD 69.1 Billion by the end of the year 2032
Wind Tower Market Overview
Wind energy has become a crucial player in the renewable energy industry, and wind towers are an essential component of wind energy generation. A wind tower, also known as a wind turbine tower, is a structure that supports the wind turbine’s nacelle and rotor blades. Wind towers come in different sizes and types, ranging from small residential turbines to large commercial turbines used in wind farms.
Wind towers are used in wind energy generation and play a vital role in converting wind energy into electrical energy. Wind turbines, mounted on top of the wind towers, capture the kinetic energy of the wind and convert it into electricity. Wind energy is an environmentally friendly and renewable energy source, making wind towers a critical component of the green energy revolution.
Market Competitive Landscape:
The affluent companies in the Wind Tower industry include
- Suzlon Energy Limited
- Enercon GmbH
- CS Wind Corporation
- General Electric
- Siemens AG
- Trinity Structural Towers, Inc.
- Vestas Wind Systems A/S
- Valmont Industries, Inc.
- Ambau Broadwind Energy
- Among others.
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GE Renewable Energy announced the development of its tallest onshore wind turbine to date, the Cypress 6.0-164 turbine. The turbine has a rotor diameter of 164 meters and a capacity of 6 megawatts, making it one of the largest and most powerful onshore wind turbines in the world. The Cypress 6.0-164 is designed to help customers reduce the cost of electricity production and boost the performance of wind farms.
Wind Tower Market USP Covered:
The growing demand for renewable energy sources and the increasing emphasis on reducing greenhouse gas emissions are driving the growth of the wind tower market. The rise in global electricity consumption, coupled with the need to reduce reliance on fossil fuels, has resulted in significant investments in the wind energy industry. Technological advancements and government initiatives promoting clean energy have further propelled the growth of the wind tower market. The increasing demand for offshore wind energy projects is also expected to boost the demand for wind towers.
The wind tower market’s main restraint is the high initial cost of investment required to set up wind energy projects. The installation, operation, and maintenance of wind towers also require skilled labor and specialized equipment, adding to the overall cost. The high level of competition among wind tower manufacturers and the fluctuations in raw material prices also pose significant challenges to the market’s growth.
|Market Size 2032||2032: USD 69.1 Billion|
|CAGR during 2023-2032||9.80% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Installation Type, Capacity, and Region|
|Key Market Opportunities||New product introductions and R&D among major key Players.|
|Key Market Dynamics||Transition to clean renewable energy.|
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Wind Tower Market COVID 19 Analysis
The COVID-19 pandemic has impacted the wind tower market, leading to project delays, cancellations, and supply chain disruptions. However, the wind energy industry has shown resilience, with several projects being completed and new projects being announced during the pandemic. The post-COVID scenario is expected to see an increase in investments in renewable energy, which will drive the growth of the wind tower market.
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Wind Tower Market Regional Insights
North America holds the largest share of the market due to the growing adoption of renewable energy sources and favorable government policies that encourage the use of clean energy. The United States is a significant contributor to the North American market, with its wind energy sector generating more than 7% of the country’s total electricity. According to the American Wind Energy Association (AWEA), the wind energy sector in the United States installed 16.8 GW of new wind power capacity in 2020, with Texas leading the way.
Europe is another significant market for wind towers, with the region focusing on reducing greenhouse gas emissions and increasing investments in renewable energy. Countries such as Denmark, Germany, and the United Kingdom are leading the way in the adoption of wind energy, with Denmark generating over 50% of its electricity from wind energy sources. The European Union’s Green Deal initiative is also expected to boost the demand for wind towers in the region, with a target to increase the share of renewable energy sources to 32% by 2030.
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The Asia-Pacific region is expected to see significant growth in the wind tower market, driven by the increasing demand for electricity and the rising awareness about the benefits of renewable energy sources. Countries such as China and India are witnessing a surge in their energy demands, and renewable energy sources are expected to play a critical role in meeting this demand. According to the Global Wind Energy Council, China is the largest market for wind energy, with a total installed capacity of over 281 GW as of 2020. The region is also witnessing significant investments in offshore wind energy projects, further boosting the demand for wind towers.
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