Wind Turbine Tower Market Accelerates Amid Growing Concerns About Climate Change

According to TechSci Research report, “Global Wind Turbine Tower Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global  Wind Turbine Tower is anticipated to project robust growth in the forecast period with a CAGR of  7.40% through 2028. The power generation industry has been compelled to shift to cleaner, more environmentally friendly energy sources by a rise in environmental protection regulations all around the world. The development of renewable energy power generation is a top priority for major economies throughout the world as a way to lessen their reliance on conventional power generation using fossil fuels.

A significant renewable energy source that has the potential to address many global concerns is wind energy. The world erected 60.4 GW of new wind power projects in 2022, bringing the total amount of wind power installed to 651 GW. The Asia Pacific area contributed 50% of all new installations or 30.6 GW. Thus, the enormous yearly increase in wind power capacity is undoubtedly strengthening the wind turbine tower market across the world.

The past record of investments in renewable energy over the last few years demonstrates that efforts are well underway to lessen the world's reliance on coal and other fossil fuels. As a result, multiple new wind energy projects are being established all over the world and will begin steadily adding to the world's energy mix in the next years. The significant role played by government efforts and policies is one of the main factors influencing the wind turbine tower market’s growth. The main energy policies that are specifically targeted at the wind industry are found in many nations, including the U.S., China, Japan, and EU nations. These policies include feed-in tariffs, tax credits, net metering, and capital subsidies.

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For instance, the Government of India offers a 10-year income tax holiday for wind power generation projects. 100% exemption from excise duty on specific wind turbine components. The wind energy sector is expected to grow significantly in India, thanks to the proposed incentives. The market for wind turbine towers is driven by a variety of factors, including the enormous number of developing ventures and advancements in the wind control age division. The establishment of wind control age frameworks around the world is supported by the growing need for environmentally friendly technologies and sound governance practices. The global wind turbine tower market is expected to rise as a result of the development of the Asia-Pacific region's emerging economies, with China and India having the highest rates of growth and demand.

The significant financial, ecological, and social advantages touted are relied upon to exponentially increase the arrangement of clean advancements for generating electricity. One of the most encouraging developments in sustainable energy is the development of wind turbine towers. The global market for wind turbine towers is expected to grow as a result of the development of wind energy sources incorporating new technology. These factors are expected to drive the wind turbine tower market's growth during the forecast period.

Based on installation Insights, the market has been divided into onshore and offshore based on installation. The onshore segment held a dominant share of the market in 2021. The onshore segment shows low carbon emissions and economic cost structure compared to other segments. Globally, more than 72 GW of new wind power projects were installed onshore in 2022.The offshore segment is likely to witness growth at a languid pace owing to high focus and installation toward the onshore wind. The offshore wind farm installation cost is significantly higher than the onshore wind farm. The emergence of floating offshore wind is also a critical factor in driving growth of the offshore segment. 

Key market players in the Global  Wind Turbine Tower Market are following:-

• Arcosa Inc.
• Bergey Wind Power Co.
• Clipper Windpower Plc.
• XzeresWind Corp.
• Trinity Structural Towers Inc.
• Valmont Industries Inc.
•  Bouygues Construction SA
•  Broadwind Energy Inc

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Asia Pacific held the largest market share of the global Wind Turbine Tower Market in 2022. Over the forecast period, Asia Pacific is anticipated to dominate the global market. Onshore wind installation is primarily concentrated in the Asia-Pacific region. Thanks to growing industrialization and urbanization, countries like China, India, and Australia continue to report higher electricity demands. The world's total onshore and offshore wind power capacity hit 830 GW by the end of 2022. Over half of this comes from China. In China, thermal energy sources provided close to 70% of the electricity generated in 2022. The nation has been attempting to boost the percentage of cleaner and renewable sources in electricity generation due to the rising pollution from thermal sources.

India has the fourth-largest installed wind power capacity worldwide as of 2022. The northern, southern, and western regions of the country are where these projects are primarily located. As a result, the Asia-Pacific region's attempts to diversify its energy sources and enhance its renewable infrastructure are expected to drive the growth of the wind energy industry and raise demand for wind turbine towers over the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

Wind Turbine Tower Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Steel Tower, Concrete Tower, and Hybrid Tower), By Installation (Onshore and Offshore)  By Region, Competition 2018-2028 has evaluated the future growth potential of Global  Wind Turbine Tower Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global  Wind Turbine Tower Market.

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