Europe Wind Turbine Tower Market Forecast to 2030
Europe Wind Turbine Tower Market Forecast to 2030 – Regional Analysis – by Tower Type (Tubular Steel Towers, Lattice Towers, and Hybrid Towers) and Deployment Type (Onshore and Offshore)
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Description
Decreased Cost of Tower Manufacturing Drives Europe Wind Turbine Tower Market
Wind towers are mainly made of steel, which accounts for almost 66–79% of total turbine cost; followed by fiberglass, plastic, or resin (11–16%); iron (5–17%); and copper and aluminum (1–2%). Wind turbine towers are predominantly made of steel. The growing commercial and technological advancement is anticipated to lower the manufacturing cost of wind turbine towers. The declining prices of steel, which is the main material for wind turbine towers, is one of the major reasons for the dropping cost of wind energy. In 2021, the steel prices were ranging between US$ 1,000 per tonne, and it dropped almost 40% and reached US$ 570–590 per tonne in 2022. The instability of demand for steel in the domestic market of China and the increasing export of steel from China is impacting the steel prices at the global level. The continuous downturn of steel prices is reducing the overall operational expenses of the wind projects. The declining operation cost of wind energy projects is positively impacting the wind energy sector, which is boosting the demand for wind turbine towers.
Europe Wind Turbine Tower Market Overview
The adverse effects of global warming and climate change have increased global awareness toward developing more sustainable products. The requirement for sustainable and clean energy sources is boosting the demand for wind energy, which is estimated to boost the expansion of the wind turbine tower market in the coming years. Reducing cost of wind power generation, growing awareness of environmental pollution, and encouraging government strategies for boosting wind capacity through financial incentives are anticipated to drive the market. In 2022, Europe added 16.7 GW of onshore wind capacity. Germany, France, Italy, Russia, and the UK are among the key countries in Europe. In Europe, Germany is leading in terms of installed wind capacity, followed by Spain, France, Sweden, and the UK.
Other European countries such as Poland, Denmark, Italy, the Netherlands, Portugal, and Belgium are also showing positive outcomes in terms of wind energy. According to the National Wind Energy Association (ANEV), Europe is projected to install 116 GW of new wind power capacity by 2026. Thus, such substantial wind energy potential in Europe is estimated to fuel the market for wind turbine towers during the forecast period.
In 2020, the UK government aimed for a Green Energy Revolution, wherein the development of offshore wind power plays an important role. To comply with this, six new offshore wind projects in England and Wales are anticipated to be built for the next generation of the country’s offshore wind projects. They are anticipated to play an important role in the UK’s plan to cut carbon emissions. In early 2021, the UK’s Crown Estate approved six fixed offshore wind ventures with a collective capacity of ~8 GW. In July 2022, the German Parliament adopted a new Onshore Wind Law to expand onshore wind by a massive 10 GW a year from 2025. Similarly, in July 2021, the European Commission approved France’s US$ 30.54 billion renewables incentive program. Thus, favorable policy structure, quick approval of projects, and augmented investment from the European Commission are the major factors boosting the demand for Europe wind turbine tower for the construction of new wind farms.
Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, GRI Renewable Industries SL, LM Wind Power AS, ZF Friedrichshafen AG, and Flender International GmbH are among the major wind turbine tower manufacturers in Europe. These manufacturers are continuously working on the development of eco-friendly components to mitigate the level of environmental pollution. For instance, in 2023, Siemens Gamesa introduced GreenerTower, which is a wind turbine tower fabricated of sustainable steel. The towers are of ~80% steel plates. The new GreenerTower is anticipated to certify a CO2 reduction of 63% in the tower steel plates compared to conventional steel. Thus, the increasing advancement of manufacturers is projected to fuel the Europe wind turbine tower market growth in the coming years.
Europe Wind Turbine Tower Market Revenue and Forecast to 2030 (US$ Million)
Europe Wind Turbine Tower Market Segmentation
The Europe wind turbine tower market is segmented based on tower type, development type, and country. Based on tower type, the Europe wind turbine tower market is segmented into tubular steel towers, lattice towers, and hybrid towers. The tubular steel towers segment held the largest market share in 2022.
In terms of development type, the Europe wind turbine tower market is bifurcated into onshore services and offshore services. The onshore services held a larger market share in 2022.
Based on country, the Europe wind turbine tower market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe wind turbine tower market share in 2022.
Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Valmont Industries Inc, Nordex SE, KGW Schweriner Maschinen-und Anlagenbau GmbH, and Cs Wind Corp are some of the leading companies operating in the Europe wind turbine tower market.
