The market has been witnessing significant growth opportunities globally, owing to increase in the demand for wind towers on onshore or offshore projects. Strong government support and initiatives for wind energy enhancement in several countries around the world majorly drive the growth in the wind tower market. Governments of both, the developed and the developing nations are strongly promoting wind energy as an alternative to conventional energy sources and hence are positively influencing the market for wind towers. Moreover, depletion of fossil fuels and increase in demand for sustainable energy sources, is expected to hold lucrative opportunity for market growth. However, the high maintenance and replacement costs of wind turbines, is expected to restrain the market growth.

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The growth in this sector is due to the increasing demand for clean and reliable energy to reduce the global carbon emissions, and to maintain ecological balance by generating electricity through renewable resources. However, high initial capital cost of projects with high maintenance cost and logistics issues, can hinder the wind tower market. Global Wind tower market has a very broad market in recent years. MRFR analysts have predicted that wind tower market is about to grow at a rapid pace. Moreover, the economic growth with emissions reduction have given the growth, momentum.

Key Players:

The key players of global wind tower market are Suzlon Energy Limited (India), Enercon GmbH (Germany), CS Wind Corporation (South Korea), General Electric (U.S.), Siemens AG (Germany), Trinity Structural Towers, Inc. (U.S.) , Vestas Wind Systems A/S (Denmark), Valmont Industries, Inc. (U.S.), Ambau (Germany), and Broadwind Energy (U.S.).

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Regional Outlook

The wind tower market in the Europe region is currently leading, and is followed by North America and Asia Pacific market. However, North America is expected to grow at the highest CAGR, owing to the approval of various wind tower farm projects in countries such as U.S. and Canada. This is because there has been substantial investment into non-conventional electricity generation. These factors will drive the market for wind tower market in North America during the forecast period.

European governments and the EU, as a whole, have supported wind projects with favourable incentives, as part of their carbon emission reduction goals. The United Kingdom heads the field, with 46% of global installed capacity, in 2015, followed by Germany (30%) and Denmark (11.5%). Europe is currently the leading region in wind tower market, and is followed by North America.

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