North America Wind Turbine Tower Market Showing Impressive Growth by 2030 | Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

The North America wind turbine tower market was valued at US$ 1,231.09 million in 2022 and is expected to reach US$ 2,298.41 million by 2030; it is estimated to grow at a CAGR of 8.1% from 2022 to 2030.

Growing focus on mitigating greenhouse gas emissions and rising concerns about increasing levels of environmental pollution are boosting the application of renewable energy sources in different end-use industries, which, in a way, is also fueling the demand for wind energy. Nearly 77.6 GW of new wind power capacity was installed, and the total installed capacity reached ~906 GW in 2022 globally. The increasing government initiatives toward funding wind projects and maintaining the old wind farms are boosting the demand for wind turbine towers globally. As per the US Energy Information Administration, Wind Prime (Iowa), Empire Wind 2 (New York), Beacon Wind (New York), Boswell Springs Wind (Wyoming), Seven Cowboy Wind Project (Oklahoma), Baird North Wind Facility (Texas), Badger Wind Project (North Dakota), Monte Alto I Wind and Monte Alto II Wind Projects (Texas), 25 Mile Creek Windfarm (Oklahoma), and Ranchland Wind Project II (Texas) were among the major wind farm projects in the US in 2022. The increase in wind project financing drives the wind turbine tower market.

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For instance, in 2023, Innergex Renewable Energy secured US$ 534 million in construction financing for developing Boswel Spring Wind Project in the US.
Thus, the increasing governmental initiative and funding, along with the growing inclination toward wind energy as one of the prominent renewable energy sources, is boosting the demand for wind turbine towers globally. The growing number of wind farms is acting as a major driver for the wind
turbine tower market.

MARKET INTRODUCTION

The North America wind turbine tower market is categorized into the US, Canada, and Mexico. Owing to strict government regulations, growth in investment in wind power projects, favorable policies for promoting renewable resources for energy production, and declined cost of wind energy, the wind energy sector across the region is projected to register remarkable growth. With the growing concern about climate change and the importance of renewable energy in mitigating environmental pollution, the demand for wind turbine towers is projected to increase in North America. The growing focus on achieving net zero carbon emission and rising emphasis on promoting renewable energy sources for power generation is boosting the demand for wind turbine towers in countries across North America. In 2022, Vestas introduced an onshore wind turbine tower with 199 meters of hub height. In 2023, Vestas secured a 140 MW order to support the Halkirk II wind project owned by Capital Power in Alberta, Canada. The order consists of 31 V150-4.5 MW wind turbines.

List of Companies Profiled in the North America Wind Turbine Tower Market Report are:

• Vestas Wind Systems AS

• Siemens Gamesa Renewable Energy SA

• Valmont Industries Inc

• Marmen Inc

• Nordex SE

• Arcosa Wind Towers Inc

• Broadwind Inc

• Cs Wind Corp

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Key Segmentation:

The North America wind turbine tower market is segmented based on tower type, development type, and country. Based on tower type, the North America wind turbine tower market is segmented into tubular steel towers, lattice towers, and hybrid towers. The tubular steel towers segment held the largest market share in 2022.

Based on development type, the North America wind turbine tower market is bifurcated into onshore and offshore. The onshore held a larger market share in 2022.

Based on country, the North America wind turbine tower market is segmented into the US, Canada, and Mexico. The US dominated the North America wind turbine tower market share in 2022.

Table of Contents

1. Introduction
1.1 Business Market Insights Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Market Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Wind Turbine Tower Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Manufacturers
4.3.3 Distributors/Suppliers
4.3.4 End Users
5. North America Wind Turbine Tower Market - Key Market Dynamics
5.1 Growth Drivers
5.1.1 Decreasing Cost of Tower Manufacturing and more...

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