How are Government Regulations Leading to Growth of Wind Tower Market?

Natural gas consumption rose by 5.3% in 2018, which has been one of the fastest rates since 1984, according to the 68^th edition of BP Statistical Review of World Energy. In addition to natural gas, fossil fuels such as petroleum and coal, the prime sources of energy all over the world, are being used at a rapid rate due to the surging demand for energy. The pollution caused by the use of these sources is another concerning factor. To deal with these problems, governments across the globe are focusing on ways to generate energy through sources which won’t have detrimental effects on the environment. One of the solutions for this is the utilization of the wind for producing energy, which will decrease the dependency on fossil fuels and at the same time help in reducing greenhouse gas emissions. The growing use of wind energy is, in turn, predicted to drive the demand for wind towers.

A wind tower is the structure which supports a wind turbine and its components. The purpose of the wind tower is to position the turbine on an optimum height in order to produce electrical energy from the wind. As the capacity of turbines is related to the speed of wind, the height of wind tower is a significant factor to consider for the efficient generation of power. Tall wind towers also maximize the performance of wind power plants by reducing the turbulence. The global wind tower market reached $26,140.5 million in 2015 and is predicted to register a CAGR of 7.4% in the coming years, according to a study conducted by P&S Intelligence. The various types of wind towers are lattice towers, hybrid towers, tubular steel towers, concrete towers, and guyed pole towers. Tubular steel, lattice, concrete, and hybrid towers are used for large installations, while guyed pole towers are utilized for small wind turbines. 

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The requirement for wind towers in Latin America and Middle East and Africa is growing rapidly. The regions have a huge untapped market, which is expected to provide interested installers and components providers with a huge opportunity. Various countries across these regions are trying to formulate regulations to increase their production of renewable energy and reduce their dependency on petroleum-based fuels. As compared to other regions, these have few large-scale wind farms. However, several countries, such as Mexico, South Africa, Brazil, Morocco, and Egypt, have started producing wind energy in increasing amounts.

A positive impact is being created on the requirement for wind towers by the surging wind power capacity across the world. The worldwide cumulative installed wind power capacity rose form 47.6 GW in 2004 to 369.6 GW in 2014, and a similar growth is predicted for the near future. Moreover, governments of various countries are lending their support to wind projects and implementing stringent environmental regulations to achieve the shift from conventional energy sources to cleaner alternatives. Several projects and schemes have been initiated in numerous nations to encourage and promote the production of wind energy. For instance, tax benefits and financial support for wind energy equipment have been introduced, which is further leading to the growing demand for wind towers.

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.

GLOBAL WIND TOWER MARKET SEGMENTATION

By Tower Type

·         Tubular Steel Towers

·         Concrete Towers

·         Hybrid Towers

·         Lattice Towers

·         Guyed Pole Towers

By Application

·         Onshore

·         Offshore

GEOGRAPHICAL SEGMENTATION

By Region

·         North America

o    U.S.

o    Canada

·         Europe

o    Germany

o    Spain

o    U.K.

o    France

o    Italy

o    Rest of Europe

·         Asia-Pacific

o    China

o    India

o    Australia

o    Japan

o    Rest of Asia-Pacific

·         Latin America

o    Brazil

o    Mexico

o    Rest of Latin America

·         Middle East and Africa

o    Morocco

o    South Africa

o    Egypt

o    Rest of Middle East and Africa