The global wind tower market size is expected to reach USD 45.72 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period. The rising government initiatives towards sustainable energy sources such as wind energy will positively influence healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Wind Tower Market Size, Share and COVID-19 Impact Analysis, By Type (Steel Tower, Concrete Tower, and Hybrid Tower), By Installation (Onshore, and Offshore), and Regional Forecast, 2020-2027” the market size stood at USD 24.82 billion in 2019.
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The report wind tower market contains:
- Comprehensive Analysis
- Important strategies implemented by competitors
- Global records and market figures
- Dominant regions in terms of revenue and share
Surge in Energy Policies to Facilitate Growth
The increasing government measures to preserve depleting fossil fuels can be an essential factor fostering the growth of the market for wind tower market. The ongoing wind power energy projects across the globe will contribute tremendously to the growth of the market in the forthcoming years. For instance, Poland announced new renewable energy law, which will include a feed-in tariff for small wind turbines also. It will include a load of 3 kW, FIT will remain 0.17 euros per kWh, up to 10 kW, the rate will be 0.15 euros/kWh. The growing demand for energy has led to increased infrastructure development activities, which, in turn, will propel the growth of the Wind Tower Market. The rising power generation capacities and expansion of power grids will subsequently augur well for the market in the forthcoming years. The rising proclivity towards renewable energy sources for power generation will enable speedy expansion of the Wind Tower Market.
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Rapid Industrialization to Boost Growth in Asia Pacific
Asia Pacific is predicted to witness a significant growth rate during the forecast period owing to the surge in onshore wind farms. The rapid industrialization and urbanization in countries such as China, India, and Australia will spur demand for the Wind Tower Market in the region. For instance, China represents the largest wind capacity with 1,164 MW new installation of offshore wind turbines. Europe is predicted to rise rapidly during the forecast period due to the increasing favorable government regulations in the region. The EU Renewable Energy Directive announced the plan for the promotion & production of sustainable energy sources across the nation. This directive can levy targets to attain 20% renewable adoption in the overall energy mix. The growing emphasis on wind farms for power generation will further enhance the growth of the market for wind tower in the region. In addition, increasing energy consumption in European countries such as Germany, France, and the UK.
July 2019: Broadwind Energy announced an investment of USD 39 million in wind order. The contract will be specifically for tower and fabrication orders, which will be prepared at two of Broadwind’s facilities: in Manitowoc, Wisconsin, and Abilene, Texas, facilities by 2020.
Key Players of Wind Tower Market Report:
- Suzlon Group (India)
- Nordex Group (Germany)
- Broadwind (U.S.)
- Ventower Industries LLC (U.S.)
- Arcosa Inc. (U.S.)
- Windar renovables (Spain)
- Shanghai Taisheng Wind Power Equipment Co., Ltd. (China)
- Dongkuk s&c (South Korea)
- KGW Schweriner Maschinen- und Anlagenbau GmbH (Germany)
- CS Wind Corporation (South Korea)
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