Wind Tower Market

• Favourable Renewable Energy Policies and Increased Wind Energy Investment to Drive Market Growth

For instance, In the United States, the Federal Business Energy Investment Tax Credit (ITC), a corporate tax incentive, permits owners of new wind energy systems to obtain tax credits worth 30% of the facility's value. Such mentioned impulses will allow the wind energy sector to grow rapidly internationally. As a result, the product demand is likely to rise.

According to the International Energy Association (IA), wind electricity generation will reach a new high of 273 TWh in 2021. This was 45% faster than in 2020, and it was the fastest among all renewable energy technologies.

Government incentives and supportive policies play a crucial role in shaping the Global Wind Tower Market Industry. Many countries are offering tax credits, subsidies, and grants to encourage the development of wind energy projects. For instance, the United States has extended the Production Tax Credit, which incentivizes the installation of new wind projects. Such measures significantly lower the financial barriers for investors and developers, promoting the expansion of wind energy infrastructure. As a result, the market is expected to witness substantial growth, aligning with global sustainability goals and energy transition strategies.

The increasing global emphasis on renewable energy sources drives the Global Wind Tower Market Industry. Governments worldwide are implementing policies to reduce carbon emissions and promote sustainable energy. For instance, the European Union aims to achieve climate neutrality by 2050, which necessitates a significant increase in wind energy capacity. This shift is reflected in the projected market value of 35.9 USD Billion in 2024, with expectations to reach 88.3 USD Billion by 2035. The compound annual growth rate of 8.53% from 2025 to 2035 indicates a robust growth trajectory, underscoring the urgency for wind energy solutions.

Technological innovations in wind turbine design and efficiency are pivotal for the Global Wind Tower Market Industry. Enhanced turbine designs, such as larger rotor diameters and improved blade materials, contribute to higher energy output and lower costs. For example, advancements in predictive maintenance technologies allow for better operational efficiency, reducing downtime. These innovations not only optimize energy production but also attract investments, fostering market growth. As the industry evolves, the integration of smart technologies and IoT in wind farms is likely to enhance performance and reliability, further driving the market forward.

The rising awareness of environmental sustainability among consumers and businesses significantly influences the Global Wind Tower Market Industry. As climate change concerns escalate, stakeholders are increasingly prioritizing sustainable practices. This shift is evident in corporate strategies that emphasize renewable energy adoption, leading to higher demand for wind energy solutions. Companies are committing to carbon neutrality, which often involves investing in wind energy projects. This trend not only boosts market demand but also aligns with global efforts to mitigate climate change impacts, thereby fostering a conducive environment for the wind tower market.

Investment in wind energy infrastructure is a key driver for the Global Wind Tower Market Industry. As countries strive to meet renewable energy targets, substantial capital is being allocated to develop wind farms and associated technologies. The global investment in renewable energy reached over 300 billion USD in recent years, with wind energy capturing a significant share. This influx of capital facilitates the construction of new wind projects, enhancing energy capacity and reliability. The anticipated growth in the market value to 88.3 USD Billion by 2035 reflects the confidence investors have in the wind energy sector.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American wind tower market area will dominate this market, due to the rapid infrastructure expansion and due to the implementation of various offshore wind projects the wind tower market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Wind Tower Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Wind Tower Market accounts for the second-largest market share due to rapid installation of wind farms and offshore wind installations. Further, the German Wind Tower Market held the largest market share, and the UK Wind Tower Market was the fastest growing market in the European region

The Asia-Pacific Wind Tower Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to Increasing government support for environmentally friendly technologies, as well as a growing demand for dependable, clean, and affordable power as the world's population grows. Moreover, China’s Wind Tower Market held the largest market share, and the Indian Wind Tower Market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in R&D 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, Wind Tower industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Wind Tower industry to benefit clients and increase the market sector. In recent years, the Wind Tower industry has offered some of the most significant advantages to medicine. Major players in the Wind Tower Market, including Trinity Structural Towers, Inc. (U.S.) . Vestas Wind Systems A/S (Denmark), Valmont Industries, Inc. (US.), Ambau (Germany), and Broadwind Energy (U.S.) and others, are attempting to increase market demand by investing in R&D operations.

GE Renewable Energy is a branch of General Electric that manufactures and provides services. Its headquarters are in Boulogne-Billancourt, France, and it concentrates on the development of renewable energy systems. Wind (onshore and offshore), hydroelectric, and solar (concentrated and photovoltaic) power generation facilities are among its offerings. It is the world's largest manufacturer of wind turbines. 

The GE Hydro subsidiary of GE Renewable Energy generates hydroelectricity. This includes designing, manufacturing, and installing equipment for gravity-fed and pumped-storage power plants, as well as enhancements to existing hydroelectric plants. In November 2019, GE Renewable Energy announced the signing of a contract with China Huaneng Group Co. Ltd to construct a 715 MW wind farm in Henan Province, China. According to the deal, GE Renewable Energy will supply the wind farm in Henan Province with 286 units of its 2.5 -132 turbines with 130m soft steel towers.

WEG is a Brazilian corporation that operates globally in the fields of electric engineering, power, and automation technologies. The company, headquartered in Jaraguá do Sul, Brazil, manufactures electric motors, generators, transformers, drives, and coatings. WEG operates in roughly 100 countries and employs approximately 31,000 people (2014). Werner Ricardo Voigt, Eggon Joo da Silva, and Geraldo Werninghaus (electrician, administrator, and mechanic, respectively) founded Eletromotores Jaraguá on September 16, 1961. 

Years later, the company changed its name to Eletromotores WEG SA, with WEG standing for the initial letter of each founder's first name. In July 2022, WEG has announced the debut of its latest wind turbine platform, which has a 7 MW capacity and a rotor diameter of 172 meters. This wind turbine is thought to be the largest in use in the Brazilian market. The new design, with its increased power and efficiency, improves output for wind generation projects.