Wind turbine towers market will hit $19bn by 2020 says report

The wind turbine towers market is expected to grow $12.1bn last year to $19.3bn by 2020, with China leading the way, according to a new study.

The report from research firm GlobalData says that this growth comes on the back of wind power technology “gaining increased popularity and institutional support from across the world”.

GlobalData found that China had the largest amount of wind turbine towers installed in 2013, with almost half of the market share, at 47.4 per cent. This was followed by the US, India and Canada, with respective percentage shares of 7.5, 6.5 and 5.8.

Alternative energy analyst at GlobalData, Harshavardhan Reddy Nagatham, said: “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.”

GlobalData forecasts that the global wind power cumulative capacity is expected to more than double between now and 2020, from 322.5 GW to 688 GW.

But the report warns that the lack of sufficient grid infrastructure around the world could impede further wind energy growth in the medium term.

Nagatham said: “The existing grid infrastructure is very poor and urgent modifications need to be made in order to accommodate the specific characteristics of wind power. Its upgrade also requires a substantial amount of investment in terms of financial resources and time.”

GlobalData added that 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.

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