The energy conservation reforms globally have increased the application of wind towers to tap natural energy sources. Market reports connected to the energy and power industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The Wind Tower Market is anticipated to progress with a CAGR of 7.45% while garnering revenues worth USD 26 billion by the end of the forecast period.

The technological innovation in the wind tower market is spurring the growth of the market in the forecast period. The surging demand for clean and affordable energy is expected to motivate the wind tower market. Moreover, the enhancements in the wind turbine systems are expected to reinforce the development of the market for wind towers in the coming years.

Segmental Analysis

The segmentation of the wind tower market is carried out on the basis of product, application, and region. On the basis of product, the wind tower market is segmented into concrete, tubular steel, hybrid and other. Based on application, the wind tower market is segmented into offshore and Onshore. The regions included in the wind tower market are Europe, North America, Asia Pacific and rest of the world.

Regional Analysis

The wind tower market is segmented into regions such as Europe, North America, Asia Pacific and rest of the world for the regional analysis of the market. The European region is presently directing the growth in the wind tower market and is followed by the North American region. The European governments and the EU has supported wind projects with advantageous incentives, as part of their carbon emission reduction goals. The Asia Pacific region is anticipated to develop through the forecast period owing to several reasons. The growing wind power generation capacity, strict environmental regulations for emissions from burning conventional fuel, growing demand for larger blades, and amplified government support for wind power projects, are among a few of the key factors motivating wind tower market’s growth. Presently, China has a major number of wind energy projects under the planning and construction phase, which is trailed by South Korea and Japan. These countries are contributing to the overall market growth due to the progressively rising electricity requirements, swift urbanization and technological progress in the region.

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Competitive Analysis

The key companies of the global wind tower market are Enercon GmbH (Germany), CS Wind Corporation (South Korea), Trinity Structural Towers, Inc. (U.S.), Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), Suzlon Energy Limited (India), Valmont Industries, Inc. (U.S.), General Electric (U.S.), Ambau (Germany), and Broadwind Energy (U.S.).