Wind Turbine Tower Market By Type, Size, Scope and Top Competitors like - ABB, Doosan Corporation, Hitachi Ltd., Nordex SE, Vestas, Siemens, Goldwind, Shanghai Electric and More

The Global Wind Turbine Tower Market is Projected to grow USD at a Strong CAGR of 7.90% to Forecast 2031, A wind turbine tower, typically constructed from robust materials such as steel or concrete, serves as the supporting structure for the blade rotor assembly. These towers come in various heights, with larger turbines necessitating taller structures. Lattice towers, built from welded steel profiles, are commonly used for their strength and durability. The length of the tower is determined by factors such as the energy production capacity of the turbine and the size of its blades.

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Increasing environmental protection regulations are driving the power generation industry to transition towards cleaner and more eco-friendly energy sources. Many countries worldwide are prioritizing the development of renewable energy generation to lessen reliance on traditional fossil fuels for power production. There is a noticeable trend of rising investments in wind, solar, and other renewable energy sources in recent times.

Top Key Competitors of

Arcosa Inc. (United States),
Bergey Wind Power Co. (United States),
Clipper Windpower Plc. (United States),
XzeresWind Corp. (United States),
Trinity Structural Towers Inc. (United States),
Valmont Industries Inc. (United States),
Bouygues Construction SA (United States),
Broadwind Energy Inc (United States),
Marmen Inc. (Canada),
KGW Schweriner Maschinen (Germany) and Others.

Wind Turbine Tower Market Segmentation:

By Type:

Steel Tower
Concrete Tower
Hybrid Tower

By Installation:

Onshore
Offshore

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The steel wind tower market is experiencing significant growth driven by increased investments in wind energy and supportive government initiatives and policies. Nations' interventions such as Nationally Determined Contributions (NDCs) and adherence to Sustainable Development Goals (SDGs) are fostering a strong demand for renewable energy worldwide. Stringent environmental regulations are further compelling the power industry to transition towards cleaner and sustainable energy sources. Additionally, rising power consumption in various developing nations is contributing to the expansion of the steel wind tower market. Governments globally are seeking alternative energy sources to reduce reliance on traditional fossil fuels, with wind energy emerging as one of the most effective alternatives. Consequently, substantial growth is anticipated in the wind energy industry, thereby fueling the global wind tower market's growth during the forecast period.

In terms of market share and revenue, Europe maintains its dominance in the wind turbine tower market and is projected to sustain this position throughout the forecast period from 2022 to 2029. This dominance is fueled by the swift deployment of wind farms and offshore wind installations across the region. Furthermore, initiatives aimed at promoting and advancing renewable energy sources are expected to further propel market growth within Europe.

Meanwhile, the Asia-Pacific region is anticipated to exhibit significant growth potential during the forecast period of 2022-2029. This growth is driven by escalating investments in renewable energy generation within the region. The increasing demand for renewable energy sources, coupled with robust regulatory and policy frameworks supporting their development, will contribute to the market's expansion across Asia-Pacific.

Here are Some notable Wind Turbine Tower industry developments:

In September 2022, Broadwind Inc. secured a significant order valued at USD 38 million for a new tower from a leading global wind turbine manufacturer.

In July 2021, the Nordex Group received orders for two wind farms in Italy, totaling 54.9 MW, equipped with Delta4000 turbines. These include six N133/4.8 turbines for a 28.8 MW wind farm and five N149/5.X turbines for a 26.1 MW project.

Also in July 2021, the Nordex Group entered a strategic partnership with TPI Composites in Mexico, encompassing a unique collaboration agreement and cooperation in India and Turkey.

In June 2020, GE Renewable Energy, LafargeHolcim, and COBOD joined forces to develop wind turbines featuring optimized 3D printed concrete bases capable of reaching heights of up to 200 meters.

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This release was published on openPR.