Vertical: EnPBase Year: 201710 Sections
Market Size (2017)
$13.76B
Projected (2023)
$19.90B
CAGR (2016–2023)
6.3%
Key Players
18+
The wind tower is an important component of the wind turbine. Steel wind towers are made in sections and are assembled on site. Such towers allow maintenance and repair. Taller towers are continuously becoming popular because of wind profiles become stronger with height.
The steel wind tower market is mainly driven by various factors such as rising investment in wind energy, increase in power consumption, and government initiatives and policies. Fluctuating prices of steel, and availability of other alternatives are a few restraints of the steel wind tower market that hinder its growth.
The global steel wind tower market is expected to grow at 6.44% CAGR during the forecast period. In 2017, the market was led by Asia-Pacific, with a 42.88% share, followed by Europe and North America with shares of 34.06% and 17.95%, respectively.
The steel wind tower market has been segmented based on height range, application, and region. On the basis of height range, the market has been segmented as Up to 40 meters, 40 meters – 80 meters, 80 meters – 140 meters, and Above 140 meters. 40 meters – 80 meters segment accounted for the largest market share of 41.76% in 2017, with a market value of USD 5,746.8 million and is projected to grow at the highest CAGR of 6.57% during the forecast period. On the basis of application, onshore segment accounted for the largest market share of 90.88% in 2017, with a market value of USD 12,506.5 million and is projected to grow at a CAGR of 6.43% during the forecast period.
Market Size
· 2017: USD 13,761.5 Million
· 2023: USD 19,899.9 Million
CAGR
· 6.44%
Key Geographies
· Asia Pacific: 42.88%
· Europe: 34.06%
· North America: 17.95%
· Rest of the World: 5.11%
Leading Countries
· China
· US
· Germany
· India
· UK
Key Market Drivers
· Rising investment in wind energy
· Increase in power consumption
· Government initiatives and policies
Key Market Restraint
· Fluctuating prices of steel
· Availability of other alternatives
Key Vendors
· Sika AG
· General Electric
· Siemens Gamesa Renewable Energy, S.A.
· Suzlon Energy Limited
· Senvion S.A.
The Steel Wind Tower Market market is projected to grow at a CAGR of 6.3% from 2016 to 2023.
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View Subscription PlansA wind tower is one of the integral parts of a wind turbine that costs around 25% to 30% of the total cost of wind turbine. Wind tower is mainly designed for various applications. It carries the nacelle and the rotor. The tower has electrical conduits that support the nacelle and offer access to it for maintenance and repairs. Different types of wind towers are used for the efficient generation of wind power. Steel towers, concrete towers, lattice towers and hybrid towers are normally used for wind turbines. Tubular steel towers are usually used tower type in modern turbines. They are usually conical in shape and the diameter varies by 4.5 to 5 meters at the base.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2017
Historical Period
2016 – 2016
Forecast Period
2018 – 2023
Primary Interviews
150+
Historical data (2016–2017) and forecast period (2017–2023)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansIn competitive landscape, the report covers the growth strategies adopted by the companies between 2015 and 2018. The global steel wind tower market is characterized by the presence of many global, regional, and local vendors. The key players adopted various strategies to retain and/or expand their market share. The key strategies followed by most companies within the global steel wind tower market were those of mergers & acquisitions, product development, and expansion.
The major players operating in this market, who have adopted these strategies are General Electric (U.S.), Siemens Gamesa Renewable Energy, S.A. (Zamudio, Spain), Suzlon Energy Limited, (India), ENERCON GmbH (Germany), Senvion S.A. (Luxembourg), Valmont Industries, Inc. (Denmark), Trinity Structural Towers INC. (Texas, US), Sika AG (Switzerland), Broadwind Energy, Inc. (US), and Ib Andresen Industri (Denmark).
Extensive research in this market has brought to light that mergers and acquisition are key strategies adopted extensively by the players with a share of 41.18 %. These players strengthen their global presence and expand their client base through acquiring major companies. For instance, General Electric acquired WMC wind turbine blade test centre in Wieringerwerf, the Netherlands in April, 2018. The test centre will provide rotor hub testing for new GE turbines and continue to offer blade and other testing, digital tools, research and similar services to the wind industry.
Expansion is also a major strategy adopted by the major players with a share of 17.5% in the global steel wind tower market. This strategy is widely adopted to spread its geographical presence and achieve operational efficiencies. For instance, Siemens strengthened electromobility business in April 2017, by opening its new eCar powertrain system business unit in Germany, which will enable the production of converters for hybrid and electric vehicles.
Market estimates by geography (2023)
InsightAsia Pacific leads with $8.57B by 2023.
