At 9.6% CAGR, Asia Pacific Wind Turbine Tower Markets Projected to be Worth US$ 8,914.43 Million by 2030, says Business Market Insights.

According to Business Market Insights’ research, the Asia Pacific wind turbine tower market was valued at US$ 4,295.30 million in 2022 and is expected to reach US$ 8,914.43 million by 2030, registering a CAGR of 9.6% from 2022 to 2030. Favorable government policies and initiatives for wind energy are among the critical factors attributed to the Asia Pacific wind turbine tower market expansion.             

In India, solar, wind, hydro, and biomass projects are qualified for tax exclusion under Section 80-IA and Accelerated Depreciation policies. In January 2022, the People's Bank of China (PBOC) announced providing low-cost loans to fund decarbonization activities. Also, the current policy initiatives of Beijing are focusing on tax advantage and low-interest loans to companies developing low-carbon projects, power market reforms, and grid enhancement. Thus, growing government focus on renewable energy generation and increasing initiatives in the form of funding and favorable policies are acting as a major driver for the wind turbine tower market

On the contrary, overdependence on Chinese wind turbine tower manufacturers hurdles the growth of Asia Pacific wind turbine tower market. 

Based on tower type, the Asia Pacific wind turbine tower market is categorized into tubular steel towers, lattice towers, and hybrid towers. The tubular steel towers segment held 93.6% market share in 2022, amassing US$ 4,020.66 million. It is projected to garner US$ 8,355.63 million by 2030 to expand at 9.6% CAGR during 2022–2030.

In terms of deployment type, the Asia Pacific wind turbine tower market is bifurcated into onshore and offshore. The onshore segment held 74.9% share of Asia Pacific wind turbine tower market in 2022, amassing US$ 3,215.03 million. It is projected to garner US$ 6,624.50 million by 2030 to expand at 9.5% CAGR during 2022–2030.

Based on country, the Asia Pacific wind turbine tower market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 87.9% share of Asia Pacific wind turbine tower market in 2022. It was assessed at US$ 3,773.99 million in 2022 and is likely to hit US$ 7,477.55 million by 2030, exhibiting a CAGR of 8.9% during 2022–2030.            

Key players operating in the Asia Pacific wind turbine tower market are Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Valmont Industries Inc, Nordex SE, Dongkuk Structures & Construction Co Ltd, and Cs Wind Corp, among others.

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