LONDON--(BUSINESS WIRE)--The global wind turbine tower market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio. The report also highlights the increase in demand for clean power, new turbine tower technology to reduce energy costs, and the decline in LCOE of wind power generation as the key emerging trends in the market.
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In this report, Technavio highlights the increase in rotor diameter as one of the factors driving growth in the global wind turbine tower market:
Global wind turbine tower market: Increase in rotor diameter
The increasing demand for alternative energy sources such as wind power is attributable to the fast depleting fossil fuel reserves around the world. Also, the polluting greenhouse effects of fossil fuels is driving the need for cleaner and sustainable sources of power generation. Wind energy has been identified as a renewable and pollution-free source for generating electricity. The dimension of the rotor and the blades in a wind turbine play a significant role in efficiently extracting energy from the wind, which can be altered by increasing or decreasing the diameter of the rotor based on the speed and direction of the wind.
“The increase in diameter of a wind turbine rotor has a corresponding impact on the power generated by the wind turbines. For the rotor to function effectively a minimum and a maximum speed of wind is required based on which the size of the rotor is chosen. The increase in the size of wind turbine towers and rotor diameters will enhance the power generation capacity of the wind turbines and significantly reduce the infrastructure costs incurred during a project due to the need for fewer wind turbine installations,” says a senior analyst at Technavio for research on power.
Global wind turbine tower market: Segmentation analysis
This market research report segments the global wind turbine tower market by application (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).
The onshore segment held the largest market share in 2017, accounting for nearly 96% of the market. This application segment is expected to dominate the global market throughout the forecast period, while the offshore segment is estimated to contribute to a market share of nearly 4%.
APAC led the market in 2017 with a market share of nearly 47% of the market share. The market share occupied by this region is anticipated to increase during 2018-2022, owing to the growing demand for harnessing wind energy in developing countries such as China and India.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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