Steel Wind Tower Market Overview
A wind turbine is a machine that converts kinetic energy from the wind into electricity. A wind tower is an important component of a wind turbine. Wind towers are of two types: steel wind towers and concrete wind towers. The global Steel Wind Tower market is expected to rise at a considerable rate in the forecast period.
The increase in investments in wind energy and favorable government initiatives and policies are major factors that intensify the growth of the global Steel Wind Tower market. In addition to this, policy interventions by countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are creating a large demand for renewable energy across the world. The execution of Strict regulations to support the conservation of the environment is prompting the power industry to shift toward clean and eco-friendly energy resources. Moreover, the rise in power consumption in many developing countries is propelling the growth of the Steel Wind Tower market.
On the downside, instability in prices of steel and a rise in availability of alternatives, such as concrete wind towers, are projected to hamper the growth of the Steel Wind Tower market during the forecast period.
Besides this, the cost of electricity generated by using wind energy is anticipated to decline in the coming years, due to technological advancements. This is projected to create significant growth opportunities for the Steel Wind Tower market in the forthcoming years.
| Report Metric | Details |
| Market size available for years | 2019–2027 |
| Base year considered | 2019 |
| Forecast period | 2020–2027 |
| Forecast unit | Value (USD Million) |
| Segments covered | Height Range, Application, and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, ENERCON GmbH, Senvion S.A., Valmont Industries, Inc., Trinity Structural Towers, Inc., Broadwind Energy, Inc., Ib Andresen Industri, Vestas Wind Systems A/S, CSWIND CORPORATION, Goldwind, Windar Renovables, Aeolos Wind Energy Ltd., Qingdao Wuxiao Group Co., Ltd., Zhejiang Guoxing Wind Power Technology Co., Ltd., Morrison Berkshire, Inc. |
Steel Wind Tower Market, By Height Range
· Up to 80 Meters
· More than 80 Meters
Steel Wind Tower Market, By Application
· Onshore
· Offshore
Steel Wind Tower Market Regional Overview
In terms of region, Asia Pacific is anticipated to hold a maximum share in the global Steel Wind Tower market in the forecast period. The Asia Pacific has one of the major industries for renewables across the world. Energy demand is growing speedily in the region owing to rapid industrialization and urbanization in China, India, Japan, and Australia.
Additionally, the rise in Foreign Direct Investments (FDIs) in offshore and onshore wind energy in many countries in the Asia Pacific is making profitable opportunities for players operating in the steel wind tower market. In addition, the total installed onshore wind capacity in the Asia Pacific stood at 336,286 MW in 2020. Similarly, Europe is another key region for the global steel wind tower market. Wind energy remains the second-largest form of power generation in Europe.
Steel Wind Tower Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Steel Wind Tower Market Competitor overview
Some key developments and strategies adopted by manufacturers in Steel Wind Tower are highlighted below.
· In September 2021, Severstal has bought 24.5% from one of the partners of the joint venture WRS Towers LLC - JSC RUSNANO. The transaction was closed on September 2021, as a result of which Severstal's share in the joint venture increased to 49%. The share of another partner - the Spanish company Windar Renovables S. L.-remains at the same level of 51%.