Wind Tower Market Size was valued at USD 32.7 Billion in 2023. The Wind Tower Market industry is projected to grow from USD 35.90 Billion in 2024 to USD 69.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.53% during the forecast period (2024 - 2032). Rising installation of renewable energy for power generation, as well as rising demand for energy in many sectors are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Government all over the globe is seeking cost-effective emission-free technologies like wind and solar to meet the steadily growing demand for electricity. In order to meet the rising global need for electricity, wind energy installations are expanding globally.
Furthermore, businesses are more likely to adopt renewable energy sources, notably wind power, for electricity generation due to strict government regulations addressing greenhouse gas (GHG) emissions. In order to achieve net-zero emissions by 2030, a number of nations have increased their wind energy construction.
Wind tower market CAGR is being driven by favourable renewable energy policies and rising wind energy investment. As environmental rules become more stringent, the power generation industry is being pushed to transition to cleaner, more environmentally friendly energy sources. Several countries throughout the world are working on improving renewable energy power generation in order to lessen their reliance on conventional sources of energy such as fossil fuels. Wind, solar, and other renewable energy expenditures have steadily increased in recent years.
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.
Furthermore, the market is expected to be driven by the transition towards decarbonizing power generation through the adoption of eco-friendly and clean energy technology. Various governments ensure that renewable energy goals are met by continually installing renewable energy systems in collaboration with major private entities. As a result of environmental legislation, many businesses are turning to renewable energy sources for power generation, particularly solar and wind power. This is anticipated to boost market growth.
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.
Main gearbox, yaw gearbox, and other types are included in the Wind Tower Market segmentation based on type. Market dominance was held by the yaw gearbox category.
Offshore wind and onshore wind power are both included in the segmentation of the Wind Tower Market depending on the application.
New and replacement installations are included in the Wind Power Tower Market segmentation.
With respect to capacity, the Wind Tower Market is segmented into 3 categories: 5mw-3mw, up to 1.5mw, and over 3mw.
The Wind Tower Market segmentation, based on type includes main gearbox, yaw gearbox and others. The yaw gearbox segment dominated the market. In order to maximise the amount of energy generated by the wind turbine, the yaw gearbox is a precise drive system that provides optimal control of the blade.
The components used in the yaw gearbox are produced at a cutting-edge factory, and our quality control department performs a thorough inspection to guarantee the highest quality. Having a heat treatment facility on-site eliminates the possibility of receiving inadequate heat treatment from the provider. In turn, this increases the components' lifespan.
The Wind Tower Market segmentation, based on application, includes offshore wind and onshore wind power. In 2022, the onshore category provided the highest revenue, and it is likely to continue to lead the market in the next years. This is owing to the high demand for wind power as well as the relatively inexpensive setup and maintenance costs, speedy installation, and little environmental effect of such wind farms. As a result, the IEA estimates that a total of 830GW of wind capacity will be added by 2021, with onshore systems accounting for more than 90% of that capacity.
Figure 1: Wind Tower Market, by Application, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Wind Tower Market segmentation, based on installation type, includes new and replacement. Replacement category accounted for a significant market share. Because replacements allowed a new blade to be fitted as soon as the old one was removed, the turbine experienced minimal downtime. Even a replacement might be considered inefficient in some circumstances, particularly with older wind turbines. Businesses would occasionally cut their losses and discard the entire turbine rather than fixing the root.
The Wind Tower Market segmentation, based on capacity, includes 5mw-3mw, up to 1.5mw, over 3mw. The 5mw-3mw segment one is now providing the most revenue in the market, and this trend is expected to continue in the coming years. This is due to the better power generation capability and reduced maintenance costs of turbines with this power rating vs others. Because of this, both public and commercial organizations are investing heavily in these turbines.
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, MRFR 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.
In September 2022, Broadwind Inc. reported that it has won a US$38 million order for new towers from a major wind turbine manufacturer. This was the largest tower order in more than three years, as demand for new wind turbines increased following the enactment of the Inflation Reduction Act (IRA).
In July 2021, Nordex Group has won an order from Italy for the delivery of two wind farms totaling 54.9 MW with Delta4000 turbines. Six N133/4.8 turbines will be supplied by the association for the 28.8 MW wind farm, while five N149/5.X turbines will be supplied for the 26.1 MW project. The agreement also includes a premium service agreement on the turbine for the first two years, with multiple options to extend the term to ten years.
In June 2022, Vestas announced a collaboration with Pan American Energy Energias Renovávei to supply and install 94 V150-4.5 MW wind turbines for the Novo Horizonte wind farm in the Brazilian state of Bahia.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 32.7 Billion |
| Market Size 2024 | USD 35.90 Billion |
| Market Size 2032 | USD 69.1 Billion |
| Compound Annual Growth Rate (CAGR) | 8.53% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Installation Type, Capacity, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| 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.). |
| Key Market Opportunities | New product introductions and R&D among major key Players. |
| Key Market Dynamics | Transition to clean renewable energy. |
Wind Tower Market Highlights:
Frequently Asked Questions (FAQ) :
The Wind Tower Market size was valued at USD 32.7 Billion in 2023.
The market is projected to grow at a CAGR of 8.53% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Trinity Structural Towers, Inc. (U.S.) . Vestas Wind Systems A/S (Denmark), Valmont Industries, Inc. (US.), Ambau (Germany), and Broadwind Energy (U.S.).
The onshore category dominated the market in 2022.
The yaw gearbox had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
