The wind tower market has experienced robust growth during the last five years and is expected to continue that momentum over the next five years, according to a recent report by market research firm Lucintel.
The firm predicts that the global wind tower market will reach approximately $21.6 billion in 2017, with a compound annual growth rate of 10.3% between this year and 2017. Asia is estimated to have the highest number of wind tower installations in 2017, and in terms of value, Europe will lead the global wind tower market because of the higher prices seen there.
In the next five years, the wind tower market is estimated to depict double-digit growth rate, driven by the wind turbine market, Lucintel predicts.
Although wind tower manufacturers are deprived of the benefits of international markets due to transportation problems, the booming wind industry is expected to offset negativity and present immense opportunities for both new and existing tower manufacturers in this market, the report adds.