Global wind tower market is expected to grow at a CAGR of almost 10 percent during the forecast period by 2021, according to Technavio’s latest report.
The global wind tower market occupies 28 percent in its parent market – the global wind turbine components market.
The wind tower market is expected to be valued at USD 29.15 billion by 2021, with the rise in wind energy consumption and the increased government support for wind energy projects driving the market growth.
APAC is the largest wind tower market segment, the report says.
China and India should account for the majority of the installations in the region driven by high wind energy potential in these countries and strong government support, according to Technavio.
The Indian government has plans to add around 10 GW of wind power capacity every year through to 2021. China has similar plans to increase its wind power capacity to 200 GW by 2020.
Japan is not far behind and is exhibiting big wind power potential, driven by the expansion plans of wind companies such as Eurus and Hitachi.
Also, new projects are underway in South Korea, Mongolia, the Philippines, Pakistan, and Thailand. The increase in investment in wind power capacity expansion in emerging economies in APAC is anticipated to propel the growth of the wind tower market.
The growth in the wind tower market in EMEA will be driven by increasing power installation projects which are enabled by the high wind energy potential and increasing investment in offshore wind projects.
Germany, Spain, the UK, France, and Italy are the major countries in the wind power market in EMEA.
Germany accounted for the world’s third-largest cumulative wind installed capacity amounting to 39.16 GW in 2014. It targets to generate 45 percent of electricity from renewable sources by 2025 with wind power playing a crucial role.
Similarly, Spain aims to achieve a total wind power capacity of 35.75 GW, by 2020. The UK, France, and Italy are also working on expanding their wind power installed capacities shortly. These developments will also boost the wind tower market in the region.
The Americas is expected to grow the fastest over the forecast period, at a CAGR of over 13 percent. Wind energy installations are likely to increase considerably in the region, driven by the growing number of installations in the US. The region is witnessing the installation of offshore wind power plants.
Brazil and Canada also plan to increase their wind energy installations, which would boost the overall market growth in the region. Also, Mexico is working on expanding and targets to generate 35 percent of its energy from renewable sources by 2024.
The US and Canada are the leading countries in the region. Brazil is not far behind, and it is anticipated that the number of wind energy installations will significantly increase by 2018. Moreover, government support from various countries in the region is expected to drive the demand for wind turbines further, propelling the growth of wind tower market.
The top vendors in the global wind tower market highlighted in the report are: CS Wind, Enercon, Shanghai Taisheng Wind Power Equipment, Trinity Structural Towers, Vestas and WINDAR Renovables.