The power industry is switching to options that are environmentally viable and ensure long-term sustainability. With this, stricter regulations are being enforced to control Co2 emissions, which is putting the spotlight on various clean energy technologies, of which wind turbines are one of them. Market Research Future has come up with its latest report on global steel wind tower market stating that the market is set to reach a valuation of USD 19,800 Million and above by 2023 while exhibiting a CAGR of 6.44%.
The tower is considered as an essential element in the building of a wind turbine as it transmits loads from the nacelle to the foundation. This is a significant factor in determining profitability along with other factors such as the height of the tower, which will result in the higher the energy output.
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Global Steel Wind Tower Market Drivers & Trends
The developed regions are opting for eco-friendly alternatives to reduce dependency on fossil fuel energy generation. Also, many efforts are also putting on towards cutting down usage of non-renewable fuel. These attempts have also been taken in fast-developing countries as well, which is making the global steel wind tower market to expand tremendously in the years to come.
Increased focus on sustainable energy resources coupled with concerns over widespread dependence on fossil fuel is reflecting fortunate possibilities for the global steel wind tower market to spur. The report also states that important advancements in technologies are driving the market and a remarkable reduction in the cost of energy generation through wind. The use of wind energy for electricity generation has attracted exceptional demands across the globe.
With that, the mounting trend in the wind energy industry has reduced the operation & maintenance cost and downtime, which in turn, has affected the global steel wind tower market further. Hence, several countries, globally have dedicated their efforts in innovating renewable power generation and as a result of it, the current period is witnessing a considerable amount of growth in global renewable energy consumption. Even so, the emergence of suitable alternative and unstable prices of steel are some of the significant factors, which may hinder the market over the course of the review period.
Global Steel Wind Tower Market Segmentation
In the reports published by MRFR, the global steel wind tower market segmentation is conducted based on height range, application, and region.
By the mode of height range, the market comprises of up to 40 meters, 40 meters to 80 meters, 80 meters – 140 meters, and above 140 meters. Whereas, the 40 meters to 80 meters segment has accounted for the largest market share of in 2017 with 41.76% and is expected to remain highly striking over 2023. Moreover, 40 meters to 80 meters height range is considered to be ideal for wind towers and are cost-efficient and relatively easy to maintain.
By the mode of application, the market includes segments such as offshore wind power and onshore wind power which is expected to post a healthy CAGR of 6.43% during the assessment period.
Regional Outlook: Global Steel Wind Tower Market
Region wise, the global steel wind tower market has covered mainly North America, Europe, Asia Pacific and Rest of the World (RoW). Among these, Asia Pacific is currently leading the global steel wind tower market owing being one of the largest markets for renewables in the world. Countries such as China, India, and Australia are continuously posting a higher demand for power. The growth of various industries and rapid urbanization in these countries has led to a piercing rise in power consumption. Also, rising foreign investment in offshore and onshore wind energy in many countries is creating lucrative opportunities for key market players. Hence, China represents the largest offshore wind capacity with a new installation of offshore wind.
The leading companies that are currently operating in the global steel wind tower market are Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, ENERCON GmbH, Senvion S.A., Valmont Industries, Inc., Trinity Structural Towers, Inc., Broadwind Energy, Inc., Ib Andresen Industri, Vestas Wind Systems A/S, CSWIND CORPORATION, Goldwind, Windar Renovables, Aeolos Wind Energy Ltd., Qingdao Wuxiao Group Co., Ltd., Zhejiang Guoxing Wind Power Technology Co., Ltd., and Morrison Berkshire, Inc.
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