The wind tower market will reach a value of more than USD 19 billion by 2019, a new report says.
The report published by Infiniti Research Limited names factors that are expected to stimulate the prospects for growth in this market, including some positive trends, including growing support from governments, increased R&D investments, development of technologically advanced wind tower systems and global job creation opportunities.
The growth in the wind tower market is driven by favourable government support for wind energy development in several countries around the world. Governments of both developed and developing countries are strongly promoting wind energy and hence positively influencing the market for wind towers, according to the report.
In the market research report, analysts estimate the APAC region to dominate the global market for wind towers during the forecast period. Market growth in this region is expected to be driven by factors like rapid industrialization, growing power demand, and government initiatives to back renewable power development. These factors promote market growth in this region during the forecast period and results in its high market share of nearly 44% by 2019.
The report covers tubular steel, concrete, hybrid and lattice towers. The market research analysts have estimated the tubular steel towers segment to dominate over all the other segments during the forecast period. Growth in this segment is envisaged to be driven by factors like its cost effectiveness and its ability to provide strength to the wind turbine structures, which results in its impressive market share of almost 92% by 2019.
By application, the onshore segment is envisaged to account for more than 92% of the total market share by 2019. This market is highly competitive and is primarily dominated by large vendors like CS Wind Corp and Enercon Gmbh.
Vendors that focus on designing robust and tall towers that can support large capacity turbines in both onshore and offshore conditions are expected to gain maximum prominence in this market.
Further, the report states that the market growth is expected to be negatively impacted by high construction and installation cost of wind towers. The volatile raw material prices and supply disruptions would further impede market growth.