Press release
Growing Wind Power Capacity Driving Wind Tower Market
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.
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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.
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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.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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