The global wind tower market was valued at $26,140.5 million in 2015, and it is expected to witness a CAGR of 7.4% during the forecast period. The increasing wind power capacity installations across the globe and increased government support for wind projects are driving the growth of the global wind tower market. Asia-Pacific accounted for the largest share in the global wind tower market with an estimated value $10,014.2 million in 2015.
Wind tower refers to a tall structure, which supports wind turbine and its other components. It holds the nacelle and rotor of a wind turbine. The wind tower supports the wind turbine blades to safely clear the ground. It positions the turbine to an optimum height to produce electric energy from wind. High wind speed is needed for higher capacity turbines. Therefore, the height of wind tower is an important factor for efficient power generation, as the wind speed increases with height. Moreover, tall towers also minimize turbulence, thus maximizing the performance of wind power plants. Wind towers are chosen on the basis of structure and weight of nacelle. The strength of the wind tower largely depends upon the material used, along with its weight and gauge.
Different types of wind towers are used for the efficient generation of wind energy. Tubular steel towers, concrete towers, lattice towers and hybrid towers are used for large wind turbines. Whereas, guyed pole towers are used for small wind turbines. Wind tower being one of the most important parts of a wind turbine would cost 25% to 30% of the total cost of wind turbine. Wind towers are specially designed for different applications. Wind towers are manufactured for onshore wind turbine, as well as offshore wind turbine.
Distinct governments across the globe are are looking for alternative source of energy to reduce their dependency on conventional energy sources. Wind energy is one of the most efficient alternatives for conventional fossil fuel based energy. Therefore, a high growth in the wind energy industry is expected during the forecast period, thus driving the growth of the global wind tower market.
One of the key trends witnessed in the global wind tower market is the increasing job opportunities for skilled labor worldwide. The manufacturing of wind towers require skilled labor, thus providing work opportunity for workers with specialization in electrical engineering, civil engineering, mechanical engineering, and various other field of manufacturing. The high rate of depletion of fossil fuels and increasing demand for sustainable and ecofriendly energy source are indirectly creating ample opportunities for the growth of the global wind tower market.
Based on application, the offshore segment is expected to witness the fastest growth (17.0% CAGR) during 2016–2022 in the global wind tower market. Among the various wind tower types, the tubular steel towers segment held the largest market share with an estimated $23,035.1 million in 2015, and it is expected to reach $39,108.7 million by 2022.
Some of the major players operating in the global wind tower market are CS Wind Corporation, ENERCON GmbH, Trinity Structural Towers, Inc., Vestas Wind Systems A/S, Shanghai Taisheng Wind Power Equipment Co. Ltd., Siemens AG, WINDAR Renovables, General Electric Company, Suzlon Energy Limited and KGW Schweriner Maschinen-und Anlagenbau GmbH.