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View Subscription Plans| REGION | 2016 | 2017 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $5.57B | $7.05B | $8.57B | 6.4% | 43% |
| Europe | $4.43B | $5.59B | $6.79B | 6.3% | 34% |
| Rest of the World | $666.35M | $831.01M | $998.95M | 6.0% | 5% |
| North America | $2.34B | $2.93B | $3.54B | 6.1% | 18% |
| Total | $13.00B | $16.41B | $19.90B | 6.3% | 100% |
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View Subscription PlansTotal Market Size
$19.90B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Onshore | $18.00B | 6.2% | 90% |
| Offshore | $1.90B | 6.8% | 10% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Steel Wind Tower Market covering market dynamics, competitive landscape, and strategic outlook.
The Steel Wind Tower Market market is projected to reach $19.90B by 2023, growing at 6.3% CAGR. The Onshore segment holds the largest share.
The Global Steel Wind Tower Market is a very dynamic market and is expected to witness phenomenal growth over the forecast period. The growth of the steel wind tower Market is driven by various factors such as rising investment in wind energy, increase in power consumption, and growing adoption of small wind power system. However, the growth of the market can be hindered by fluctuating prices of steel and availability of other alternatives.
Increase in the number of environmental protection regulations across the globe, forces the power generation industry to shift to cleaner and environment-friendly energy resources. Major global economies have high focus on developing the renewable power generation to reduce their dependency on conventional power generation through fossil fuels. In the past few years, the renewables investment record shows that the focus on reducing global dependence on coal and other fossil fuels, is well in progress, largely due to the investments in wind, solar and other renewables.
Wind energy is a major renewable energy source with the potential to meet the challenges faced such as shortage of electricity supply. In 2013, USD 86 billion was invested globally in wind power sector which was increased to USD 107.2 billion in 2017. Wind power rose to 539 GW in 2017, as the world installed 52 GW of new wind power projects. In the European Union, wind energy had the maximum capacity installations in 2017. With of installation, it accounted for 55.2% of all new installations. Hence, such tremendous investment and yearly addition in capacity of wind power certainly boost the steel wind tower market, globally.
Over the past few years, the global investment on renewable forms of energy has been increasing globally due to the favorable regulations and policy of governments in different countries such as China, the US, India, Germany, the UK, and Denmark. In many countries such as China, Japan, and EU countries, policies such as FIT (feed-in tariff), tax credits, net metering, and capital subsidies are the major energy policies geared specifically towards wind.
For instance,
· Government of Denmark is set to introduce FIT for small wind turbines. The planned remuneration is 0.33 euros per Kilowatthour (kWh) for units of up to 10 Kilowatt (kW) and 0.20 euros/kWh for up to 25 kW.
· In the US, the Federal Business Energy Investment Tax Credit (ITC), a corporate tax incentive that allows owners of new wind energy systems of any size to receive tax credits worth 30% of the value of the facility.
· The government in Poland has adopted a new renewable energy law, which will allow FiT for small wind turbines. Up to 3 kW the FIT rate will be 0.17 euros per kWh, up to 10 kW, the FIT rate will be 0.15 euros/kWh.
· Among the regions, Europe has a strong commitment for the reduction of carbon emissions to the Paris Agreement. According to the Europe Renewable Energy Directive, the government of Europe has set a target to have a 35% share of renewable energy, across the globe, by 2030. In addition, after the introduction of the Chinese Renewable Energy Law in 2005, China emerged as the global market leader in terms of total installed capacity. Such support from various governments is expected to encourage the utilization of wind power and be an opportunity for the steel wind tower market.
Steel is a major raw material used for manufacturing wind towers. The availability of such material depends on the global and local demand and supply force, along with government regulations. The cost of steel depends on the terms and duration of the contract with the steel manufacturers, which is typically for one year or multi-year. As cost of steel is very unstable, due to which the final product cost can increase or decrease. For example, an increase in the cost of the raw material is going to increase the manufacturing cost, thus, increasing the cost of the final product. Furthermore, the financial performance of the company can adversely be affected due to this fluctuation. Such factors may hamper the growth of the market.
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Profiles of 107 companies operating in the Steel Wind Tower Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
Company Headquarters: Denmark Founded: 1996 Workforce: ~500 Company Working: Ib Andresen Industri operates in wind, solar, transport, building, and steel industries. It specializes in the development and production of bolted steel shell towers for wind turbines. It has improved the bended and bolted tower concept and is now ready with next generation wind turbine towers. Its steel towers are available in various heights above 115 m for on-shore wind turbines. The company offers steel solutions for internals, and tower constructions to the wind industry, nacelle components, and mounting solutions for PV and CSP-systems of the solar industry, and steel solutions for the industrial market. The company also offers supplier services, customized solutions, service center, and steel designing solutions. It has supplied various solutions to big wind turbine manufacturers. The company has production facilities in Nyborg and Langeskov. It offers safe, efficient, intelligent and affordable solutions for wind turbines, oil and gas equipment, and machines. Ib Andresen Industri A/S operates as subsidiary of IAI Holding A/S.
