Wind Tower Market to Cross $51,972.4 Million Value by 2030, Says P&S Intelligence

NEW YORK, Nov. 28, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the wind tower market was worth around $24,974.3 million, and it is predicted to advance at an 8.5% CAGR from 2021 to 2030, hitting $51,972.4 million in 2030. The main reason behind the growth of this industry is the rising need for power, increasing acceptance of green energy, and ballooning population.

Concrete Towers Hold Major Revenue Share

In 2021, concrete towers held the largest revenue share, of around 55%, credited to their high strength and low transportation costs. These variants are majorly used for huge turbines, which require a sturdier foundation. Additionally, the raw material for them is easily accessible, which, in turn, contributes to the growth of this industry.

Moreover, the demand for hybrid towers will grow significantly in the years to come, mainly because they offer low weight and stronger material. Moreover, the snowballing usage of taller wind turbines is driving the erection of hybrid towers as they decrease the cost of the tower and also deliver better strength.

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Technological Enhancements Are Key Trend

Technological advancements in wind energy components are the key trend in the market. The goal is to achieve a higher efficiency in the generation of wind power and lower the manufacturing cost of the towers. The growing R&D has led to the innovation of hybrid towers, which can be seen as a blend of lattice and tubular-steel towers.

Onshore Applications Are Higher Revenue Generator

In 2021, the onshore category generated the higher revenue, and it is projected to dominate the market in the coming years too. This will be owing to the growing demand for wind power and the low maintenance and setup expenses, easy and quick installation, and low effect of such wind farms on the environment.

Moreover, onshore wind is already an established technology, which is present in more than 115 countries. The development of turbines with tall towers and bigger blades is one development that key leaders are focusing on to surge the productivity of the technology, mainly in areas with low wind speeds.

Browse detailed report on Wind Tower Market Insights, Development, Growth and Demand Forecast to 2030

Government Initiatives Strengthening Wind Projects

The high count of government initiatives for wind projects is contributing in the growth of this market. The exhaustion of fossil fuels and the global warming because of their extensive usage have shifted the worldwide focus from conventional energy to green energy.

APAC Continues To Lead in Erection of Wind Towers

In 2021, APAC dominated the market with around 40% revenue share, and it is projected to dominate the market in the coming years as well. This can be credited to the surging count of government initiatives for eco-friendly practices and the rising requirement for clean, dependable, and low-cost power because of the growing population.

Wind Tower Market Report Coverage

By Tower Type

• Tubular Steel
• Concrete
• Hybrid

By Application

• Onshore
• Offshore

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence