Global Wind Turbine Towers Market to Reach US$50.7 Billion by 2030

The global market for Wind Turbine Towers estimated at US$32.6 Billion in the year 2023, is expected to reach US$50.7 Billion by 2030, growing at a CAGR of 6.5% over the analysis period 2023-2030. Tubular Steel, one of the segments analyzed in the report, is expected to record a 6.5% CAGR and reach US$28.8 Billion by the end of the analysis period. Growth in the Concrete segment is estimated at 6.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.3 Billion While China is Forecast to Grow at 7.9% CAGR

The Wind Turbine Towers market in the U.S. is estimated at US$5.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.7 Billion by the year 2030 trailing a CAGR of 7.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.2% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR.

Global Wind Turbine Towers Market - Key Trends & Drivers Summarized

Wind turbine towers are an essential component of a wind turbine system. Wind towers are giant structures that house wind turbines and other components. These towers clutch the nacelle and rotor of the turbine along with wires and blades, while the wind turbine placement is made at optimal height for efficient power generation from wind. Small wind turbines are often guyed tubular towers used for battery charging. Larger wind turbines are either concrete towers, tubular steel towers, or lattice towers. Tall towers are advantageous in high terrain areas as the wind speeds are more. The tower length is important and often determined by the energy output capability of the turbine and the size of blades. The stability and strength of wind tower is directly influenced by the gauge and material used and the weight of the wind tower, and the weight of turbine and nacelle influences the cost of wind towers.

Technological advancements along with focus on innovative designs and exploration of new materials are setting the stage for enhanced energy efficiency, generation and sustainability. Advances in materials and tower designs are supporting bigger, taller structures while pushing durability, strength and cost savings, mainly in regions marked by extreme weather conditions. Wind turbine tower projects are witnessing increasing integration of smart technologies like control systems and advanced sensors for optimal performance and monitoring applications, leading to enhanced reliability and efficiency. Various companies are betting on floating wind turbines that are tethered to the seafloor, aiding installation of wind projects in deeper-water regions to tap abundant wind. The shift towards rotation of blades to the vertical axis is a notable development while the integration of additional counter-rotating turbines ad blades is likely to boost performance and efficiency.

The global wind turbine towers market continues to growth against the backdrop of rising investments and reduced cost of wind energy. Advances in materials science and construction technologies have facilitated the production of taller and more efficient towers, essential for capturing higher wind speeds. The global shift towards renewable energy sources and the increasing deployment of wind farms, particularly offshore, are significantly boosting the demand for advanced wind turbine towers. Government policies and incentives aimed at promoting green energy and reducing carbon emissions are also propelling market growth. Furthermore, the trend towards larger and more powerful wind turbines requires towers that can support greater loads and withstand harsher environmental conditions. The expansion of wind energy infrastructure in emerging economies, where there is a strong emphasis on sustainable energy solutions, is driving demand as well. Additionally, ongoing research and development efforts focused on improving tower design, materials, and construction methods are expected to support the continued growth of the market by enabling the production of superior towers at lower costs.