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The size of the wind tower market was estimated at USD 29.8 billion in 2022. During the forecast period (2023 - 2030), the Wind Tower Market market is anticipated to increase from USD 32.7 billion in 2023 to USD 69.1 billion. This represents a CAGR of 10.80%. The primary market factors accelerating market expansion are the expanding installation of renewable energy for power generation as well as the rising demand for energy in several sectors.
Favourable renewable energy legislation and increasing wind energy investment are driving the wind tower market's CAGR. The power generation sector is being pressured to switch to greener, more ecologically friendly energy sources as environmental regulations get stricter. To reduce their dependency on traditional energy sources like fossil fuels, several nations throughout the world are aiming to improve renewable energy power generation. The cost of wind, solar, and other renewable energy sources has been rising substantially in recent years. For example, the Federal Business Energy Investment Tax Credit (ITC), a corporate tax incentive in the United States, enables owners of new wind energy systems to get tax credits worth 30% of the facility's value. The wind energy business will be able to expand quickly globally because to the aforementioned drivers. The product demand is therefore probably going to increase.
In addition, it is anticipated that the market will be pushed by the move towards decarbonizing power generation through the implementation of green and clean energy technology. In cooperation with significant business entities, many governments continuously install renewable energy systems to ensure that renewable energy goals are realised. Many firms are using renewable energy sources, especially solar and wind power, for power generation as a result of environmental legislation. This should accelerate market expansion. The International Energy Association (IA) predicts that in 2021, the production of wind-generated electricity will hit a new high of 273 TWh. This was the quickest renewable energy technology, happening 45% faster than it would have in 2020.
Main gearbox, yaw gearbox, and other types are included in the segmentation of the wind tower market based on type. The market was dominated by the yaw gearbox sector. The yaw gearbox is a precise drive system that offers the best control of the blade in order to optimise the quantity of energy produced by the wind turbine. The yaw gearbox's components are made at a state-of-the-art plant, and our quality control department conducts a careful inspection to ensure the highest quality. The possibility of getting subpar heat treatment from the provider is eliminated by having a heat treatment facility on site. As a result, the components' lifespan is extended.
Offshore wind and onshore wind power are both included in the application-based segmentation of the wind tower market. The onshore category generated the most revenue in 2022, and it is anticipated that it will hold the top spot in the market going forward. This is due to a combination of factors, including a large demand for wind energy, low setup and operating costs, quick installation, and little environmental impact of such wind farms. As a result, the IEA predicts that 830GW of new wind capacity will be added by 2021, more than 90% of which will come from onshore systems.
Report Coverage
Global Wind Tower research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wind Tower report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wind Tower competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wind Tower market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wind Tower market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wind Tower market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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. (US.), Ambau (Germany), and Broadwind Energy (U.S.).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wind Tower market based on the below-mentioned segments:
Global Wind Tower Market, By Type
Main Gearbox
Yaw Gearbox
Others
Global Wind Tower market, By Application
Offshore Wind
Onshore Wind Power.
Global Wind Tower Market, By Capacity
5mw-3mw
Up To 1.5mw
Over 3mw.
Global Wind Tower market, Regional Analysis
Favourable renewable energy legislation and increasing wind energy investment are driving the wind tower market's CAGR. The power generation sector is being pressured to switch to greener, more ecologically friendly energy sources as environmental regulations get stricter. To reduce their dependency on traditional energy sources like fossil fuels, several nations throughout the world are aiming to improve renewable energy power generation. The cost of wind, solar, and other renewable energy sources has been rising substantially in recent years. For example, the Federal Business Energy Investment Tax Credit (ITC), a corporate tax incentive in the United States, enables owners of new wind energy systems to get tax credits worth 30% of the facility's value. The wind energy business will be able to expand quickly globally because to the aforementioned drivers. The product demand is therefore probably going to increase.
In addition, it is anticipated that the market will be pushed by the move towards decarbonizing power generation through the implementation of green and clean energy technology. In cooperation with significant business entities, many governments continuously install renewable energy systems to ensure that renewable energy goals are realised. Many firms are using renewable energy sources, especially solar and wind power, for power generation as a result of environmental legislation. This should accelerate market expansion. The International Energy Association (IA) predicts that in 2021, the production of wind-generated electricity will hit a new high of 273 TWh. This was the quickest renewable energy technology, happening 45% faster than it would have in 2020.
Main gearbox, yaw gearbox, and other types are included in the segmentation of the wind tower market based on type. The market was dominated by the yaw gearbox sector. The yaw gearbox is a precise drive system that offers the best control of the blade in order to optimise the quantity of energy produced by the wind turbine. The yaw gearbox's components are made at a state-of-the-art plant, and our quality control department conducts a careful inspection to ensure the highest quality. The possibility of getting subpar heat treatment from the provider is eliminated by having a heat treatment facility on site. As a result, the components' lifespan is extended.
Offshore wind and onshore wind power are both included in the application-based segmentation of the wind tower market. The onshore category generated the most revenue in 2022, and it is anticipated that it will hold the top spot in the market going forward. This is due to a combination of factors, including a large demand for wind energy, low setup and operating costs, quick installation, and little environmental impact of such wind farms. As a result, the IEA predicts that 830GW of new wind capacity will be added by 2021, more than 90% of which will come from onshore systems.
Report Coverage
Global Wind Tower research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wind Tower report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wind Tower competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wind Tower market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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. (US.), Ambau (Germany), and Broadwind Energy (U.S.). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Wind Tower Market from 2021 to 2030.
- Market Forecast for Wind Tower Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Wind Tower competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Wind Tower
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wind Tower market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wind Tower market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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. (US.), Ambau (Germany), and Broadwind Energy (U.S.).
Primary Target Market
- Market Players of Wind Tower
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wind Tower market based on the below-mentioned segments:
Global Wind Tower Market, By Type
Main Gearbox
Yaw Gearbox
Others
Global Wind Tower market, By Application
Offshore Wind
Onshore Wind Power.
Global Wind Tower Market, By Capacity
5mw-3mw
Up To 1.5mw
Over 3mw.
Global Wind Tower market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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