- Published: 07 February 2014 07 February 2014
The wind turbine towers market is expected to increase from US$ 12.1 billion in 2013 to US$ 19.3 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 6.9%, says a new report from research and consulting firm GlobalData.
According to the company’s report, China had the largest amount of wind turbine towers installed in 2013, reaching a market share of 47.4%. This was followed by the US, India and Canada with respective shares of 7.5%, 6.5% and 5.8%. The growth of the wind turbine towers market is directly related to that of the wind energy industry, which is heavily influenced by favorable government policy, rising environmental concerns, increasing demand for power, and the uncertain supply and prices of energy from conventional sources. In fact, the global wind power cumulative capacity is expected to more than double over the forecast period, jumping from 322.5GW in 2013 to 688GW in 2020. However, the lack of sufficient grid infrastructure around the world could impede further wind energy growth in the medium term. The shortage of skilled workforces in the global renewable energy industry is also a major barrier, which could potentially lead to project delays and poor-quality services across the wind sector, according to GlobalData.