Market Research Future (MRFR) in its extensive report states that the global wind tower market is projected to surpass USD 26 Billion at a 7.45% CAGR during the forecast period (2017-2023). The shift towards renewable energy, increasing standards of living and urbanization, favorable governmental policies and growing number of wind tower installations have driven the market growth in the past few years. Moreover, there have been a large number of ongoing projects, and innovation in the wind power generation industry, which impacts the market size positively. Apart from these, growth of clean energy generation technologies and new business opportunities cropping up due to the clean-tech revolution propel the market growth. Also, improving economy and need to reduce emissions will also drive the market expansion in the coming years. Shutting of coal-based power plants has given the market the required push as well.
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However, high initial cost can potentially undermine the market growth during the forecast period. Nevertheless, reduced dependency on traditional energy sources, high demand for continuous electricity from non-conventional energy resources and high demand for wind towers in onshore wind farms make sure that the market thrives in the foreseeable future. A trend currently piercing through the market is development of bigger machines in wind generation technology. These machines deliver more power per unit cost, and many companies are opting for these as they ensure that the cost of energy goes substantially down.
Industry Top Key Players:-
The key players competing in the market include Suzlon Energy Limited (India), Enercon GmbH (Germany), Valmont Industries, Inc. (U.S.), Ambau (Germany), and Broadwind Energy (U.S.).
Vestas is partnering up with TuuliWatti on the 21MW Viinamäki project in Finland. The first order is for V150-4.2MW turbines with a hub height of 175m meters. This will result in the tower being the tallest all-steel wind turbine tower in the world. The partnership includes supply, installation, and commissioning of wind towers as well as service agreement.
The wind tower market is segmented on the basis of product and application.
By product, the market is segmented by tubular steel, concrete, hybrid and others. The tubular steel towers are in high demand due to their high-quality transmission line design, low price, reliable and offer optimum functionality.
The applications of the wind towers include onshore and offshore. Significant technological advancements, affordability, and low carbon footprint drive the onshore wind tower market tremendously.
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Major Points of Table Of Content:-
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
3 MARKET LANDSCAPE
3.1 PORTER’S FIVE FORCES ANALYSIS
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 BARGAINING POWER OF SUPPLIERS
3.1.4 THREAT OF SUBSTITUTES
3.1.5 SEGMENT RIVALRY
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
To be Continued……
The wind tower market is geographically split into North America, Europe, Asia-Pacific and the Rest of the World (RoW).
The Europe market is leading the global market due to government initiatives supporting wind projects, growing concern about carbon emission, shifting focus towards renewable, non-conventional source of energy. Moreover, forward-thinking entrepreneurs are making their way into the market with a broad array of innovations, and are continuously developing clean technologies, primarily in the wind power sector. Depletion of fossil fuels and growing awareness about the negative impacts of coal on environment has led to dramatic market growth in the region.
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After Europe, North America dominates the global wind tower market and will maintain its position throughout the forecast period. Continuous investment towards development of clean energy sources from financial institutions, progress in technology, rapid industrialization, high economic growth, and large number of manufacturers competing in the market play major roles in the market expansion in this region. Furthermore, governments in countries such as Canada and the United States promote use of wind energy instead of traditional energy sources leading to substantial market growth. The region also witnesses ample mergers and acquisitions by formidable entities in the region, pushing the envelope even further.
The wind tower market in Asia Pacific is estimated to surge steadily during the forecast period owing to increasing wind power generation capacity, stringent environmental regulations, and increasing demand for larger blades. In addition, immense government support for wind power projects also propels the market growth in the region. Currently, China has the maximum number of wind energy projects under planning and construction phase, trailed by Japan and South Korea.
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