Market Overview The market for wind turbine tower is expected to grow at a CAGR of approximately 8. 04% during the forecast period of 2019 – 2024. As of 2018, 14% of electricity demand in Europe was covered by wind energy.
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wind Turbine Tower Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865734/?utm_source=GNW Therefore increasing demand for wind energy from Europe is expected to be one of the factor driving the market. The solar energy adoption is likely to be the restraint for the wind turbine market as the wind energy consumption grew by 23% during 2005-2015, whereas solar grew by 50.7% in the same period.
- The concrete wind tower is expected to be the fastest growing segment of the wind tower market. These towers have high strength, require low transportation costs, and the material required to build these towers is generally available locally. - Emerging markets such as Africa which has various geographical locations that could be considered suitable for wind energy deployment is likely to act as an opportunity in the future. - Asia-Pacific dominated the market across the globe in 2018, with majority of the demand coming from China and India.
- The concrete wind tower is expected to be the fastest growing segment of the wind tower market. These towers have high strength, require low transportation costs, and the material required to build these towers is generally available locally. - The large turbines are heavier, require large rotors, and are taller. For these type of turbines, the concrete wind tower proves to be more cost-effective that of tubular steel towers due to their high strength. - In March 2018, the US government announced that it will impose 25% duty on Steel except on imports from Canada and Mexico. Due to the increasing cost of tubular steel towers, operators are expected to prefer the concrete towers whose prices are expected to remain relatively stable. - Therefore, factors such as the increasing share of large wind turbines, relatively high stability of concrete tower cost, less transportation requirements, and local availability of material for concrete towers and increased import duty on steel in the US are expected to be the major drivers for concrete wind tower market.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the promising markets for wind turbine tower in the coming years, on account of the favorable government policies and the efforts to increase the share of cleaner and renewable sources in power generation. - In China, nearly 70% of the electricity produced in 2018 was from thermal sources of energy. Owing to the increasing pollution from the thermal sources, the country has been making efforts to increase the share of cleaner and renewable sources in power generation. - In the beginning of 2017, the country announced its plan to invest about USD 360 billion on renewable energy by 2020, turning down the plan of building 85 coal-fired power plants. - As of 2018, India holds the fourth largest wind power installed capacity in the world. These projects are majorly spread in the Northern, Southern and Western parts of the country. - The Indian government has been successful in reducing the cost of wind power below the cost of coal-based power, owing to which renewable power has become an attractive market for the consumers. - Therefore the efforts of countries in Asia-Pacific to increase the renewables infrastructure and diversify their energy portfolio are likely to drive the growth of the wind energy sector, further increasing the demand for wind turbine towers during the forecast period.
Competitive Landscape The wind turbine tower market is fragmented. The major companies include Trinity Structural Towers Inc., Valmont Industries Inc., KGW Schweriner Maschinen- und Anlangenbau GmbH, Broadwind Energy Inc., and Dongkuk S&C.
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