Wind Tower Market Size, Share, Growth Analysis, By Type(steel towers, concrete towers, and hybrid towers), By application(Off-Shore and On-Shore), By Region - Industry Forecast 2024-2031

Wind Tower Market size was valued at USD 24.30 billion in 2022 and is poised to grow from USD 26.15 billion in 2023 to USD 46.98 billion by 2031, growing at a CAGR of 7.60% during the forecast period (2024-2031).

wind tower market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Key players are focusing on increasing production capacity by introducing new plants or expanding existing ones. The strong product portfolio and remarkable distribution network of major companies in developed and emerging markets have consolidated the market.  However, the limited number of domestic players entering the market will face significant entry barriers. This increases the market's competitiveness in the future. Companies are increasing their production capacity by establishing new plants or expanding existing ones. The Nordex Group recently opened a plant for the production of concrete towers in the northern Brazilian state of Brazil Paul. The plant will manufacture the 65 towers needed for the "Lagoa do Barro" wind farm. Companies are also focusing on new contracts. For example, in April 2020, Broadwind Energy, a US wind industry supplier, received a USD 19 million wind tower order from a wind turbine manufacturer. The tower sections are expected to be delivered by early 2021, according to the company. 'CS Wind Corporation', 'Shanghai Taisheng Wind Power Equipment Co., Ltd.', 'Trinity Structural Towers, Inc.', 'Vestas Wind Systems A/S', 'General Electric Company', 'Enercon GmbH', 'Suzlon Energy Limited', 'Siemens Gamesa Renewable Energy, S.A.', 'Goldwind Science & Technology Co., Ltd.', 'Ming Yang Smart Energy Group Limited', 'Nordex SE', 'Senvion S.A.', 'Samsung Heavy Industries Co., Ltd.', 'Envision Energy Limited', 'China Ming Yang Wind Power Group Limited', 'Dongkuk S&C', 'Siemens AG', 'Zhejiang Guoxing Wind Power Technology Co., Ltd.', 'Marmen Inc.', 'Wuxi Baotong Steel Co., Ltd.'

Globally, increased environmental protection regulations force the power generation industry to shift to cleaner and more environmentally friendly energy resources. Major economies around the world are focusing heavily on developing renewable energy power generation in order to reduce their reliance on conventional power generation via fossil fuels. Wind energy is a major renewable energy source that has the potential to address many of the world's challenges. Wind power installation increased to 651 GW in 2019, with the world installing 60.4 GW of new wind power projects. The Asia Pacific region accounted for 50.7% of all new installations, with 30.6 GW installed. As a result, such a massive annual increase in wind power capacity is undoubtedly boosting this market globally.

population growth, a thriving industrial sector, and increased infrastructure development activities are all contributing to a significant increase in demand for electricity. The demand for energy is increasing as countries develop and their standard of living improves. As demand for electricity grows, regions around the world are expanding their power generation capacity by building new plants or expanding the capacity of existing ones. Companies are more inclined to use renewable energy sources for power generation, particularly solar energy and wind power, due to stringent government regulations governing greenhouse gas emissions.

Asia Pacific is expected to lead the market Over the forecast period. The Asia Pacific region leads in onshore wind installation. Power demand continues to rise in countries such as China, India, and Australia as a result of rapid industrialization and urbanisation. China has the most wind capacity, with 1,164 MW of new offshore wind power installations.