Global Wind Turbine Tower Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)
The demand for wind turbine towers is directly linked to the growth of wind energy generation in the world and forms a major part of a wind turbine power generation eco-system both cost-wise and size-wise. This market is driven by a number of factors, such as the large number of ongoing projects, innovations in the wind power generation sector, along with the growing demand for clean technologies and favorable government policies supporting the deployment of wind power generation systems across the world; especially growth in the emerging economies of Asia-Pacific, with India and China being the countries with maximum growth and demand. However, the wind turbine tower market faces certain drawbacks, such as high initial investments, transportation and logistics issues, lack of skilled labor and unpredictable nature of wind. These factors may act as a roadblock to the growth of the market.
Increasing demand for wind as a clean technology - Driving the market
Deployment of clean technologies for power generation is expected to increase exponentially owing to the significant and tangible economic, environmental and social benefits offered. Although the growth of clean energy generation technologies is expected to be uneven, with some technologies experiencing faster commercial ramp-up compared to others, it will increasingly become a cornerstone for the growing global movement toward a more sustainable society. New business opportunities presented by the clean-tech revolution have attracted investors toward clean technologies and to the companies that can help bring these technologies to the market. Forward-thinking entrepreneurs are coming forth with a rapidly expanding array of innovations, accelerating the development of many clean technologies, especially in the wind power sector. Wind power generation technology is one of the most promising clean energy technologies available. Currently, China is one of the largest producers of power from renewable energy. India aims to have a wind power generation capacity of 60,000 MW by 2020. In the Middle East, Saudi Arabia is on the forefront in terms of technologies to exploit renewable sources of energy, such as wind energy. In the African continent, Kenya had its green energy policy put in place eight years ago. Today, a vast majority of the country’s electricity is from renewable sources. Even the countries in South America have a clearly laid out plan for the implementation of clean energy initiatives.
Asia-Pacific is the Fastest Growing Wind Turbine Tower Market
Asia-Pacific has the highest growth rate in terms of the installation of the wind turbine tower market. The market growth in this region is driven by the increasing power demand, rapid industrialization, and government’s support for the development of the renewable energy sources and so on. However, more wind turbine installations and not enough grid infrastructure, is expected slowdown the Asia-Pacific market in terms of wind turbine tower installations. However, on the whole, the region is going to be a leading player in the world during the forecast period.
China Leading the Global Wind Power Market
China has a huge wind power potential on land and on sea, with an estimated potential of around 2,500 GW of total estimated capacity to exploit. Currently, China holds almost 31% of the installed global wind power capacity market. It is also one of the leading markets for the wind turbine towers, in terms of manufacturing, as well as installation of wind towers annually. There are different types of turbine towers, which define the cost of the wind turbine system, along with the size. With the wind profiles being stronger at greater heights, the tower diameter and the size are increasing. It is expected that the tubular steel wind tower market has the highest growth rate during the forecast period, in the country.
Key Developments in the market
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