Global Wind Tower Market Share, Size, Trends, Growth, Report: By Type: Tubular Steel, Concrete, Lattice, Hybrid, Guyed Pole Towers, Others; By Application: Off-Shore, On-Shore; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Global Wind Tower Market Outlook

The global wind tower market size reached approximately USD 27.90 billion in 2023. The market is projected to grow at a CAGR of 8% between 2024 and 2032, reaching a value of around USD 55.96 billion by 2032.

Key Takeaways

• The Production Tax Credit (PTC) and Investment Tax Credit (ITC) in the United States are instrumental in accelerating the market growth.

• Innovations in wind turbine technology, such as larger rotor diameters and taller towers, are enabling more efficient energy capture.

• There is an increasing focus on recycling and end-of-life management of wind towers.

Wind towers refer to the building structures that support wind turbines and all of their components. The tower prevents the turbine's blades from colliding with the ground by supporting the rotor and hub in place. With help from wind towers, wind turbines are positioned at the ideal height to harness the force of the wind.

Some of the key factors propelling the wind tower market growth are the increasing need for electricity, rapid adoption of green energy, expanding population, aims to reduce greenhouse gas emissions, and the depletion of fossil resources. To encourage sustainability, governments all around the world are spending money on researching and implementing renewable energy sources. Thus, the increasing adoption of renewable energy is expected to support the market growth globally. Moreover, technical advancements and greater investments in research and innovation to make wind towers more resilient, efficient, and cost-effective are further supporting the global market.

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Key Trends and Developments

Offshore wind expansion; hybrid energy systems; and digitalisation and smart technologies are the major trends impacting the wind tower market development

April, 2024

Provincial Energy Ventures, a privately-held coal pier located in Sydney Harbour, started providing services for assembling large steel components for offshore wind turbines.

March, 2024

Nordex, a German wind turbine manufacturer, announced that it has secured a substantial order for wind turbines in South Africa.

January, 2024

Vestas established a collaboration with ArcelorMittal to introduce a low-emission steel product that substantially reduces the lifetime carbon dioxide emissions associated with manufacturing wind turbine towers.

January, 2024

The world's first full-scale wooden wind turbine commenced operation in Sweden, featuring a tower constructed by wood technology company, Modvion.

Offshore wind expansion

Many countries are investing in offshore wind farms to harness the stronger and more consistent winds available at sea.

Customisation and modularisation

Modular wind tower designs are gaining popularity, as they allow for easier transportation and assembly.

Hybrid energy systems

There is a growing interest in hybrid energy systems that combine wind energy with other renewable sources, such as solar or storage solutions.

Digitalisation and smart technologies

The integration of digital technologies, such as IoT sensors, predictive analytics, and remote monitoring, is becoming prevalent in wind tower operations.

Wind Tower Market Trends

Offshore wind farms are becoming increasingly popular in the wind energy sector. Offshore wind farms are typically located in areas where wind speeds are higher and more consistent than on land. The absence of obstacles like buildings, trees, and terrain variations allows the wind to flow more freely, resulting in higher energy production than their onshore counterparts.

Market players in the wind tower market are readily exploring the potential of alternative materials in renewable energy infrastructure. For instance, the world's first full-scale wooden wind turbine by Modvion has begun operations in Sweden as of January 2024. This development represents an innovative approach to wind turbine design and could pave the way for more sustainable and environmentally friendly solutions in the renewable energy sector.

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Market Segmentation

“Wind Tower Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Tubular Steel

• Concrete

• Lattice

• Hybrid

• Guyed Pole Towers

• Others

Market Breakup by Application

• Off-Shore

• On-Shore

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Tubular steel towers account for a major wind tower market share owing to their excellent durability and wind resistance

Tubular steel towers are the most common type of wind towers and usually hold the highest share of the market. Tubular steel towers are made from rolled steel sections that are welded together to form a conical or cylindrical shape. They are favoured for their strength, durability, and ease of manufacturing as well as their smooth surface which reduces wind resistance, making them more efficient.

As per the wind tower market report, the concrete wind tower segment is expected to witness rapid growth as these towers are strong, transporting them is inexpensive, and most of the materials are readily available. It is anticipated that the major factors driving the demand for concrete wind towers will be the increasing usage of large wind turbines, the relatively high-cost stability of concrete towers, reduced transportation costs, and locally available concrete tower materials.

On-shore segment maintains its dominance in the market due to its widespread installation across the world

On-shore wind farms, located on land, traditionally hold the highest share of the wind tower market. This dominance is due to several factors, including earlier development, lower installation and maintenance costs compared to off-shore wind farms, and easier accessibility. On-shore wind farms have been the backbone of wind energy development for decades, with a vast number of installations worldwide.

Off-shore wind farms, located in bodies of water, are anticipated to gain significant growth in the wind tower market in the coming years as off-shore winds tend to be stronger and more consistent, leading to higher energy generation efficiency.

Competitive Landscape

The wind tower market players are increasingly investing in renewable and sustainable materials in the construction of wind towers to reduce the environmental impact

ENERCON GmbH, founded in 1984 and headquartered in Aurich, Germany, produces and distributes wind energy converters (WEC). The company manufactures rotor blades, annular generators, inverters, cast components, and towers, among others.

Arcosa Wind Towers, Inc., headquartered in Texas in the United States, is a growth-oriented supplier of infrastructure-related goods and services with dominant positions in the building, energy, and transportation sectors.

Vestas Wind Systems A/S, founded in 1945 and headquartered in Aarhus, Denmark, is an international partner to the energy sector for sustainable energy solutions.

CS Wind Corporation is a South Korean-based company that specialises in the manufacturing of wind towers for wind turbines.

Other market players include Shanghai Taisheng Wind Power Equipment Co. Ltd., WINDAR Renovables, and KGW SchwerinerMaschinen-und Anlagenbau GmbH, among others.

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Wind Tower Market Analysis by Region

Asia Pacific is anticipated to be one of the leading regions for wind towers due to favourable policies of governments in the region and attempts to boost the use of cleaner and renewable sources in electricity generation. Due to rapid urbanisation and economic development, major countries like China, India, and Australia require more energy than other nations, thus increasing the market demand for wind towers.

The demand for wind turbine tower market in North America has been on an upward trajectory in recent years. Both the United States and Canada have set ambitious renewable energy targets to reduce greenhouse gas emissions and combat climate change. These targets are encouraging the development of new wind energy projects, which, in turn, drives the demand for wind towers. North American countries are also seeking to diversify their energy portfolios to enhance energy security and reduce reliance on fossil fuels. Wind energy, being a clean and abundant resource, is a key component of this diversification strategy.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.