Modern wind towers are bigger, taller and capable of generating enormous amount of power. It is projected that the global steel wind tower market will surge at a CAGR of 6.44% during the forecast period (2018-2023).

The steel wind tower market is mainly driven by factors such as rising investment in wind energy, increase in power consumption, and government initiatives and policies. Stringent regulation to support environmental conservation is prompting the power industry to shift to clean and eco-friendly energy resources. Many of the advanced countries are shifting toward clean and renewable power sources given the growing concern over environmental impacts of conventional power resources (fossil fuels). In recent years, investments in renewable energy have grown substantially, which characterizes the increase focus on reducing the dependence on coal, petroleum and other fossil fuels. Such factors are expected to support the growth of the global steel wind tower market during the forecast period. However, fluctuating prices of steel and increasing availability of alternatives may undermine the market potential to some extent in the near future.

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Segmental Analysis

The segmental analysis of the global steel wind tower market in conducted on the basis of height range, application, and region.

On the basis of height range, the market has been segmented as up to 40 meters, 40 meters – 80 meters, 80 meters – 140 meters, and above 140 meters. The 40 meters – 80 meters segment accounted for the largest market share of 41.76% in 2017 and expected to remain highly attractive over 2023. The segment is projected to exhibit a CAGR of 6.57% during the assessment period. 40 meters to 80 meters height range is ideal for wind towers. Moreover, wind towers of this height are cost-efficient and relatively easy to maintain. They require less time and space for installation and does not involve any additional infrastructure.

On the basis of the application, the market has been segmented into offshore wind power and onshore wind power. In 2017, the onshore wind power segment accounted for 90.88% share of the market. The segment is expected to post a healthy CAGR of 6.43% during the assessment period.

Regional Outlook

On the basis of region, the global steel wind tower market has been segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Asia Pacific currently leads the global steel wind tower market. In 2017, the region commanded 42.88% share of the market. Asia-Pacific is one of the largest markets for renewables in the world. Countries such as China, India and Australia continue to post a higher demand for power. Growth of various industries and rapid urbanization APAC countries has led to a sharp rise in power consumption. In addition, rising foreign direct investment in offshore and onshore wind energy in many of the APAC countries is creating lucrative opportunities for market players. In APAC, China represents the largest offshore wind capacity with 1164 MW new installation of offshore wind during 2017. The total installed wind capacity in Asia-Pacific in 2017 had been 233,735 MW. During the forecast period, the market is APAC is projected to witness a CAGR of 6.52%. APAC is followed by Europe and North America respectively.

Competition Tracking

Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, ENERCON GmbH, Senvion S.A., Valmont Industries, Inc., Trinity Structural Towers, Inc., Broadwind Energy, Inc., Ib Andresen Industri, Vestas Wind Systems A/S, CSWIND CORPORATION, Goldwind, Windar Renovables, Aeolos Wind Energy Ltd., Qingdao Wuxiao Group Co., Ltd., Zhejiang Guoxing Wind Power Technology Co., Ltd., and Morrison Berkshire, Inc. are some of the leading companies that are currently operating in the global steel wind tower market.

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