Wind Tower Market to Register 7.4% CAGR in Near Future

One of the clean and renewable sources of energy is wind energy. Over the years, the adoption of wind energy has increased significantly across the globe. In 2004, the worldwide cumulative installed wind capacity was 47.6 GW, which rose to 369.6 GW. This rising wind power capacity is attributed to the rapid depletion of fossil fuels and the negative effect their use has had on the environment. Moreover, the demand for energy across the world is surging; hence, in order to deal with these situations, the various governments are also targeting to fulfill their energy needs by making use of wind energy.

There are several types of wind towers, namely concrete towers, lattice towers, tubular steel towers, hybrid towers, and guyed pole towers. Out of these, the tubular steel towers were the most in demand and the situation is going to be the same in the coming years as well. These towers are most commonly utilized as they provide strength to the wind turbines and are cost effective. The fastest growth in demand is expected to be witnessed by hybrid towers in the near future, as these towers are preferred to provide greater height to wind turbines at a low cost.

The wind tower market in Latin Americaand Middle East and Africa is unexplored and thus is predicted to provide huge opportunities to the players operating in the domain. The number of large-scale wind farms in these regions is quite less as compared to the other regions. But several countries in these regions are focusing on forming regulations in order to reduce their dependency on fuels based on petroleum and increasing production of renewable energy. In addition to the existing players, the new players entering the domain can also take advantage of the scope for establishing their presence in the global market.

Because of the rising adoption of wind towers, various technological advancements are being undertaken to improve the wind energy equipment and technology. These innovations are primarily projected toward enhancing the efficiency of wind power generation and lowering the cost of wind tower manufacturing. The increased research and development activities have resulted in the development of hybrid towers that are a combination of tubular steel tower and concrete tower, or tubular steel tower and lattice tower, which reduces the overall cost of the wind tower, as the material utilized in manufacturing is reduced.

These factors are expected to further increase the demand for wind towers in the near future.

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