In 2015, the global wind tower market was estimated at $26,140.5 million. This is expected to grow at a CAGR of 7.4% during 2016-2022 period. Increased government support for wind projects through a network of tariffs, capital subsidies, increasing installation of wind power capacity, and need for geopolitical energy security are some of the major factors driving the growth of the global market.
By application, the offshore segment is expected to witness the highest growth of 17.0% CAGR in the wind tower market. This growth is attributed to the increasing offshore wind capacity, and rise in number of offshore wind projects in the Atlantic Ocean, North Sea, and the Baltic Sea. By region, Europe held the largest share in the offshore wind tower market owing to high-volume concentration of such projects in the region.
In all its totality, Asia-Pacific held the largest share in the global wind tower market in 2015 owing to high energy demands in the region and substantial growth in the region’s wind energy industry. China dominated the Asia-Pacific region as well as global wind tower market. In China, the total wind power capacity installed stood at 75.3 GW in 2012, which reached 114.6 GW in 2014. This coupled with high-volume allocation of proposed projects in India are expected to assist the region to continue on its growth trajectory.
However, the wind tower market in Middle East and Africa region is still at its early phases. Presently the region has a few large-scale wind farms in comparison to other regions. Nevertheless, developing countries in the regions of Latin America and Africa are in the process of framing regulations in order to reduce dependency on petroleum fuels, thereby increasing production of renewable energy. This is likely to create abundant opportunities for wind tower manufacturers for their capacity as well as geographical expansion. Hence, the Middle East and Africa wind tower market is likely to witness the fastest growth (25.4% CAGR) by region during the forecast period, to reach $1,342.9 million by 2022.
Leading players in the market include Vestas Wind Systems A/S, CS Wind Corporation, Siemens AG, WINDAR Renovables, ENERCON GmbH, Shanghai Taisheng Wind Power Equipment Co. Ltd., KGW Schweriner Maschinen-und Anlagenbau GmbH Suzlon Energy Limited, Trinity Structural Towers, Inc., and General Electric Company.
The information and data in the publication “Global Wind Tower Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
GLOBAL WIND TOWER MARKET SEGMENTATION
By Tower Type