According to figures from GlobalData the wind turbine towers market is expected to increase from £7.4 billion in 2013 to £11.8 billion in 2020. This gives a compound annual growth rate of 6.9%.
Over the forecasted period the global wind power capacity is expected to double, reaching 688GW in capacity in 2020. This will be driven by increased popularity and institutional support from across the world.
However, insufficient grid infrastructure and a shortage of skilled workers represent major barriers to growth and could lead to project delays, poor quality services and impede grwoth in the medium-term the report added.
According to the report, Chine had the largest amount of wind turbine towers installed in 2013, reaching a market share of 47.4%. The US, which ranked second, trailed behind China with a shar of just 7.5% in comparison.
Last year, the UK was described as the most attractive country for offshore wind investment, and the fifth most attractive for renewable energy.
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