Market Size (2016)
2016
$13.00B
Vertical: EnPBase Year: 201710 Sections
Market Size (2016)
2016
$13.00B
Projected (2023)
2023
$19.90B
CAGR (2016–2023)
6.3%
6.3%Key Players
110+
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.
Historical performance and future projections (2020–2030, USD Billion)
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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 – 2017
Forecast Period
2017 – 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 PlansMarket 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 | 6.3% | 72% |
| Offshore | $1.90B | 6.3% | 89% |
* 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 15.6 GW 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 110 companies operating in the Steel Wind Tower Market market, including revenue, employee count, and market positioning where available.
Showing 110 of 110 companies
Ib Andresen Industri
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.
Sika AG
Company Headquarters: Switzerland Founded: 1910 Workforce: ~18500 Company Working: Sika AG is primarily engaged in the production and sale of wind energy tools and components, corrosion and fire protection coatings, gypsum, and dry mortar additives. It is primarily known for its design, research and development, and manufacturing activities of the bonding, sealing, damping, reinforcing, and protecting concrete and steel. Its products are used for various wind turbine applications such as mould manufacturing, nacelles and machine parts, blade manufacturing, steel tower, concrete tower, base foundation, and offshore wind. It offers wind energy products and solutions such as gelcoats, laminating systems, industrial coatings, adhesives and sealants, composite resin systems, vacuum casting and silicone resins, rim systems, auxiliary materials, and dry mortar additives. It has 200 manufacturing facilities in 101 countries, such as India, Canada, US, and Germany. Sika AG controls around 35 domestic subsidiaries, which include Axson Technologies SA, Inatec S.R.L., Valspar Flooring, Sika Italia S.p.A., Texsa India Ltd., and Schonox GmbH. It has offices located across India, China, Germany, Portugal, Italy, France. A few of its competitors are Huntsman, Carlisle, and PPG Industries.
Senvion S.A.
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.
Goldwind
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
General Electric Company
Company Headquarter: US Founded: 1892 Workforce: 283,000 Company Working: General Electric Company is a technology and financial services company that develops and manufactures products for the generation, transmission, distribution, control, and utilization of electricity. The company offers aircraft engines, power generation, water processing, security technology, medical imaging, business and consumer financing, media content, and industrial products. GE operates through two major segments—industrial and capital. The industrial segment consists of 8 different sub-segments, namely, power, oil & gas, energy, aviation, healthcare, transportation, appliances and lighting, and GE capital. The Power segment offers power generation and energy production. The Oil & Gas segment provides mission-critical equipment for Oil & Gas companies. The Energy segment provides wind turbine platforms, hydropower products and services, and blades for wind turbines. The Aviation segment manufactures jet engines, turboprops, maintenance, engineering, and overhaul services. The Healthcare segment provides diagnostic imaging and clinical systems, drug discovery solutions, gene therapy technologies, and medical technologies. The Transportation segment offers freight and passenger locomotives, rail parts, data analytics, and rail integrated software solutions. The Appliances & Lighting segment manufactures LED products, refrigerators, cooktops, microwave ovens, hybrid water heaters, energy efficiency, and productivity solutions. The GE Capital segment offers financial services such as commercial loans and leases, consulting services, and fleet management. GE Power’s Grid Solutions is one of the subsidiaries which provide the energy leader that provides technology, solutions, and services across the entire energy value chain. The company operates across the world in the Americas, EMEA (Europe, Middle East, and Africa), and Asia-Pacific and has several subsidiaries including GE Capital, GE Digital, GE Energy Connections, and GE Global Research.
Windar Renovables
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
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Steel Wind Tower Market