Steel Wind Tower Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Steel Wind Turbine Market is estimated to be valued at $ 10.42 billion in 2023, and is expected to reach $ 14.50 billion by 2032, at a CAGR of 3.7% from 2024 to 2032. This growth trajectory indicates a continuous increase in the demand for steel wind towers, driven by the rising investments in the construction of renewable energy equipment and the growing need for sustainable energy solutions. The need for efficient and durable wind energy solutions, driven by the demand for renewable energy, is also driving the market. There are several factors that are contributing to this market growth, including the development of wind energy technology, which increases the efficiency and reliability of wind energy production. The development of wind energy technology, such as the development of larger wind towers and the use of improved materials, allows the production of more energy, thus making wind energy more competitive with other energy sources. The main companies in the industry, such as Siemens, GE, and Vestas, are constantly investing in R & D and strategic alliances to develop new wind towers. These efforts not only strengthen the market position of these companies, but also respond to the need for a more sustainable energy solution, thus contributing to the growth of the market.

Regional Market Size

Regional Deep Dive

The Steel Wind Turbines Market is experiencing a significant growth in the regions. This is mainly due to the increasing demand for renewable energy sources and the growing trend towards sustainable practices. The dynamics of the market in each region is different, influenced by local regulations, technological advancements, and economic conditions. North America is characterised by a well-developed wind energy industry and significant investment, while Europe leads in terms of technological advancements and government support. Asia-Pacific is growing rapidly, mainly driven by rising energy needs and government initiatives. The Middle East and Africa are just starting to explore the wind energy potential. Latin America is also growing rapidly, backed by its abundant natural resources and favourable wind conditions.

Europe

• The European Union's Green Deal aims to make Europe the first climate-neutral continent by 2050, which includes substantial investments in wind energy infrastructure, thereby increasing the demand for steel wind towers.
• Countries like Denmark and Germany are leading the way in offshore wind projects, with companies such as Ørsted and Vestas at the forefront, driving innovation in tower design and materials.

Asia Pacific

• China continues to dominate the global wind energy market, with significant investments in wind tower manufacturing and installation, supported by government policies promoting renewable energy.
• India's ambitious target of achieving 175 GW of renewable energy capacity by 2022 has led to increased demand for steel wind towers, with companies like Suzlon Energy playing a crucial role in this expansion.

Latin America

• Brazil is emerging as a leader in wind energy in Latin America, with the government implementing favorable policies and incentives that are driving the growth of the steel wind tower market.
• Chile's commitment to generating 20% of its energy from renewable sources by 2025 is leading to increased investments in wind energy projects, creating demand for steel wind towers.

North America

• The U.S. Department of Energy has set ambitious targets for offshore wind energy, aiming to deploy 30 gigawatts by 2030, which is expected to significantly boost the demand for steel wind towers in the region.
• Major companies like GE Renewable Energy and Siemens Gamesa are investing heavily in advanced manufacturing technologies to enhance the efficiency and sustainability of wind tower production.

Middle East And Africa

• Countries like South Africa are beginning to invest in wind energy projects, supported by the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), which is expected to create opportunities for steel wind tower manufacturers.
• The UAE is exploring wind energy as part of its diversification strategy, with projects like the 100 MW wind farm in Dubai, which will require significant steel wind tower infrastructure.

Did You Know?

“Did you know that the average height of wind towers has increased significantly over the past decade, with some reaching heights of over 200 meters to capture stronger winds at higher altitudes?” — Global Wind Energy Council

Segmental Market Size

The steel wind-turbine section is a crucial part of the renewable-energy market, especially in the wind-energy sector, which is currently undergoing a very dynamic growth. The demand for wind-turbines is being driven by the need for sustainable energy solutions, backed by government support and the development of new steel manufacturing techniques that enhance the efficiency and longevity of wind-turbine towers. In Europe and North America, companies like Siemens, Gamesa and GE are driving the industry forward with large-scale projects. Steel wind-turbines are now being adopted on a large scale, with several major projects underway for both onshore and offshore wind farms. The main application of steel wind-turbines is in the utility-scale wind-energy industry. In addition to the sustainable-development trend, government support is driving the growth of this industry. Steel is a key material for wind-turbines, because it is easy to manufacture and has a high load capacity. Steel is also a suitable material for wind-turbines because it is strong and light, and it is also resistant to wind.

Future Outlook

Steel Wind Turbine Market will grow steadily from 2023 to 2032, with an increase in value from 10.42 billion to 14.50 billion, and an annual growth rate of 3.74%. The main reason is the growing demand for wind energy. As countries strive to achieve low-carbon goals and achieve sustainable development, the demand for wind energy will increase. In order to meet the needs of wind energy, the demand for steel towers for wind energy is expected to increase. The key technology is the development of large-scale and high-efficiency wind power equipment. High-strength steel and advanced production methods will be developed. Steel towers are expected to have better service life and cost performance. Governments also have a policy to support the development of wind energy, which will play a role in the development of the market. By 2032, the share of wind energy in new energy is expected to reach 25%. Steel towers will have a major position in the field of wind energy.