The global wind tower market is expected to grow at a CAGR of almost 10% during the forecast period, according to Technavio’s latest report.
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Technavio has published a new report on the global wind tower market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global wind tower market for 2017-2021. By product type, this market is segmented into tubular steel towers, concrete towers, and other towers.
The global wind tower market occupies 28% in its parent market – the global wind turbine components market. The wind tower market is expected to be valued at USD 29.15 billion by 2021, with the rise in wind energy consumption and the increased government support for wind energy projects driving the market growth.
Technavio’s research study segments the global wind tower market into the following regions:
- APAC
- EMEA
- Americas
APAC: largest wind tower market segment
“The increasing population and standards of living in developing countries in APAC are creating a high demand for energy. This demand has created awareness to the governments and energy-related organizations towards renewable sources of energy, including wind power. China and India should account for the majority of the installations in the region driven by high wind energy potential in these countries and strong government support,” says Thanikachalam Chandrasekaran, one of the lead analysts at Technavio for power research.
The Indian government has plans to add around 10 GW of wind power capacity every year through to 2021. China has similar plans to increase its wind power capacity to 200 GW by 2020. Japan is not far behind and is exhibiting big wind power potential, driven by the expansion plans of wind companies such as Eurus and Hitachi. Also, new projects are underway in South Korea, Mongolia, the Philippines, Pakistan, and Thailand. The increase in investment in wind power capacity expansion in emerging economies in APAC is anticipated to propel the growth of the wind tower market.
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EMEA: government initiatives driving market growth
The growth in the wind tower market in EMEA will be driven by increasing power installation projects which are enabled by the high wind energy potential and increasing investment in offshore wind projects. Additionally, the governments in the region provide ample support and incentives for wind energy generation and are encouraging investors to foray into the wind energy space. Germany, Spain, the UK, France, and Italy are the major countries in the wind power market in EMEA.
Germany accounted for the world's third-largest cumulative wind installed capacity amounting to 39.16 GW in 2014. It targets to generate 45% of electricity from renewable sources by 2025 with wind power playing a crucial role. Similarly, Spain aims to achieve a total wind power capacity of 35.75 GW, by 2020. The UK, France, and Italy are also working on expanding their wind power installed capacities shortly. These developments will also boost the wind tower market in the region.
Americas: fastest growing wind tower market segment
“The Americas is expected to grow the fastest over the forecast period, at a CAGR of over 13%. Wind energy installations are likely to increase considerably in the region, driven by the growing number of installations in the US. The region is witnessing the installation of offshore wind power plants. Brazil and Canada also plan to increase their wind energy installations, which would boost the overall market growth in the region. Also, Mexico is working on expanding and targets to generate 35% of its energy from renewable sources by 2024,” says Thanikachalam.
The US and Canada are the leading countries in the region. Brazil is not far behind, and it is anticipated that the number of wind energy installations will significantly increase by 2018. Moreover, government support from various countries in the region is expected to drive the demand for wind turbines further, propelling the growth of wind tower market.
The top vendors in the global wind tower market highlighted in the report are:
- CS Wind
- Enercon
- Shanghai Taisheng Wind Power Equipment
- Trinity Structural Towers
- Vestas
- WINDAR Renovables
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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