Steel Wind Tower Market: Overview
A wind turbine converts kinetic energy of the wind into electric energy. It operates on a system that comprises several critical components that allow kinetic wind energy to be transformed into electric energy. Wind turbines provide clean and renewable energy to homes and offices and save on costs. A wind tower is an important component of a wind turbine. Wind towers are of two types: steel wind towers and concrete wind towers. Steel wind towers is the most common type, as these are easy to maintain and repair.
Steel Wind Tower Market: Drivers & Restraints
The steel wind tower market is primarily driven by factors such as rising investments in wind energy and favorable government initiatives and policies. Policy interventions by countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are presently creating high demand for renewable energy worldwide. Stringent regulations to support conservation of the environment are prompting the power industry to shift toward clean and eco-friendly energy resources. Additionally, increase in power consumption in several developing countries drives the steel wind tower market. Furthermore, the cost of electricity generated by using wind energy is expected to decline in the near future, owing to technological developments. This is expected to create substantial growth opportunity for the steel wind tower market in the near future. However, fluctuating prices of steel and increasing availability of alternatives, such as concrete wind towers, may hamper the steel wind tower market to some extent in the near future.
Steel Wind Tower Market: Key Segments
The global steel wind tower market can be segmented based on height range, application, and region. In terms of height range, the steel wind tower market can be divided into up to 80 meters and more than 80 meters. The up to 80 meters segment accounted for a leading steel wind tower market share in 2017 and it is expected to remain highly attractive until 2023. Around 40 to 80 meters of height range is ideal for wind towers. Furthermore, wind towers of this height are cost efficient and relatively easy to maintain. They require less time and space for installation and they do not involve any additional infrastructure. In terms of application, the global steel wind tower market can be classified into onshore and offshore. In 2017, the onshore segment dominated the steel wind tower market.
Steel Wind Tower Market: Regional Outlook
In terms of region, the global steel wind tower market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global steel wind tower market in 2017. Asia Pacific is one of the largest industries for renewables across the world. Due to rapid industrialization and urbanization in China, India, Japan and Australia, the demand for energy is increasing rapidly. Moreover, rising foreign direct investments (FDIs) in offshore and onshore wind energy in several of the countries in Asia Pacific are creating lucrative opportunities for steel wind tower market players. In Asia Pacific, China has the largest offshore wind capacity, with 1,164 MW new installations of offshore wind towers taking place in 2017. The total installed wind capacity in Asia Pacific was 233,735 MW in 2017. Europe is another major steel wind tower market. With the total installed capacity of 189 GW, wind energy remains the second-largest form of power generation in Europe.
Steel Wind Tower Market: Key Players
Key companies operating in the global steel wind tower market are 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., and Morrison Berkshire, Inc.