Steel Wind Tower Market Overview:
The recent study conducted by Market Research Future (MRFR), reveals that the Global Steel Wind Tower market will exhibit 7% CAGR during the assessment period (2022-2030). Increased installation of wind turbines across the world is supporting the growth of the steel wind tower market. Steel wind towers are a key component of wind turbine. Manufacturers are focusing towards developing wind towers that are not only cost-effective but also easy to maintain. Rapid inclination towards renewable power resources and favorable policies are creating lucrative business opportunities for market players. Moreover, investment in wind energy has ramped up to a significant extent in recent years.
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Steel Wind Tower Market: Competitive Landscape
MRFR’s study also includes a competitive analysis, which covers some of the top-notch companies such as Suzlon Energy Limited, Senvion S.A., Broadwind Energy, Inc., Morrison Berkshire, Inc., Zhejiang Guoxing Wind Power Technology Co., Ltd., Aeolos Wind Energy Ltd., Goldwind, Valmont Industries, Inc., Vestas Wind Systems A/S, Ib Andresen Industri, Siemens Gamesa Renewable Energy, S.A., CSWIND CORPORATION, ENERCON GmbH, Trinity Structural Towers, Inc., Windar Renovables, and Qingdao Wuxiao Group Co., Ltd.
The power industry is under pressure to switch to options that are environmentally viable and ensure long-term sustainability. In addition, stricter lows are being enforced to curb Co2 emission, which is putting the post light on various clean energy technologies including steel tower wind turbine market. Advanced economies in Europe and North America are opting for eco-friendly alternatives to reduce dependency on energy generated from fossil fuel.
Efforts towards cutting down on use of non-renewable fuel have also increased in fast-developing countries such as India, China and Mexico. The aforementioned factors the likely to make a positive impact on the global steel wind tower market during the assessment period. Nonetheless, emergence of suitable alternative and fluctuating prices of steel are some of the major factors, which may hinder the market over the course of the review period.
Steel Wind Tower Market: Segmental Analysis
The study includes a detailed segmental analysis of the market based on application, height range and region. By application, the market has been segmented into onshore wind power and offshore wind power. The former is likely to outperform the later throughout the assessment period. The onshore wind power segment currently commands more that two-third share of the market in terms of revenue and is projected to post a an above-average CAGR till 2027.
By height range, the market has been segmented into above 140 meters, 80 meters – 140 meters, 40 meters – 80 meters, and up to 40 meters. Of these, the 40 meters – 80 meters segment holds the dominant share of the market and trend is likely to continue in 2019 and beyond. During the forecast period, the segment is expected to capture 6.57% CAGR between 2020 and 2027. Cost-benefits and easy maintenance of wind towers ranging between 40 meters and 80 meters is driving their adoption.
Steel Wind Tower Market: Regional Outlook
Regions covered in the study include Asia Pacific (APAC), North America, the Middle East & Africa (MEA), Europe and Latin America. Asia Pacific (APAC) dominated the global steel wind tower market. In terms of value, the region accounted for more that 40% market share in 2017. These has been a substantial growth in consumption of renewable energy in the region. China, Australia and India are among the major contributors to the growth of the steel wind tower market in APAC. In terms of growth, China standout from rest of the APAC countries. It has the biggest offshore wind capacity in the APAC. The country will remain a hotspot for steel wind tower over the couple of years. Meanwhile, Europe and North America are likely to retain the second and third spot in the global steel wind tower market over 2030.
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