The strongest factors leading to the growth of the wind tower market are the increasing government support for wind farms, rising capacity of such installations, and surging need for geopolitical energy security and energy independence. As a result, the industry revenue, which stood at $26,140.5 million in 2015, is projected to increase at a 7.4% CAGR during 2016–2022 (forecast period). A wind tower is the main support system for the wind turbine and other components of a windmill, including the generator.
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The tower type segment of the wind tower market is categorized into concrete towers, tubular steel towers, lattice towers, hybrid towers, and guyed pole towers. Among these, the industry was dominated in 2015 by the tubular steel towers category, which will keep holding the largest share till 2022. This is attributed to the cost-effectiveness and strength of these variants. As the tower costs make up for around 30% of the windmills’, having a cost-effective tower is essential to produce electricity cheaply and sell it at reasonable per-unit prices.
A prominent trend in the wind tower market is the opportunities being created for skilled laborers. As the renewable energy sector is growing, an increasing number of people with expertise in civil engineering, electrical engineering, and mechanical engineering are finding employment. Governments and private companies around the world are investing heavy sums in the wind power sector to reduce the rate of environmental degradation and dependence on oil, natural gas, and coal to produce electricity.
In 2015, Asia-Pacific (APAC) was the largest wind tower market as a result of the increasing capacity of wind power plants to cater to the rising demand for electric power. China and India are among the largest wind energy producers on earth, and many more wind power plants are under various stages of commissioning in these countries. The Middle East and Africa (MEA) would grow the fastest during the forecast period due to the lower penetration of wind power here, which will offer market players immense opportunities for expansion.
Hence, the installations of wind towers are set to keep rising, as the focus on renewable energy becomes stronger.
Read more: https://www.psmarketresearch.com/market-analysis/wind-tower-market
