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A wide range of drivers collectively affects the dynamics of steel wind tower market. One of the major reasons is that demand for renewable energy sources, mainly wind power are increasing on global level. With countries across the globe making efforts to reduce carbon footprint and move towards cleaner sources of energy, there is a huge demand for steel wind towers. This demand is also driven by government programs and policies aimed at nurturing wind energy infrastructure.
Besides, the overall development and condition of the whole construction business also have a particularly important impact on this market. As wind farms develop, more and more wind towers are used in renewable energy projects; the need for steel-based ones has risen significantly However, economic factors that contribute significantly to the market’s growth include GDP growth rate, infrastructural investments, and urbanization.
Raw material cost is another significant factor affecting the steel wind tower market. The main material used in the production of wind tower is steel and thus suffers from price fluctuations. Wind towers costs depend on the availability and prices of steel. Manufacturing firms in the market may be seriously impacted by factors such as global steel prices, trade policies and supply chain disruptions. Technological developments are also an important factor in forming the steel wind tower market.
Innovations in design, materials, and manufacturing techniques lead to the construction of better wind turbines. This adaptation allows manufacturers that can attain competitive advantages by manufacturing towers with improved performance and longevity. In addition, the steel wind tower market is affected by governmental regulations and policies that concern environmental standards as well as energy goals.
Strict regulations designed to eliminate carbon emissions and increase the proportion of renewable energy in the fuel composition support investments in wind power projects, which increases demand for steel tower design. Government subsidies, incentives and tax credits also motivate wind energy to adopt which in turn increases the market growth. However, global geopolitical considerations also contribute to the steel wind tower market.
The supply chain, market access and business environment are susceptible to changes effected by trade tensions political instability and international relations for manufactures suppliers in those industry. Changes in trade agreements and tariffs can affect the cost structure, as well as competitiveness of steel wind tower products within different regions.
Consumer attitude towards sustainable and eco-friendly solutions plays a role in the market dynamics. With increasing attention placed on environmental awareness, consumers tend to be more inclined towards goods and services that reflect sustainable practices. It is also a change in the behavior of consumers that affects investment decisions and opens opportunities for firms operating within the steel wind tower market to demonstrate their green credentials.
Steel Wind Tower Market Highlights:
Steel Wind Tower Market Overview
The steel wind tower market is projected to grow from USD 29,041.2 Million in 2024 to USD 51,737.7 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period (2024 - 2032). steel wind tower market Size was valued at USD 27,345.8 Million in 2023.
A wind turbine changes the kinetic energy of the wind into electrical energy. It operates on a system that includes several critical components that allow kinetic wind energy to be transformed into electric energy. Wind turbines give out clean and renewable energy to homes and offices and help save on costs. A wind tower is an essential component of a wind turbine. Wind towers have two variants: steel wind towers and concrete wind towers. A steel wind tower is the most general type, as it is easy to maintain and repair.
COVID-19 Impact Analysis
In the initial phase of the COVID-19 pandemic, lockdowns were imposed across the globe to limit the spread of the disease. This led to restrictions on the movement of goods and individuals, which affected the supply chain of onshore wind energy market projects. However, enormous countries announced a significant investment in wind energy projects in the second quarter of 2020. Investors in wind energy announced plans to initiate 28 new offshore wind farms worth US$ 35 Bn in 2020, four times more than that in the first half of 2019.
Steel Wind Tower Market Growth Drivers
The steel wind tower market is primarily driven by a rise in investments in wind energy and favorable government initiatives and policies. Policy interventions by countries, like Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are creating a high demand for renewable energy across the globe. Implementation of Stringent regulations to help conserve the environment is prompting the power industry to shift toward clean and eco-friendly energy resources. Moreover, an increase in power consumption in several developing countries is driving the steel wind tower market. Distinct governments across the globe are looking for an alternative source of energy to reduce their dependency on conventional energy sources. Wind energy is one of the most efficient alternatives for conventional fossil fuel-based energy. Therefore, high growth in the wind energy industry is expected during the forecast period, thus driving the growth of the global wind tower market.
Restraints
The cost of electricity generated by wind energy is expected to decline shortly due to technological developments. This is expected to generate substantial growth opportunities for the steel wind tower market. However, fluctuation in prices of Steel and a rise in the availability of alternatives, such as concrete wind towers, are estimated to hamper the steel wind tower market shortly.
