The global market for steel wind tower 2020 is all set to touch a decent valuation of more than USD 19,800 million by 2023, estimates Market Research Future (MRFR). MRFR also projects that the global market can achieve a growth rate of 6.44% over the forecast timeframe (2018 to 2023).
ENERCON GmbH, Zhejiang Guoxing Wind Power Technology Co., Ltd., Aeolos Wind Energy Ltd., Broadwind Energy, Inc., Siemens Gamesa Renewable Energy, Suzlon Energy Limited, Goldwind, Valmont Industries, Inc., Vestas Wind Systems A/S, Ib Andresen Industri, Trinity Structural Towers, Inc., S.A., CSWIND CORPORATION, Senvion S.A., Morrison Berkshire, Inc., Windar Renovables, Qingdao Wuxiao Group Co., Ltd, are some of the top-notch companies in the global market for steel wind tower.
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Top Growth Boosters and Primary Challenges
The global market for steel wind tower is backed by numerous factors, including increasing investments in wind energy combined with supportive government initiatives as well as policies. Policy interventions across various countries, such as Sustainable Development Goals (SDGs) and Nationally Determined Contributions (NDCs), are inducing strong demand for renewable energy all over the world, which can work in favor of the steel wind tower market in the following years.
Strict regulations for the conservation of the environment are encouraging the power sector to move towards clean and eco-friendly energy resources. Moreover, rising power consumption in several developing countries is also inducing major market growth. There is a high chance that in the near future, the cost of electricity generated with the use of wind energy can decline significantly, given the surge in technological advancements. This can give rise to several lucrative opportunities in the steel wind tower market during the evaluation period. Wind turbine manufacturers are constantly innovating and adopting effective market hacks that can help them expand their customer share during the review period.
The Steel Wind Tower Market is creating several job opportunities for skilled labor all across the globe. The manufacturing of a wind turbine requires skilled labor, resulting in an opportunity for workers that are specialized in civil engineering, mechanical engineering, electrical engineering, and various other fields of manufacturing. This factor, along with the depletion of fossil fuels as well as the mounting demand for eco-friendly energy sources, can also lead to significant market expansion in the coming years. However, wind turbine construction, as well as maintenance, induces considerable costs, which can lead to lesser demand for the market in the coming years.
Market Segmentation
Height range and application are the top segments as per which the global market for steel wind tower has been studied extensively in the MRFR report.
The different types of wind turbines made with steel, on the basis of height range include above 140 meters, 40 meters – 80 meters, up to 40 meters as well as 80 meters – 140 meters. Out of these, the 40 meters – 80meter segment dominates the market and is likely to maintain its lead in 2019 and beyond. The segment can attain a CAGR of 6.57% from 2018 to 2023, on account of the affordability as well as easy maintenance of the wind towers that range from 40 meters to 80 meters.
With respect to application, the market segments are onshore wind power as well as offshore wind power. The onshore segment can outperform its counterpart during the assessment timeframe, as it currently holds more than two-third share of the global market and can record a decent growth rate in the years ahead.
Regional Insight
The main regions where the global steel wind tower market can expand rapidly during the evaluation period are North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA).
APAC is the leading market for steel wind tower and in 2017, the region seized a share of more than 40%, with respect to value. With the substantial surge in the consumption of renewable energy and the huge contribution from developing countries like Australia, India, and China, the steel wind tower market in the region is bound to expand at a robust pace. China standouts among all the countries in the region and has been valued the highest by MRFR experts. The country consists of the highest offshore wind capacity in the region and can turn out to be a hotspot for steel wind tower in the next couple of years.
Europe is the second leading market for steel wind tower, on account of high industrialization as well as urbanization. foreign direct investments (FDIs) in offshore and onshore wind energy across various countries also benefit the regional market.
North America has taken the third lead in the global market. The presence of renowned vendors and the significant efforts being put by them to enhance their position in the market induces market growth in the region. The market growth is also stimulated by the rising demand for eco-friendly and clean energy sources, along with the rising number of technological innovations.
Research Methodology
Market Research Future (MRFR) employs a robust statistical solution for comprehensive and iterative assessment of critical market indicators. Utilization of multi-layered research module and advanced data triangulation technique aids in conducting extensive qualitative and quantitative analysis of governing factors and macroeconomic indicators of market, which include key market dynamics, historical trends, consumer landscape, challenges, and growth opportunities. Primary research process is utilized to garner data by conducting surveys and one-on-one interviews with key opinion holders across the value chain, which is then verified using secondary research processes with reference to industry documentations such as paid databases, whitepapers, SEC filings, annual company reports, and others. In addition, the top-down and bottom-up approaches ensure the accuracy and objectivity of research findings.
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