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The wind tower market share is expected to increase by USD 9.47 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.59%.
This wind tower market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers wind tower market segmentation by product (tubular steel towers, concrete towers, and other towers), application (onshore and offshore), and geography (APAC, Europe, North America, South America, and MEA). The wind tower market report also offers information on several market vendors, including Acciona SA, Arcosa Inc., Broadwind Energy Inc., CS WIND Corp., ENERCON GmbH, Nordex SE, Valmont Industries Inc., Vestas Wind System AS, Windar Renovables, and Xinjiang Goldwind Science & Technology Co. Ltd. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for heightened wind towers is notably driving the wind tower market growth, although factors such as the declining cost of solar PV modules may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wind tower industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Wind Tower Market Driver
Increasing demand for heightened wind towers is a major driver fueling the wind tower market growth. The increase in the height of wind towers has proliferated investments in the wind power industry. Since high-altitude wind towers have the ability to produce more power from a single wind turbine, it leads to a reduction in the total number of turbines needed for a wind farm. The overall cost of wind towers has increased in proportion to their height. Therefore, the purchase of higher wind towers has helped to fuel the revenue of vendors. Many wind tower manufacturers have started manufacturing taller wind towers to boost the total capacity of energy produced by wind turbines. The offshore segment is making even greater strides in the wind industry in terms of tower height as many of the major wind tower manufacturers are trying to enhance their offerings. The height of wind turbines is expected to increase further during the forecast period, owing to various benefits. Taller wind towers facilitate the setup of longer wind turbines, which have high energy conversion rates and can access higher wind streams than wind turbines placed at lower altitudes. The benefits associated with the height of wind towers are driving the demand for heightened wind towers globally, thereby fueling the growth of the global wind tower market.
Key Wind Tower Market Trend
The decline in LCOE of wind power generation is a major trend influencing the wind tower market growth. The cost of onshore wind power generation is within the same cost range as that of new fossil fuel capacity. Further, the fall in wind turbine costs, operation and maintenance costs, lower cost of financing, and rising turbine supplies are contributing to the decline in the LCOE. These factors have made onshore wind power generation more competitive. According to the International Renewable Energy Agency (IRENA), the global weighted average LCOE for offshore wind power generation in 2018 was 1% lower as compared to 2017 and 20% lower as compared to 2010. Similarly, the global weighted-average LCOE for onshore wind power generation fell by 82% between 1983-2018. As wind power generation costs decline, wind power generation is likely to be a compelling option for utilities and consumers that want to generate power from cleaner sources. This will boost wind turbine installation worldwide, propelling the global wind tower market.
Key Wind Tower Market Challenge
The declining cost of solar PV modules is a major hindrance to the wind tower market growth. Wind power energy faces strong competition from alternative sources of renewable energy, such as solar energy and hydroelectric energy. The presence of high competition in renewable power generation and revisions in the prices of components in alternative technologies adversely impacts the wind tower market and reduces the overall installations. Over the past decade, there has been an increase in the generation of power using solar PV. Solar PV has become one of the inexpensive sources of electricity generation owing to factors such as an increase in the scale of production of components and intense competition among vendors in the value chain of the global solar power market. Ongoing developments in energy storage systems are driving the use of solar power. The Solar Energy Technologies Office (SETO) of the US DOE launched the SunShot Initiative in 2011 to reduce the cost and increase the adoption of solar-powered electricity.
This wind tower market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global wind tower market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wind tower market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the wind tower market encompasses successful business strategies deployed by the key vendors. The wind tower market is fragmented and the vendors are deploying growth strategies such as offering products with differentiation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The wind tower market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the wind tower market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the renewable electricity market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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