The global wind tower market was valued at $26,140.5 million in 2015, and it is expected to grow at a CAGR of 7.4% during 2016-2022. The factors driving the growth of the global market include the increased government support for wind power projects, increasing global wind power capacity and need for geopolitical energy security.
The wind tower market in Middle East and Africa, and Latin America is still at its nascent form. Currently, there are very few large scale wind farms, as compared to other regions across the globe. However, several countries across Latin America and Africa are framing regulations to reduce their dependency on petroleum fuels and increase production of renewable energy.
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This is creating abundant opportunities for the manufacturers of wind towers for their capacity and geographical expansion. The Middle East and Africa wind tower market is anticipated to witness the fastest growth (25.4% CAGR) during the forecast period, to reach $1,342.9 million by 2022.
In 2015, Asia-Pacific held the largest share in the global wind tower market. The major reasons behind the growth of the wind tower market in the region are high energy demands in the region and high growth in the wind energy industry. China dominated the Asia-Pacific as well as global wind tower market. The total wind power capacity installed in China was 75.3 GW in 2012, which increased to 114.6 GW in 2014.
Some of the major players operating in the global wind tower market are CS Wind Corporation, ENERCON GmbH, Trinity Structural Towers, Inc., Vestas Wind Systems A/S, Shanghai Taisheng Wind Power Equipment Co. Ltd., Siemens AG, WINDAR renovables, General Electric Company, Suzlon Energy Limited and KGW Schweriner Maschinen-und Anlagenbau GmbH.
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GLOBAL WIND TOWER MARKET SEGMENTATION
By Tower Type
- Tubular Steel Towers
- Concrete Towers
- Hybrid Towers
- Lattice Towers
- Guyed Pole Towers
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
This post was originally published on Raleigh Recorder