Summary Info
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According to the Research Team 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.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Europe wind turbine tower market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Wind Turbine Tower Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 Raw Material Suppliers
4.2.2 Component Manufacturers
4.2.3 End User
5. Europe Wind Turbine Tower Market – Key Industry Dynamics
5.1 Wind Turbine Tower Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Number of Wind Farms
5.2.1 Favorable Government Policies and Initiatives for Wind Energy
5.2.2 Decreased Cost of Tower Manufacturing
5.3 Market Restraints
5.3.1 Overdependence on Chinese Wind Turbine Tower Manufacturers
5.4 Market Opportunities
5.4.1 Rising Demand for Floating Wind Technology
5.5 Future Trends
5.5.1 Technology Advancements to Attain More Wind Energy Potential
5.6 Impact of Drivers and Restraints:
6. Wind Turbine Tower Market – Europe Market Analysis
6.1 Wind Turbine Tower Market Revenue (US$ Million), 2022 – 2030
6.2 Wind Turbine Tower Market Forecast and Analysis
7. Europe Wind Turbine Tower Market Analysis – Tower Type
7.1 Wind Turbine Tower Market, By Tower Type (2022 and 2030)
7.2 Tubular Steel Towers
7.2.1 Overview
7.2.2 Tubular Steel Towers Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Lattice Towers
7.3.1 Overview
7.3.2 Lattice Towers Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Hybrid Towers
7.4.1 Overview
7.4.2 Hybrid Towers Market, Revenue and Forecast to 2030 (US$ Million)
8. Europe Wind Turbine Tower Market Analysis – Deployment Type
8.1 Wind Turbine Tower Market, By Deployment Type (2022 and 2030)
8.2 Onshore
8.2.1 Overview
8.2.2 Onshore Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Offshore
8.3.1 Overview
8.3.2 Offshore Market, Revenue and Forecast to 2030 (US$ Million)
9. Europe Wind Turbine Tower Market – Country Analysis
9.1 Europe
9.1.1 Europe Wind Turbine Tower Market Overview
9.1.2 Europe Wind Turbine Tower Market Revenue and Forecasts and Analysis – By Country
9.1.2.1 Germany Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.1.1 Germany Wind Turbine Tower Market Breakdown by Tower Type
9.1.2.1.2 Germany Wind Turbine Tower Market Breakdown by Deployment Type
9.1.2.2 France Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.2.1 France Wind Turbine Tower Market Breakdown by Tower Type
9.1.2.2.2 France Wind Turbine Tower Market Breakdown by Deployment Type
9.1.2.3 Italy Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.3.1 Italy Wind Turbine Tower Market Breakdown by Tower Type
9.1.2.3.2 Italy Wind Turbine Tower Market Breakdown by Deployment Type
9.1.2.4 UK Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.4.1 UK Wind Turbine Tower Market Breakdown by Tower Type
9.1.2.4.2 UK Wind Turbine Tower Market Breakdown by Deployment Type
9.1.2.5 Russia Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.5.1 Russia Wind Turbine Tower Market Breakdown by Tower Type
9.1.2.5.2 Russia Wind Turbine Tower Market Breakdown by Deployment Type
9.1.2.6 Rest of Europe Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.6.1 Rest of Europe Wind Turbine Tower Market Breakdown by Tower Type
9.1.2.6.2 Rest of Europe Wind Turbine Tower Market Breakdown by Deployment Type
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
11. Industry Landscape
11.1 Overview
11.2 New Product Development
11.3 Market Initiative
12. Company Profiles
12.1 Vestas Wind Systems AS
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Siemens Gamesa Renewable Energy SA
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Valmont Industries Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Nordex SE
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 KGW Schweriner Maschinen- und Anlagenbau GmbH
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Cs Wind Corp
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About the Research Team
LIST OF TABLES
Table 2. Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Million) – Tower Type
Table 4. Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Million) – Deployment Type
Table 5. Germany Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Tower Type
Table 6. Germany Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 7. France Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Tower Type
Table 8. France Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 9. Italy Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Tower Type
Table 10. Italy Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 11. UK Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Tower Type
Table 12. UK Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 13. Russia Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Tower Type
Table 14. Russia Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 15. Rest of Europe Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Tower Type
Table 16. Rest of Europe Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 17. Heat Map Analysis by Key Players
LIST OF FIGURES
Figure 2. Ecosystem: Wind Turbine Tower Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Wind Turbine Tower Market Revenue (US$ Million), 2022 – 2030
Figure 5. Wind Turbine Tower Market Share (%) – Tower Type, 2022 and 2030
Figure 6. Tubular Steel Towers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. Lattice Towers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Hybrid Towers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Wind Turbine Tower Market Share (%) – Deployment Type, 2022 and 2030
Figure 10. Onshore Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Offshore Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Wind Turbine Tower Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 13. Europe Wind Turbine Tower Market Breakdown by Country (2022 and 2030)
Figure 14. Germany Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 15. France Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 16. Italy Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 17. UK Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 18. Russia Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 19. Rest of Europe Wind Turbine Tower Market Revenue and Forecasts to 2030 (US$ Mn)
1. Vestas Wind Systems AS
2. Siemens Gamesa Renewable Energy SA
3. Valmont Industries Inc
4. Nordex SE
5. KGW Schweriner Maschinen-und Anlagenbau GmbH
6. Cs Wind Corp
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