At 8.1% CAGR, North America Wind Turbine Tower Markets Projected to be worth US$ 2,298.41 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America wind turbine tower market was valued at US$ 1,231.09 million in 2022 and is expected to reach US$ 2,298.41 million by 2030, registering a CAGR of 8.1% from 2022 to 2030. Technology advancements to attain more wind energy potential and rising demand for floating wind technology are among the critical factors attributed to the North America wind turbine tower market expansion.             

Technological advancement in wind energy can reduce the operational cost in the near future. In terms of wind turbine towers, the manufacturing of taller towers can unlock the higher potential of the wind turbine. Stronger winds are normal at higher heights; sometimes, it is beyond the reach of conventional turbines. An average 17-meter increase in height can offer the additional clearance required for longer blades to attain those high-altitude winds. In addition, the application of concrete structures for offshore wind turbines provides many advantages over towers made of only steel, which include a longer lifespan and more durability. The taller wind turbine towers and concrete-based turbine towers have more potential in wind energy projects than conventional towers, which is one of the future trends for the wind turbine tower market.

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

Based on tower type, the North America wind turbine tower market is categorized into tubular steel towers, lattice towers, and hybrid towers. The tubular steel towers segment held 93.3% market share in 2022, amassing US$ 1,148.39 million. It is projected to garner US$ 2,148.02 million by 2030 to expand at 8.1% CAGR during 2022–2030.

Based on development type, the North America wind turbine tower market is bifurcated into onshore and offshore. The onshore segment held 90.1% share of North America wind turbine tower market in 2022, amassing US$ 1,109.56 million. It is projected to garner US$ 2,029.14 million by 2030 to expand at 7.8% CAGR during 2022–2030.

Based on country, the North America wind turbine tower market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 88.1% share of North America wind turbine tower market in 2022. It was assessed at US$ 1,084.51 million in 2022 and is likely to hit US$ 1,917.33 million by 2030, exhibiting a CAGR of 7.4% during 2022–2030.   

Key players operating in the North America wind turbine tower market are Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Valmont Industries Inc, Marmen Inc, Nordex SE, Arcosa Wind Towers Inc, Broadwind Inc, and Cs Wind Corp, among others.

• In June 2023, Ørsted and Vestas, global leaders in renewable energy, announced a commercial sustainability partnership. Ørsted will procure low-carbon steel wind turbine towers and blades made from recycled materials from Vestas in all joint offshore wind projects.

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