Wind Tower Market to Generate Revenue worth $51,972.4 Million by 2030

The global wind tower market is projected to generate $51,972.4 million revenue by 2030, advancing at a CAGR of 8.5% during 2021–2030. This can be ascribed to the increasing government support for wind projects, which is driving the global wind installation capacity; and the burgeoning need for geopolitical energy security. Moreover, the increasing power consumption owing to the rise in the population is responsible for the market expansion.

Concreate Towers Are Prime Revenue Contributor

Based on tower type, the market is categorized into tubular steel, concrete, hybrid, and others. Concrete towers hold a largest revenue share in the market. This is because they have low transportation costs and high strength and their raw materials are easily available. Moreover, they are commonly used for large turbines, which are heavier and taller and require large rotors.

Tubular steel towers held significant share in 2021. This is because such steel towers provide a durable base to support the height and heavy weight of the turbine, in addition to lower wind resistance and an increased buckling capacity.

Based on application, the market is bifurcated into onshore and offshore. Of these, the onshore bifurcation dominated the market in 2021. Moreover, it is expected to maintain its position in the coming years. This is due to the increasing number of wind farms, rising power demand owing to the growing population, specifically in emerging economies, and the easy installation and low maintenance cost of the turbines on land.

The offshore category will witness the faster growth in the coming years. The growing power demand for domestic as well as industrial purposes, less visible pollution caused by windmills in the sea, insufficient land area for the installation of wind turbines, and development of innovative floating wind platforms, which can be used in deep water, drive the category.

Geographically, APAC contributed the majority of the revenue to the market in 2021, and it is further expected to maintain its position during 2021–2030. This is due to the high requirement for power due to its huge population, rapidly growing wind energy industry, and rapid industrialization.

North America also held a significant revenue share in 2021, owing to the large number of industry giants, advanced technology, high adoption of eco-friendly technologies, rising investments in wind power projects, and several initiatives taken by the local governments to boost green energy usage. Additionally, the U.S. contributes the majority of the revenue to the regional market as it has the higher installed capacity in the region.

Some of the major players in the wind tower market are Vestas Wind Systems A/S, CS Wind Corporation, WINDAR Renovables, Arcosa Wind Towers Inc., ENERCON GmbH, Shanghai Taisheng Wind Power Equipment Co. Ltd., KGW Schweriner Maschinen-und Anlagenbau GmbH, Valmont Industries Inc., and General Electric Company.