According to the latest research study released by Technavio, the global wind towers market is expected to reach over to USD 19 billion in revenue by 2019.
“Key findings of this report indicate, by 2019, APAC will maintain its dominance in the global wind tower market with a 44.11% share. Rising wind energy generation in countries like China and India is driving the wind tower market in APAC. Rapid industrialization, growing power demand, and government initiatives to back renewable power are some other factors augmenting the growth of the wind tower market in APAC,” said Sayani Roy, one of Technavio’s lead analysts for power research.
“Wind towers manufactured in APAC are relatively cheaper and hence the region has become a major supplier for low-cost wind towers to several countries in Europe. With lowered raw material costs and development of efficient technologies, the average cost of wind towers is expected to decrease further during the forecast period,” added Sayani.
Top three segments of the global wind tower market:
- Tubular steel towers
- Concrete towers
- Hybrid towers
Tubular towers segment: largest revenue contributor for the global wind tower market
The market for tubular steel wind towers is expected to grow significantly during the forecast period. Tubular steel towers are the most commonly used tower type in modern turbines. They are usually conical in shape and the diameter varies from 4.5-5 meters at the base and 2 meters at the top. They are cost-effective when manufactured in bulk and their design provides strength to the wind turbine structures. By 2019, the tubular steel towers segment is expected to maintain its dominance in the market with a 91.23% market share.
Concrete towers segment: second largest revenue contributor for the global wind tower market
The market for concrete towers is expected to grow steadily during the forecast period. These towers are durable and suited for larger turbine installations that high towers. They can be built on site or can be transported as smaller precast components or sections. Smaller component dimensions allow easier transportation and good control over the quality of materials. Also, onsite manufacturing of concrete towers saves transportation costs. Further, the demand for concrete towers is expected to be driven by high steel prices during the forecast period.
Hybrid towers segment of the global wind tower market
The market for hybrid wind towers is expected to grow rapidly during the forecast period. High wind tower raw material cost is the main reason driving manufacturers and buyers toward hybrid turbine towers. Hybrid towers are often considered as the best solution to minimize the exposure to volatile steel prices. These towers use steel as well as concrete as raw materials. The concrete comprises the base of the tower while the steel comprises the top. These types of towers are useful when greater turbine heights need to be achieved.
The research report titled ‘Global Wind Towers Market 2015-2019’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.
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