Company Headquarters: Luxembourg Founded: 2001 Workforce:~4000 Company Working: Senvion S.A. has been manufacturing and selling wind energy turbines for close to a couple of decades, while developing turnkey wind farms. It operates through three business segments, which are onshore wind turbines, offshore wind turbines, and services. Its wind turbines portfolio has a capacity with nominal outputs of 2–6.2 megawatts and rotor diameters ranging between 82 meters and 152 meters. It offers a range of project specific solutions for domains such as foundation construction, transport and installation as well as it offers service and maintenance. Senvion with the experience gained from manufacture, has installed more than 7,900 wind turbines around the world. It installed more than 400GW capacity of wind turbines globally. It has 18 manufacturing facilities, across the globe. It owns production sites in Germany and Portugal and operates through subsidiaries and in Europe, the Americas, Asia, and Australia through joint ventures.
Company Headquarters: Xinjiang, China Founded: 1998 Company Working: Goldwind is one of China’s earliest manufacturers in the wind power industry. Its core and technical team has more than 20 years of experience in wind power industry. The four major business segments include WTG (wind turbine generator) manufacturing, wind power services, and wind farm investment and development. Goldwind is also engaged in research and development, manufacturing, and sale of wind power components, construction, development and operation of wind farms and related maintenance services. It also manufactures and sells wind power equipment and accessories and development and operation of water treatment plants and solar power generation projects. The company offers innovative energy solutions with over 41 GW of installed wind power capacity worldwide and more than 21,000 wind turbine units running in 17 countries and 6 continents. It offers customized energy solutions to meet different requirements and profiles. The group has 266 subsidiaries, which include 26 directly owned subsidiaries and 240 indirectly owned subsidiaries. These subsidiaries include R&D and manufacturing companies for WTG components, wind farm investment and development companies, wind power service companies, water treatment units, and finance lease companies
Company Headquarters: Asturias (Spain) Founded: 1950 Company Working: Windar Renovables, a company of Grupo Daniel Alonso one the leading manufacturers of wind tower. It has more than 60 years of experience in the manufacturing of tubular steel structures, design and manufacturing of pressure equipment and large metal structures, steel comprehensive and large metal design and development of environmental equipment and others. It offers a wide range of industrial products and services that are developed to meet customer requirements. The company started manufacturing onshore wind towers in 2007 and has an experience of over a decade. It expanded its business into offshore wind towers manufacturing. WINDAR has manufactured wind towers for major players within wind farms located in Germany, the UK and the US. It also manufactures products for off-shore market, such as monopilots, and jackets as a part of its business development. WINDAR has production plants in regions including Europe and Asia
Company Headquarters: South Korea Founded: 2006 Company Working: CSWIND CORPORATION is one of the largest wind tower manufacturers in the world. The company started with onshore wind towers and later diversified its business to offshore wind towers and plant industry. CSWind also offers transition parts for offshore wind towers, tower internal parts, and components which include cables, platforms, ladders, brackets, and others. It also offers plant equipment, including rectifiers/after washers, FLSH hoppers, cold separators, propylene fractionators, H2S removal columns, strippers, and others. The onshore wind turbine is a major product of CS Wind, a structure that supports wind turbine and generator blades, that are made with strict quality management and precise manufacturing to make it more durable. Offshore wind tower are made with high level of quality in fabrication to with stand from powerful sea wind. CSWind has several production bases in Vietnam, China, Canada, and the UK. The subsidiaries of the company are CS WIND Vietnam Co., Ltd., CS WIND China Co., Ltd., CS WIND Canada Inc., CS WIND UK Limited, CS Wind Malaysia Sdn Bhd, and CS Wind Turkey
Company Headquarters: Denmark Founded: 1986 Company Working: Aeolos Wind Energy Ltd is one of the manufacturers of small wind turbines and towers. It offers various products which include horizontal axis wind turbines, vertical axis wind turbines, wind turbine towers, and wind turbine kits. The company holds seven patents on wind generators, control systems, blade design, and inverters. At present, its products include horizontal axis wind turbines from 500 W to 60 KW and vertical axis wind turbines from 300 W to 10 KW. The products are widely applied for home, farm, village, school, and small wind farms. Aeolos wind turbines are working in more than 60 countries and regions
10 interactive charts drawn from the Steel Wind Tower Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Steel Wind Tower Market United States and Canada Of North America By Country
Global Steel Wind Tower Market Middle East And Africa and Latin-America Of Rest Of The World
Global Steel Wind Tower Market Germany, Denmark, Spain, France, United Kingdom and Rest Of Europe By Country
Global Steel Wind Tower Market Australia, China, India and Rest Of Asia Pacific By Country
Global Steel Wind Tower Market By Region
Steel Wind Tower Market North America By Country
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
