The steel wind tower market is growing continually, mainly due to the increased focus on sustainable energy resources led by the concerns over extensive reliance on fossil fuel. The pressure to switch to options that are environmentally viable and ensure long-term sustainability is increasing day by day. Stricter regulations are being enforced to curb Co2 emission, emphasizing on various clean energy technologies, including wind turbines.
Acknowledging the kind of expansion, the market is witnessing at present, Market Research Future (MRFR) in its recently published analysis asserts that the global steel wind tower market would reach a valuation over USD 19,800 MN by 2023, registering a CAGR of 6.44% throughout the forecast period (2018-2023)
Rising demand for sustainable energy production will further convert the market in o a vastly expanded space in the years to come. Other factors that are contributing to the growth of the market include the growing population, increasing industrialization, and rapid urbanization that is increasing the global demand for power. Also, the improving standard of living led by economic growth worldwide, are explaining the increasing power consumption.
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Growing ecological concerns define the rising demand for clean, renewable, and sustainable energy generation. This, as a result, is driving the demand for wind energy and along with it is growing the global steel wind tower market. Substantial investments transpired in the R&D activities are fostering market growth.
On the flipside, the emergence of suitable alternatives and fluctuating prices of steel are some of the key factors, impeding the growth of the market. Nevertheless, augmented demand for sustainable power generation worldwide would support the growth of the market over the assessment period.
Steel Wind Tower Market – Segmentation
For a better scope of understanding, the report has been segmented into three key dynamics:
By Height Range: Up to 40 Mtrs., 40 – 80 Mtrs., 80– 140 Mtrs., and above 140 Mtrs.
By Application: Offshore Wind Power and Onshore Wind Power.
By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Steel Wind Tower Market – Regional Analysis
The Asia Pacific region dominates the global steel wind tower market. The region is driving the adoption of various types of clean energy solutions, including wind turbines. Furthermore, policy reforms and the continued rise in power consumption in China and India are expected to support the regional market to retain its dominance over the global market throughout the review period.
Encouraging government policies and favorable investment prospects alongside, the increasing awareness towards ecological benefits offered by renewable energy sources are some of the key growth propellers of the regional market.
The steel wind tower market in developed regions such as Europe and North America are too estimated to garner significant growth over the forecast period. These regions are opting for eco-friendly alternatives to reduce dependency on energy generated from fossil fuel. Moreover, efforts towards cutting down the use of non-renewable fuel are expected to increase the size of the market.
Steel Wind Tower Market – Competitive Landscape
Fiercely competitive, the steel wind tower market is categorized by the presence of numerous large & small players. These players incorporate strategic initiatives such as collaboration, technology/product launch, acquisition, partnership, and expansion. Similarly, promotions through trade exhibitions and greater commercialization of products are some of the other key strategies that these players adopt. Manufacturers strive to develop their portfolio with a range of high-quality towers of different sizes.
Players leading the global steel wind tower market include Siemens Gamesa Renewable Energy, SA, ENERCON GmbH, Valmont Industries, Inc., Vestas Wind Systems A/S, Broadwind Energy, Inc., Goldwind, Aeolos Wind Energy Ltd., Suzlon Energy Limited, Zhejiang Guoxing Wind Power Technology Co., Ltd., Windar Renovables, Morrison Berkshire, Inc., Trinity Structural Towers, Inc., CSWIND Corporation, Senvion SA, IB Andresen Industri, and Qingdao Wuxiao Group Co., Ltd., among others.
Industry/ Innovation/ Related News
May 20, 2019 — Acciona SA (Spain), a conglomerate group involved in the development and management of infrastructure and renewable energy announced the development of a greener wind tower by cladding it with 120 flexible photovoltaic modules. The turbine wrapped in the solar cells, Nordex-Acciona AW77/1500 model is mounted on an 80-meter high steel tower.
The solar electricity generated from panels will cover the consumption of the turbine’s auxiliary systems. This would further enable the field testing of an alternative type of flexible PV cell, based on organic chemistry, instead of silicon or thin-film technology. The innovative project would allow the study of the performance of the organic panels and their application in improving wind turbine energy efficiency.
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