Steel Wind Tower Market: Overview

A wind turbine converts kinetic energy of the wind into electric energy. It operates on a system that comprises several critical components that allow kinetic wind energy to be transformed into electric energy. Wind turbines provide clean and renewable energy to homes and offices and save on costs. A wind tower is an important component of a wind turbine. Wind towers are of two types: steel wind towers and concrete wind towers. Steel wind towers is the most common type, as these are easy to maintain and repair.

Steel Wind Tower Market: Drivers & Restraints

The steel wind tower market is primarily driven by factors such as rising investments in wind energy and favorable government initiatives and policies. Policy interventions by countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are presently creating high demand for renewable energy worldwide. Stringent regulations to support conservation of the environment are prompting the power industry to shift toward clean and eco-friendly energy resources. Additionally, increase in power consumption in several developing countries drives the steel wind tower market. Furthermore, the cost of electricity generated by using wind energy is expected to decline in the near future, owing to technological developments. This is expected to create substantial growth opportunity for the steel wind tower market in the near future. However, fluctuating prices of steel and increasing availability of alternatives, such as concrete wind towers, may hamper the steel wind tower market to some extent in the near future.

Steel Wind Tower Market: Key Segments

The global steel wind tower market can be segmented based on height range, application, and region. In terms of height range, the steel wind tower market can be divided into up to 80 meters and more than 80 meters. The up to 80 meters segment accounted for a leading steel wind tower market share in 2017 and it is expected to remain highly attractive until 2023. Around 40 to 80 meters of height range is ideal for wind towers. Furthermore, wind towers of this height are cost efficient and relatively easy to maintain. They require less time and space for installation and they do not involve any additional infrastructure. In terms of application, the global steel wind tower market can be classified into onshore and offshore. In 2017, the onshore segment dominated the steel wind tower market.

Steel Wind Tower Market: Regional Outlook

In terms of region, the global steel wind tower market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global steel wind tower market in 2017. Asia Pacific is one of the largest industries for renewables across the world. Due to rapid industrialization and urbanization in China, India, Japan and Australia, the demand for energy is increasing rapidly. Moreover, rising foreign direct investments (FDIs) in offshore and onshore wind energy in several of the countries in Asia Pacific are creating lucrative opportunities for steel wind tower market players. In Asia Pacific, China has the largest offshore wind capacity, with 1,164 MW new installations of offshore wind towers taking place in 2017. The total installed wind capacity in Asia Pacific was 233,735 MW in 2017. Europe is another major steel wind tower market. With the total installed capacity of 189 GW, wind energy remains the second-largest form of power generation in Europe.

Steel Wind Tower Market: Key Players

Key companies operating in the global steel wind tower market are Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, ENERCON GmbH, Senvion S.A., Valmont Industries, Inc., Trinity Structural Towers, Inc., Broadwind Energy, Inc., Ib Andresen Industri, Vestas Wind Systems A/S, CSWIND CORPORATION, Goldwind, Windar Renovables, Aeolos Wind Energy Ltd., Qingdao Wuxiao Group Co., Ltd., Zhejiang Guoxing Wind Power Technology Co., Ltd., and Morrison Berkshire, Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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