Wind Tower Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Wind Tower Market grew at a CAGR of 6.9% between 2017-2021 and is estimated to be US$ 29,413.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.8% and is expected to reach a valuation of US$ 62,335.8Mn by 2032 end.
As wind energy is transformed into electricity utilizing the aerodynamic force of rotor blades, which function similarly to an airplane wing or a helicopter rotor blade, a wind tower is a piece of equipment used in wind power plants. The air pressure on one side of the blade falls as the wind passes across it. The different air pressure on the blade’s two sides produces both lift and drag.
The rotor spins because the force of the lift is greater than the force of the drag. If the turbine is a direct drive turbine, the rotor is connected to the generator directly. If not, it is connected to the generator via a shaft and a set of gears (a gearbox), which accelerates rotation. Electricity is created when aerodynamic force is converted to the rotation of a generator.
ChemView Consulting has analyzed that the power generation sector is being forced to switch to cleaner, more environmentally friendly energy sources of a rise in environmental protection rules around the world. The development of renewable energy power generation is a top priority for major economies worldwide to lessen their reliance on conventional power generation using fossil fuels.
The onshore segment dominated the market. The onshore segment has minimal carbon emissions and a reasonable cost structure compared to other segments. More than 54 GW of new onshore wind energy projects have been constructed globally.
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Segments Covered in Report
By Axis Type:
- Horizontal
- Vertical
By Installation:
- Onshore
- Offshore
By Component:
- Rotator Blade
- Gearbox
- Generator
- Nacelle
- Others
By Application:
- Industrial
- Commercial
- Residential
- Utility
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Wind Tower Market
- Based on the installation, the onshore segment dominated the market. The onshore segment has minimal carbon emissions and a reasonable cost structure compared to other segments. More than 54 GW of new onshore wind energy projects have been constructed globally.
- Based on the axis type, the vertical segment dominated the global market and is anticipated to maintain its position as the segment with the highest growth during the forecast period. This can be due to its key characteristics, which include great efficiency and low cost.
- Based on the component, the segment for rotator blades dominated the global market and is anticipated to continue increasing at the highest rate during the forecast period. This is attributed to the electricity industry and growing industrialization.
- Based on the region, the largest market for wind towers is in Europe, where the market share is 30.2%. Additionally, it is the top location for installing offshore wind. The main factors driving the market’s growth in Europe are the rapidly rising number of established wind farms and the favorable legislation.
Competition Summary
Key companies covered in the market study are Suzlon Group, Nordex Group, Broadwind, Ventower Industries LLC, Arcosa Inc., Windar renovables, Shanghai Taisheng Wind Power Equipment Co., Ltd., Dongkuk s&c, KGW Schweriner Maschinen- und Anlagenbau GmbH, CS Wind Corporation
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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