North America Wind Tower Market Research Report Information By Location (Onshore and Offshore) – and North America Market Forecast Till 2032

North America Wind Tower Market Overview

North America Wind Tower Market Size was valued at USD 4.8 Billion in 2022. The Wind Tower market industry is projected to grow from USD 5.1 Billion in 2023 to USD 9.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2024 - 2032). The growing worldwide focus on clean and renewable energy sources to address climate change, and governments and organizations around the globe are establishing ambitious targets for wind energy capacity, which are the main market drivers anticipated to propel the Robotics market in North America.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Wind Tower Market Trends

• 
  

  Increasing demand for wind towers on onshore wind farms and Strong government support for wind energy enhancement are driving the market growth.

  
  

Wind energy, one of the fastest-growing energy sources globally, offers numerous benefits. Its abundant and limitless nature contributes significantly to its rapid market expansion. Primarily situated in rural areas, where the best wind resources are found, wind energy deployment has a substantial economic impact. Despite wind turbines occupying only a fraction of the land, farmers and ranchers can continue their agricultural activities while generating additional revenue by leasing their land to wind power plant owners. According to the U.S. Department of Energy (DOE), the U.S. wind industry installed 13,413 megawatts (MW) of new wind capacity in 2021, reaching a cumulative total of 135,886 MW. Wind energy now accounts for over 9% of nationwide electricity generation, with states like Iowa and South Dakota generating more than 50% of their electricity from wind and Kansas, Oklahoma, and North Dakota exceeding 30%. In 2022, the U.S. domestic offshore wind industry demonstrated significant confidence in the offshore wind energy market by investing $2.7 billion in ports, vessels, supply chains, and transmission infrastructure.

The federal government provides various tax incentives for wind projects, administered by the Department of the Treasury's Internal Revenue Service (IRS). Businesses embarking on wind energy projects by December 31, 2024, qualify for either the federal Business Energy Investment Tax Credit (ITC) or the federal Renewable Electricity Production Tax Credit (PTC). These incentives will be gradually replaced starting in 2025 with emissions-based, technology-neutral tax credits available to all power facilities with zero or net-negative carbon emissions. The phasing out of these tax credits will commence in 2032 or when total greenhouse gas emissions in the power sector decline to at least 75% below 2022 levels, whichever occurs later. Thus, driving the Wind Tower market revenue.

Wind Tower Market Segment Insights

Wind Tower Location Insights

The North America Wind Tower market segmentation, based on Location, includes Onshore and Offshore. The Onshore segment dominated the market. Over the past five years, there has been a significant evolution in onshore wind energy power generation technology in North America, aimed at maximizing electricity production per megawatt capacity installed and expanding coverage to sites with lower wind speeds. While onshore wind additions in North America have experienced a 21% decrease compared to the substantial growth rates observed in 2020, the Global Wind Energy Council (GWEC) projects the addition of 46.5 GW of onshore wind capacity in the region over the next five years. It is anticipated that 90% of this capacity will be contributed by the United States, with the remaining portion coming from Canada. As of 2021, North American onshore wind energy installations totaled 154.691 GW, with the United States accounting for the majority at 132.696 GW, followed by Canada at 14.304 GW. The declining cost of power generation and increasing investments, particularly in the United States and Canada, are expected to drive the installation of onshore wind turbines in the region.

Figure 1: North America Wind Tower Market, by Location, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wind Tower Country Insights

The United States wind power sector is enjoying strong governmental backing under the America First policy, aimed at bolstering domestic energy production. Particularly, the offshore wind power segment is identified as a significant area for development due to the country's extensive coastal regions available for leasing. With 134.3 GW of capacity installed in 2021, the United States ranked as the second-largest nation globally in total installed wind energy capacity, accounting for over 86% of North America's total wind energy capacity. In 2021, wind power contributed 379.77 billion kilowatt-hours to the country's net electricity generation, representing approximately 9% of the total electricity generated for the year. Furthermore, wind power supplied more than 20% of the electricity produced in ten states: Kansas, Iowa, Oklahoma, North Dakota, South Dakota, Nebraska, Colorado, Minnesota, New Mexico, and Maine. During the same year, the United States added approximately 132.738 GW of new wind power capacity. Globally, a total of 19.4 GW offshore wind capacity was awarded through auctioning, with 8.4 GW allocated to the United States, distributed across various states, including New York, New Jersey, Maryland, and Massachusetts. According to the Department of Energy (DOE), offshore wind has the potential to generate over 2,000 GW of capacity annually. Additionally, officials from the American Wind Energy Association have indicated that approximately USD 70 billion worth of offshore wind power projects are currently in the pipeline, anticipated to be completed by 2030. In August 2022, the California Energy Commission announced the adoption of preliminary planning goals for offshore wind energy, targeting capacities ranging from 2,000 MW to 5,000 MW by 2030 and 25,000 MW by 2045, an increase from the initially proposed goal of 10,000 MW to 15,000 MW by 2045.

Figure 2: North America Wind Tower Market Share By Country 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wind Tower Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Wind Tower market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Wind Tower industry must offer cost-effective items.

Major players in the Wind Tower market are attempting to increase market demand by investing in research and development operations, including Acciona Energia SA, Orsted AS, Duke Energy Corporation, General Electric Company, Siemens Gamesa Renewable Energy, NextEra Energy Inc., Trident Winds Inc., EnBW Energie Baden-Wurttemberg AG, Envision Energy, and Vestas Wind Systems AS.

Key Companies in the North America Wind Tower market include

• Acciona Energia SA


• Orsted AS


• Duke Energy Corporation


• General Electric Company


• Siemens Gamesa Renewable Energy


• NextEra Energy Inc


• Trident Winds Inc


• EnBW Energie Baden-Wurttemberg AG


• Envision Energy


• Vestas Wind Systems AS

Wind Tower Industry Developments

November 2022:TPI Composites Inc. (TPI) entered into an agreement with GE Renewable Energy (GE) that enables TPI to extend its lease for a rotor blade manufacturing facility in Newton, Iowa, United States, for an additional ten years. This agreement aims to facilitate the development of competitive manufacturing options for rotor blades to meet GE's commitments in the United States market. Production is anticipated to begin in 2024 as part of the support outlined in the Inflation Reduction Act of 2022, which aims to bolster critical American industries serving the domestic renewable energy sector.

October 2022:EDP Renewables North America (EDPR NA), a developer and operator of renewable energy projects, announced the commencement of construction for the Indiana Crossroads II wind power plant in White County, Indiana, with a capacity of 202 megawatts (MW). The power plant is slated for commissioning in 2023 and is expected to annually supply electricity to over 54,000 average homes in Indiana.

Wind Tower Market Segmentation:

Wind Tower Location Outlook

• Onshore


• Offshore

Wind Tower Regional Outlook

• North America
  
  
  
  • United States
  
  
  • Canada
  
  
  • Mexico
  
  
  • Rest of North America