The shift toward renewable sources of energy has led to the widescale installation of wind farms, globally. These farms employ wind turbines that require wind towers for their support. Wind towers are tall structures that hold nacelles and rotors of the turbines and support blades to clear the ground safely. The height of the wind tower is an important factor that determines the efficiency of power generation because the tall tower has lesser turbulence. Additionally, the positioning of wind turbines affects the amount of energy generated because higher capacity turbines require high wind speed that can be attained at a significant height.
Due to the increasing installation of wind power plants and government support for wind energy, the wind tower market is advancing at a CAGR of 7.4% during the forecast period. The market was valued at $26,140.5 million in 2015 and is expected to reach a substantial amount by 2022. Governments across the globe are working toward reducing their dependency on conventional sources of energy. As the wind is one of the most efficient alternatives for fossil fuel-based energy, the wind energy sector is expected to grow significantly during the forecast period.
Categories under the application segment of the wind tower market include onshore and offshore. Of these, the offshore category is expected to dominate the market during the forecast period. This growth can be ascribed to the increasing offshore activities in the North Sea, the Baltic Sea, and the Atlantic Ocean, and expanding offshore wind capacity. Globally, the European region accounted for the largest market share in 2015, due to the increase in adoption of offshore wind towers in the region.
In the competitive landscape of the wind tower market, the Asia-Pacific (APAC) region generates the maximum revenue, owing to the increasing demand for energy. Additionally, the region holds a huge potential for the substantial growth of the wind energy sector. Among APAC nations, China and India generate high demand for wind towers. According to the 2019 Assessment by the Ministry of New and Renewable Energy, the gross wind power potential of India stands at 302 GW. According to the report, as of March 31, 2019, India had an installed capacity of 35.6 GW and generated nearly 52.66 billion revenue during 2017–2018.
To tap on the growing opportunities, numerous players have entered the market. The major players in the wind tower market include KGW Schweriner Maschinen-und Anlagenbau GmbH Suzlon Energy Limited, Vestas Wind Systems A/S, General Electric Company, ENERCON GmbH, CS Wind Corporation, WINDAR Renovables, Shanghai Taisheng Wind Power Equipment Co. Ltd., and Siemens AG. Additionally, the market creates a huge opportunity for people specialized in civil engineering, electrical engineering, mechanical engineering, and other fields of manufacturing.
Thus, the increasing need for green and clean energy is driving the demand for wind towers, due to the expansion of the wind energy sector.
Source: www.psmarketresearch.com
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