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Wind Tower Market Segmentation: By Application Type (Utility and Non-Utility); By Location: (Off Shore and on Shore); and Region Analysis of Market Size, Share & Trends for 2016 to 2019 and Forecasts to 2030
Wind Tower Market to reach USD $36.3 billion by 2030 from USD $14.36 billion in 2020 at a CAGR of 8.80% in the coming years, i.e., 2021-30.
Wind towers are tall system that manages wind turbines and their elements. The tower maintains the rotor and nacelle of the turbine, as well as helps the blades to securely remain clear of the ground. To generate electrical power from wind, the turbine is placed at optimal altitudes. Complete turbines with greater capacity need high wind velocity. The elevation of the wind turbine is therefore a key factor for convenient power generation, as wind speeds raise with the turbine height. Also, high towers have less turbulence, which makes high wind turbines more effective. The key considerations in the installation of a wind turbine are structure and nacelle. Furthermore, the design, weight, and gauge of the generator depend on the capacity of the turbine.
The Wind Tower Market to reach USD $36.3 billion by 2030 from USD $14.36 billion in 2020 at a CAGR of 8.80% in the coming years, i.e., 2021-30.. According to the report, increasing the emissions of the atmosphere and offering policy incentives and tax rebates for the installation of wind towers contribute to the growth of the Wind Tower. Furthermore, the market for wind towers has created enormous job potential for qualified workers worldwide. The production of wind turbines requires skilled workers, thus giving workers specialized in electrical engineering, mechanical engineering, civil engineering, and numerous other industries an advantage. Surging demand for environmental-friendly energy sources, combined with the rapid depletion of fossil fuels, provides sufficient opportunity for the expansion of the market.
Source: Fatpos Global
The global Wind Tower market has been segmented based on application and Location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
In 2019, the Utility segment dominated the Global Wind Tower market.
The global Wind Tower Market is segmented by application type into Utility and Non-Utility. Utility wind turbines are mounted on massive, multi-turbine wind farms connecting to the transmission system of the country. Large-scale wind infrastructure projects require various property, buildings, and other approvals, as well as effective administration of ties with the various stakeholders involved in the process. The demand growth of the utility-scale sector would be powered by the elimination of barriers to the construction of utility-scale projects.
On-Shore accounted for XX% of the global volume in 2019 and is anticipated to dominate the market in the forecasted period.
The global Wind Tower market is segmented by location: Offshore and onshore lowest cost over onshore wind energy in all regions resulting in onshore wind power being the most common renewable energy source. Further factors driving segment growth are ease of installation and fall in greenhouse gases (GHG). However, the development of offshore wind power is exponential, with a large capacity installed in 2019, in driving global wind turbines.
The costs of installation of wind energy projects in the onshore and offshore areas have dropped worldwide and are expected to decline in the coming years. Compared to the fossil generating fuel source, the Levelized Electricity cost for onshore wind projects is already moderate and will further reduce cost and improve the future performance of wind turbines.
Source: Fatpos Global
Growing carbon emission
Carbon emissions in the atmosphere are rising and are one of the main anthropological causes of climate change. The key explanation for this carbon pollution is the combustion or decomposition or combustion of fossil fuels such as oil, coal, and gas. A variety of significant proposals are being required to minimize emissions, such as energy conservation at residence or on the job, the use of public transport, and renewable resources such as solar, wind, hydro, tidal, geothermal, and biomass, hence accelerating the growth of Wind Tower market.
Government initiative
In the future, it is anticipated that the drive for reliable, clean, and relatively inexpensive power will lead. Governments across different countries are also designing to stimulate a beneficial structure for their policies and regulatory system to promote renewable energy generation globally.
High initial cost
Wind power operates without a storage system like a battery and therefore does not work at night. Wind turbines largely depend upon the wind velocity and therefore cannot be installed at a place where the wind speed is not high enough thus the market growth is limited by the area of application. Moreover, high setup and maintenance costs will further limit the market growth.
Asia Pacific was the largest market accounting for XX% of the total market volume share in 2019
With development projects and government-led investments aimed at boosting industry growth, China accounted for the highest deployed production capacity. In the coming years, China's onshore wind energy industry will continue to expand, with the government promoting the growth of renewable energy facilities, to grow thermal power stakes and reduce pollution in the country's power production. The success of the wind energy projects in the country is likely to be decided, which will, in turn, be the driving force in the area during the prediction period.
Asia Pacific: China, Japan, India, and the Rest of Asia Pacific
Europe: Germany, the UK, France, and the Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and the Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
Source: Fatpos Global
The market is mildly concentrated due to several large and small players. In line with the advances in energy companies' regenerative sources, wind tower manufacturers formulate strategies to boost their market share. Several players invest heavily in developing and improving the adoption level of these products' innovative technology and designs.
The continuing pandemic of COVID-19 has had a worldwide effect on the energy industry. Due to the current scenario, there have been many delayed building projects and postponed construction activities in many nations due mainly to China's supply chain disruptions, lock-downs across all advanced economies, worker-distance guidelines, and future financing difficulties. As a result of the unparalleled global COVID-19 downturn, the rate of new renewable energy installations around the world will fall in 2020.
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