Market Size of Wind Turbine Tower Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 1.32 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine Tower Market Analysis
The wind turbine tower market is projected to reach USD 14.32 billion by 2027, registering a CAGR of less than 1.32% during the forecast period (2022-2027). With the COVID-19 outbreak in Q1 2020, the growth of the wind turbine tower market was moderately impacted due to delays in manufacturing and supplying of new towers. This factor resulted in financial challenges for major players. The declining cost of wind energy and increasing investments in the wind power sector are the key drivers for this market. However, substitution between the solar energy and gas-fired power plants will continue to restrain the market. The solar energy industry has achieved cost reduction at a significantly higher rate than the wind energy sector.
- The concrete tower is expected to be the fastest-growing segment in the wind turbine tower market, as it requires low transportation costs, has high strength, and the material required is available locally.
- Emerging markets such as Africa, which has various geographical locations that could be considered suitable for wind energy deployment, are likely to act as an opportunity in the future.
- Asia-Pacific dominated the market in 2021, with most of the demand coming from China and India.
