Global Wind Tower Market 2017-2021
About Wind Towers
The wind is one of the cleanest sources of power generation. Wind turbines harness the power of the wind to generate electricity. The energy present in the wind turns the blades around a rotor, which is connected to the main shaft that spins a generator to create electricity. A wind tower is the support structure for a wind turbine and its other components. It helps the wind turbine blades to safely clear the ground and elevate the turbine to an optimum height to generate electrical energy from the wind. As speed increases with altitude, it is better to install tall wind towers to produce maximum output.
Technavio’s analysts forecast the global wind tower market to grow at a CAGR of 9.95% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global wind tower market for 2017-2021. To calculate the market size, the report considers the annual installed capacity of wind and the average price of wind tower.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wind Tower Market 2017-2021
Technavio recognizes the following companies as the key players in the global wind tower market: CS Wind, Enercon, Shanghai Taisheng Wind Power Equipment, Trinity Structural Towers, Vestas, and WINDAR Renovables
Other Prominent Vendors in the market are: AMBAU, BiFab, Dongkuk Steel, DCD Wind Towers, Gamesa, GE Renewable Energy, KGW, Siemens, Suzlon, WinWinD Power Energy, Petrosteel, Reuther STC, Nordex, and Broadwind Energy
Commenting on the report, an analyst from Technavio’s team said: “Power demand is constantly increasing worldwide. Further growth in population and the global economy is predicted to drive the trend in the future as well. According to the United Nations, global population is expected to increase from 6.7 billion in 2011 to 8.7 billion by 2035. According to the International Energy Agency (IEA), the global demand for power is predicted to increase from 19,004 TWh in 2011 to 34,454 TWh by 2035. Thus, to sustain this economic growth, the face of population rise and increasing development would require substantial amounts of power.”
According to the report, countries worldwide are slowly shifting their focus toward renewable sources to produce power because of the depletion of conventional sources of energy and growing greenhouse gases (GHG) emissions. Wind power is considered to be the most efficient source of power generation among all renewable energy sources. It is also one of the most abundant sources of alternative energy.
Further, the report states that the cost of financing an offshore wind farm is high compared with other renewable power sources. The depth of the water determines the size and type of the wind turbine installed, which influences CAPEX. The installation process differs according to the water level. The length of the transmission cables is another factor that influences the cost. These cables run under water and vary according to the distance between the sea and the shore. In addition, independent power developers face the challenge of raising funds and managing them. However, big utility providers backed by government funding can manage finances and realize a better return on investment (ROI). This is expected to reduce the installation of offshore wind turbines, impacting the wind turbine bearing market adversely.
CS Wind, Enercon, Shanghai Taisheng Wind Power Equipment, Trinity Structural Towers, Vestas, WINDAR Renovables, AMBAU, BiFab, Dongkuk Steel, DCD Wind Towers, Gamesa, GE Renewable Energy, KGW, Siemens, Suzlon, WinWinD Power Energy, Petrosteel, Reuther STC, Nordex, Broadwind Energy.