Steel Wind Tower Market Technology Analysis
Different wind towers are used for the efficient generation of wind energy. Tubular Steel, concrete, lattice, and hybrid towers are used for giant wind turbines. At the same time, guyed pole towers are used for tiny wind turbines. A wind tower is one of the essential parts of a wind turbine that would cost 25% to 30% of the total wind turbine cost. Wind towers are manufactured for onshore wind turbines and offshore wind turbines. The giant turbines are heavier, require oversized rotors, and are taller. For such turbines, the concrete wind tower proves to be more cost-effective than that tubular wind towers due to their high strength. In March 2018, the United States government announced that it would impose a 25% duty on Steel except on imports from Canada and Mexico. Due to the rising cost of tubular steel towers, operators prefer concrete towers, whose prices are expected to remain relatively stable.
Steel Wind Tower Market Segmentation
The steel wind tower market has been divided all across the globe based on the type, height range, application, and region. The up to 80 meters segment accounted for the leading share of the international steel wind tower market in 2020. It is said to remain highly attractive until 2031. Around 40 to 80 meters of height range is apt for wind towers. Furthermore, wind towers of this height are cost-efficient and relatively easy to handle. They also do not involve extra infrastructure. The onshore segment dominated the steel wind tower stocks in 2020. The rise of this segment can be ascribed to the ongoing investment in wind energy projects in onshore locations.
Based on the Type
The market has been divided all across the globe based on the type of hybrid towers, concrete towers, steel towers, and others.
Based on the Height Range
The market has been divided all across the globe based on the height range into above 140 meters, 80-140 meters, 40-80 meters, and up to 40 meters.
Based on the Application
The market has been divided all across the globe based on the application of onshore wind power and offshore wind power.
Based on the Region
The market has been segmented all across the globe based on region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
Steel Wind Tower Market Regional Analysis
The steel wind tower market has been divided all across the globe based in the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. Being the globally emerging market, the largest market share in the global market is held by the Asia-Pacific region, owing to the presence of various major key players in this region. Moreover, highly populated countries like China, India, and Japan generate more demand in this region.
The European region holds the second-largest market share worldwide due to the presence of a well-established technologically driven infrastructure that generates more market demand in this region. Moreover, countries like France, Germany, and the UK are other factors that give rise to market demand.
The North American region holds the third-largest market share in the global market due to the presence of countries like Canada, the US, and Mexico, which generates market demand in this region.
The Middle East and African region, along with the Latin American region, show the rock bottom market share due to low infrastructure development in both these regions. Adding to the line, the other factor that restrains the market growth in these regions is low per capita income.
Steel Wind Tower Market Competitive Landscape
The most prominent major key players in the steel wind tower market all across the globe are mentioned below:
- CS Wind Corporation (SOUTH KOREA)
- KGW Schweriner Maschinen-UND Anlagenbau Gmbh (GERMANY)
- Dongkuk S&C (SOUTH KOREA)
- Shanghai Taisheng Wind Power Equipment Co., Ltd. (CHINA)
- Windar Renovables (SPAIN)
- Arcosa Inc. (US)
- Ventower Industries LLC (US)
- Broadwind (US)
- Nordex Group (GERMANY)
- Suzlon Group (INDIA).
These major key players adopt various strategies to endure their market position in the steel wind tower market in the global market by going for mergers, and acquisitions, by collaborating, developing a new product line, developing a unique production process, setting up a new joint venture, innovation in the existing product, establishing a partnership, and many others to expand their customer base in the untapped market of the steel wind tower market all across the globe.
Recent Developments
- In September 2018, an agreement was signed to form a joint venture between Windar renovables of Spain and state-owned technology investors, namely Rusnano, to produce towers for wind turbines.
- In May 2020, a 30-meter high wooden wind power tower was installed by a Swedish Company, namely Modvion was completed on the island of Bjorko near Gothenburg to lower the cost.
- CS Wind Corporation (South Korea) spends a sizeable sum of money on research and development to get an upper edge over its competitors.
Steel Wind Tower Market Report Overview
This global steel wind tower market research report includes the following components mentioned below:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Technical Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
This global market research report contains characteristics that drive the growth of the steel wind tower market in the global market and the factors that restrict its growth in the global market. The technical analysis aspect is also covered in this report. The impact of COVID 19 on the steel wind tower market in the global market is mentioned. The future growth rate in the steel wind tower market during the review period is estimated and mentioned.
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