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Steel Wind Tower: Introduction

  • 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 help save on costs. 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 tower is the most common type, as it is easy to maintain and repair.

Key Drivers and Restraints of Steel Wind Tower Market

  • The steel wind tower market is primarily driven by rise in 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 creating high demand for renewable energy across the globe. Implementation of Stringent regulations to support conservation of the environment is prompting the power industry to shift toward clean and eco-friendly energy resources. Additionally, increase in power consumption in several developing countries is driving the steel wind tower market.
  • 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 opportunities for the steel wind tower market in the near future. However, fluctuation in prices of steel and increase in availability of alternatives, such as concrete wind towers, are estimated to hamper the steel wind tower market in the near future.

COVID-19 Impact Analysis

  • In the initial phase of the COVID-19 pandemic, lockdowns were imposed across the globe to limit the spread of the disease. This led to restriction on the movement of goods and individuals, which impacted the supply chain of wind energy projects. However, various countries announced significant investment in wind energy projects in the second quarter of 2020. Investors in wind energy announced plans to introduce 28 new offshore wind farms worth US$ 35 Bn in 2020, four times more than that in the first half of 2019. This is expected to boost the steel wind tower market in the near future.

Onshore Application Segment Held Prominent Share of Global Market

  • 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 leading share of the global steel wind tower market in 2020. It is expected to remain highly attractive until 2031. 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. They also do not involve any additional infrastructure.
  • Based on application, the global steel wind tower market can be segregated into onshore and offshore. The onshore segment dominated the steel wind tower market in 2020. Growth of this segment can be ascribed to the ongoing investment in wind energy project in onshore locations.

Asia Pacific to Constitute Major Share of Global Steel Wind Tower Market

  • In terms of region, the global steel wind tower market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • Asia Pacific is expected to hold major share of the global steel wind tower market during the forecast period. Asia Pacific has one of the largest industries for renewables across the world. Demand for energy is increasing rapidly in the region due to rapid industrialization and urbanization in China, India, Japan, and Australia. Increase in Foreign Direct Investments (FDIs) in offshore and onshore wind energy in several countries in Asia Pacific is creating lucrative opportunities for players operating in the steel wind tower market. In Asia Pacific, China has the largest offshore wind capacity, with 3,060 MW new installations of offshore wind towers taking place in 2020. The total installed onshore wind capacity in Asia Pacific stood at 336,286 MW in 2020.
  • Europe is another major region of the global steel wind tower market. Wind energy remains the second-largest form of power generation in Europe, with total installed capacity of 194.07 GW

Key Players Operating in Global Market

Key companies operating in the global steel wind tower market are

  • Siemens Gamesa Renewable Energy, S.A.
  • Suzlon Energy Limited
  • Senvion S.A.
  • Valmont Industries, Inc.
  • Trinity Structural Towers, Inc.
  • Broadwind Energy, Inc.
  • Ib Andresen Industri
  • Vestas Wind Systems A/S
  • Goldwind, Windar Renovables
  • Aeolos Wind Energy Ltd.
  • Qingdao Wuxiao Group Co., Ltd.
  • Zhejiang Guoxing Wind Power Technology Co., Ltd.
  • Morrison Berkshire, Inc.

Global Steel Wind Tower Market: Research Scope

Global Steel Wind Tower Market, by Height Range

  • Up to 80 Meters
  • More than 80 Meters

Global Steel Wind Tower Market, by Application

  • Onshore
  • Offshore

Global Steel Wind Tower Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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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Steel Wind Tower Market