Wind Tower Market Valued at $26,140.5 million in 2015, the global wind
tower market is predicted to advance at a 7.4% CAGR during the forecast
period (2017–2022). The market is growing due to the rising need for energy
independence and geopolitical energy security, increasing government support
for wind projects and stringent environmental regulations, and surging wind
power capacity around the world. The structure which supports the wind turbine
and its components is referred to as a wind tower. In terms of application, the
market is bifurcated into offshore and onshore.
When tower type is taken into consideration, the wind
tower market is categorized into concrete towers, lattice towers, tubular
steel towers, guyed pole towers, and hybrid towers. Out of these, the tubular
steel towers dominated the market during the historical period (2012–2015) and
are expected to account for the major share of the market during the forecast
period as well. This is because tubular
steel towers provide strength to the wind turbines are cost-efficient. The
hybrid towers are predicted to grow at the fastest pace during the forecast
period.
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Among all the regions, namely Asia-Pacific (APAC),
Middle East and Africa (MEA), Latin America (LATAM), North America, and Europe,
the APAC region held the largest share of the wind tower market during
the historical period and is further projected to dominate the market during
the forecast period. this is due to the rising need for geopolitical energy
security and high rate of fossil fuel depletion. China accounted for the major
share of the market during the forecast period. The MEA region is expected to
register the fastest growth during the forecast period.
The surging depletion of fossil fuels is a key driving
factor of the wind tower market. Globally, energy requirements are
primarily fulfilled by fossil fuels, such as petroleum, natural gas, and coal.
However, due to continuous exploitation, these resources are now getting
depleted rapidly. In addition to this, the increased usage of fossil fuels has
resulted in a steady rise in the pollution levels around the world. Hence, in
order to reduce emission of harmful gases, consumers are now turning toward
alternate sources for energy generation, including wind energy, which is
driving the market.
The rising wind power capacity around the globe is
another major driving factor of the wind tower market. Unlike energy
that is generated from fossil fuels, wind energy is a clean and renewable
source of energy. Because of this, a considerable rise has been witnessed in
the adoption of wind energy over the years. The cumulative installed wind
capacity across the globe rose from 47.6 GW in 2004 to 369.6 GW in 2014, and is
further projected to witness similar growth in the coming years as well.
The growing need for energy independence &
geopolitical energy security is also among the primary driving factors of the wind
tower market. The production of alternative fuels in one’s own country is
referred to as energy independence, which provides the consumers with an
opportunity to choose among non-petroleum fuels for transportation. Energy
independence is a long-term vision of various countries, such as Mexico, the
U.S., Canada, and Brazil. These countries are particularly focusing on freeing
themselves from dependence on other countries for oil.
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