Wind Tower Market has an outstanding growth in the coming years globally

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.

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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.

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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Leading players in the market include Vestas Wind Systems A/S, CS Wind Corporation, Siemens AG, WINDAR Renovables, ENERCON GmbH, Shanghai Taisheng Wind Power Equipment Co. Ltd., KGW Schweriner Maschinen-und Anlagenbau GmbH Suzlon Energy Limited, Trinity Structural Towers, Inc., and General Electric Company.

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
U.S.
Canada
Europe
Germany
Spain
U.K.
France
Italy
Rest of Europe
Asia-Pacific
China
India
Australia
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
Morocco
South Africa
Egypt
Rest of Middle East and Africa

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This release was published on openPR.