The wind tower market is expected to grow by USD 6.75 billion, progressing at a CAGR of over 4% during the forecast period. The spread of the COVID-19 pandemic has left a negative impact on the growth of the market. Governments across the world imposed lockdowns to contain the spread of the novel coronavirus. This resulted in a partial or complete shutdown of manufacturing activities in the short term, which significantly affected the market demand. However, the market is expected to recover and post healthy growth as many companies are resuming their operations and things are getting back to normal. In addition, many governments worldwide are making significant investments in the installation of wind power systems, which is creating a significant rise in demand for wind towers globally.
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The increasing demand for heightened wind towers is one of the major factors propelling the market growth. The wind blows more steadily in higher altitudes. Also, high-altitude wind towers produce more power from a single wind turbine, thereby reducing the total number of turbines needed in a wind farm. Hence, significant investments are being made in the development and installation of heightened wind towers. Besides, increasing government support for wind energy projects is expected to foster market growth during the forecast period.
Wind Tower Market: Product Landscape
Based on the product, the market saw maximum growth in the tubular steel towers segment in 2019. Tubular steel towers are considered the most economical solution and a proven concept of having a short installation time. This is one of the key factors driving the segment growth.
Wind Tower Market: Geographic Landscape
By geography, APAC is going to have a lucrative growth during the forecast period. About 56% of the market's overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the increasing investments in airborne wind turbines.
China and India are the key markets for the wind tower market in APAC. This report provides an accurate prediction of the contribution of all segments to the growth of the wind tower market size.
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Key Topics Covered:
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
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