Wind Tower Market to Expand at 7.6% CAGR from 2022 to 2029; Vestas Launches Onshore Equipment to Secure Competitive Edge

The global wind tower market size stood at USD 22.65 billion in 2021. The market value is slated to rise from USD 24.30 billion in 2022 to USD 40.65 billion by 2029 at a CAGR of 7.6% during 2022-2029. The surge is being driven by the rising deployment of wind power as a substitute for conventional sources of energy. For the same, governments of numerous countries are formulating and implementing several regulatory guidelines.

Fortune Business Insights™ presents this information in its report titled “Wind Tower Market Size, Share & COVID-19 Impact Analysis, By Type (Steel Tower, Concrete Tower, and Hybrid Tower), By Installation (Onshore and Offshore), and Regional Forecast, 2022-2029”.

Slight Impact on Market Growth Owing to Production Shutdowns Amid COVID-19 Pandemic

The market was not much impacted due to the COVID-19 pandemic considering the rise in capacity installation in 2020 and 2021. However, manufacturers across the globe temporarily faced production shutdowns. This led to huge backlogs and delays in order fulfillment. In some countries, the crisis also led to hindrances in the supply of raw materials. One of these countries is the U.S., which imports raw materials from Europe and China.

Vestas Announces the Launch of Onshore Wind Turbine Tower to Strengthen Industry Position

In September 2022, Vestas Wind Systems announced the rollout of an onshore wind turbine tower with 199 meters hub height. The tower would be launched in association with German business Max Bögl.

The height of the tower would enable stronger harvest, more constant wind, and boost the electricity production of a turbine. The launch would help the company in strengthening its position in the market.

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https://www.fortunebusinessinsights.com/wind-tower-market-103299

Market Value to Surge Driven by Growing Installation of Renewable Resources for Power Generation

One of the major factors propelling the wind tower market growth is the increasing usage of renewable sources of energy for power generation. Numerous government agencies are partnering with major companies for ensuring the achievement of renewable energy goals via the consistent installation of renewable energy systems.

However, the industry growth could be restrained by the fluctuating prices of steel. This is attributed to the fact that steel is a significant raw material used in the manufacturing of wind towers. The volatility of steel prices results in a decrease or increase in the cost of producing wind towers.

Leading Companies Launch New Products to Secure Competitive Edge

Prominent wind tower companies are undertaking research activities for the development and launch of various products. These market players are also focusing on the formation of alliances, collaborative agreements, mergers, and acquisitions to maintain their position in the market. Some of the other initiatives include rising participation in trade conferences for the enhancement of business prospects.

Key Players in the Report

• Suzlon Group (India)


• Nordex Group (Germany)


• Broadwind (U.S.)


• Ventower Industries LLC (U.S.)


• Arcosa Inc. (U.S.)


• Windar Renovables (Spain)


• Shanghai Taisheng Wind Power Equipment Co., Ltd. (China)


• Dongkuk s&c (South Korea)


• KGW Schweriner Maschinen- und Anlagenbau GmbH (Germany)


• C.S. Wind Corporation (South Korea)

Notable Industry Developments

• December 2020 – Veolia North America entered into an agreement with GE Renewable to recycle the blades removed from the U.S. onshore wind. The deal would allow GE to recycle a majority of blades that were replaced during repowering efforts in the country.


• July 2021 – Nordex Group shared plans to strategically partner with TPI Composites in Mexico. The companies agreed on the collaboration in addition to cooperation plans in Turkey and India.

Further Report Findings

• On the basis of geography, the market is fragmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. The Asia Pacific wind tower market share is poised to depict commendable expansion over the study period.


• Europe is the second-leading region in terms of market value and is expected to exhibit considerable growth throughout the estimated period.


• On the basis of installation, the market is subdivided into onshore and offshore. Of these, the onshore segment is estimated to record substantial expansion throughout the forecast period.

Table of Segmentation