At 5.5% CAGR, Europe Wind Turbine Tower Markets Projected to be worth US$ 3,848.60 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe wind turbine tower market was valued at US$ 2,516.15 million in 2022 and is expected to reach US$ 3,848.60 million by 2030, registering a CAGR of 5.5% from 2022 to 2030. Rising demand for floating wind technology and technology advancements to attain more wind energy potential are among the critical factors attributed to the Europe wind turbine tower market expansion.             

The demand for offshore wind turbine towers is growing, which allows the turbine to generate electricity in deep water. The floating wind technology is substantially competent in extreme conditions and, thus, capable of producing high power. This technology is being implemented globally across various countries, such as China, Japan, Germany, the UK, Belgium, Denmark, and France. Additionally, the growing demand for floating wind technology is due to the development in technological advancements and advantages linked with floating wind technology. Also, the mounting awareness regarding renewable energy in several countries is driving the demand for floating offshore wind energy, boosting the growth of the wind turbine tower market.

Moreover, governments of different countries have invested in several floating wind projects.

For instance, in May 2022, the UK government announced the opening of the US$ 192.09 million Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) for expressions of interest from manufacturers and private investors. Also, in 2023, Japan and Denmark collaborated to develop floating offshore wind turbine mass production technology. The goal is to combine their respective areas of competence to establish de facto global standards for the sector. The government, business, and academic institutions from both nations will work together on cost-cutting research projects under the new strategy. Universities, shipbuilders, and power firms in Japan are anticipated to participate. Moreover, Hywind Tampen (88 MW), the largest floating wind farm in the world, is currently being built in Norway. Further, four small projects in France, each weighing around 30 MW, will be operational soon. Europe will have 330 MW of floating wind power operating by 2024. Moreover, as per WindEurope, by 2023, the region is anticipated to have 10 GW of floating wind by 2030.

In addition, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel SEMI substructures that accelerate technology development for floating offshore wind. Thus, as the demand for floating offshore wind farms strengthens globally, the necessity for wind turbine towers will also increase, fueling the wind turbine tower market growth in the coming years.

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

Based on tower type, the Europe wind turbine tower market is categorized into tubular steel towers, lattice towers, and hybrid towers. The tubular steel towers segment held 93.5% market share in 2022, amassing US$ 2,352.19 million. It is projected to garner US$ 3,611.23 million by 2030 to expand at 5.5% CAGR during 2022–2030.

In terms of deployment type, the Europe wind turbine tower market is bifurcated into onshore and offshore. The onshore segment held 79.0% share of Europe wind turbine tower market in 2022, amassing US$ 1,988.03 million. It is projected to garner US$ 2,872.81 million by 2030 to expand at 4.7% CAGR during 2022–2030.

Based on country, the Europe wind turbine tower market has been categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 51.5% share of Europe wind turbine tower market in 2022. It was assessed at US$ 1,295.87 million in 2022 and is likely to hit US$ 1,493.58 million by 2030, exhibiting a CAGR of 1.8% during 2022–2030.            

Key players operating in the Europe wind turbine tower market are Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Valmont Industries Inc, Nordex SE, KGW Schweriner Maschinen-und Anlagenbau GmbH, and Cs Wind Corp, among others.

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