USD 56.22 billion
Report ID: SQSG55F2001 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 68 | Figures: 75
Global Wind Turbine Foundation Market size was valued at USD 56.22 billion in 2021 and is poised to grow from USD 62.98 billion in 2022 to USD 98.4 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).
The wind energy sector has experienced significant growth in recent years due to the increasing number of wind turbines. The decline in fossil fuel reserves, the rapid growth of industrialization, and the increase in demand for power consumption by populations have encouraged governments and manufacturing companies to seek renewable green energy sources. Environmental concerns have shifted the emphasis to alternate power producing technologies. Climate change caused by global warming has encouraged numerous countries to prioritize investments in sustainable green energy sources.
Energy consumption is being driven by an increase in global population and disposable income in developing countries. To meet the energy requirement, various energy sources such as fossil fuels, nuclear power, and renewable energies are utilised to varying degrees. The growing use of renewable energy sources in global energy has spurred industrial growth, resulting in strong demand for the construction of wind turbines. However, due to the rising demand for power generation and development activities, most countries are focusing on supplying safe, reliable, and cost-effective power, which is likely to boost the growth of the wind turbine foundation market over the forecast period.
US Wind Turbine Foundation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 56.22 billion
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The Global Wind Turbine Foundation Market is segmented on the basis of Type, Application, and Region. Based on Type, the Wind Turbine Foundation Market is segmented into Mono-Pile, Jacket-Pile, Gravity, Tripod, Suction, Raft, Pile, Well Foundation, and Others. By Application, the Wind Turbine Foundation Market is segmented into Onshore Foundation and Offshore Foundation. Based on the Region, the Wind Turbine Foundation Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Wind Turbine Foundation Market Analysis by Type
A Wind Turbine Foundation market can be categorized into Mono-Pile, Jacket-Pile, Gravity, Tripod, Suction, Raft, Pile, Well Foundation, and Others. The introduction of large wind turbines has driven demand for Offshore foundations such as mono-piles and jacket piles. Mono-pile is expected to dominate the Offshore segment due to its ease of installation and ability to remain stable. However, as wind farms continue to reach deep water and turbine capacity increases, jacket foundations are likely to be the fastest-growing segment in the wind turbine foundation market. Wind turbine prices in all regions are predicted to fall, resulting in significant growth in wind power installed capacity. Because of technological advances in this industry, renewable energy has become cost-competitive with other conventional energy sources in recent years. The offshore jacket pile is expected to grow at a rate of 15.8% CAGR during the forecast period.
Wind Turbine Foundation Market Analysis by Application
Based on application, Wind Turbine Foundation is segmented into Onshore Foundation and Offshore Foundation. According to our estimations, the Onshore Foundation has the largest Wind Turbine Foundation Market share, accounting for around 70.70% of total revenue worldwide. During the projection period of 2022-2028, the Offshore Foundation is expected to be the fastest-growing segment. The raft is the largest segment in the onshore foundation, accounting for 39.4% of global income.
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Asia-Pacific is the largest market for Wind Turbine Foundation, accounting for more than 30% of the global industry in 2021. Growing demand for clean energy in emerging markets such as China and India, as well as the expansion of the clean energy sector in these nations, will benefit the industry. Europe is the world's second-largest market for Wind Turbine Foundation. Wind power capacity has expanded in countries such as Finland, Poland, and Norway in recent years, and governments are striving to power the entire country with wind power. This will have a favorable impact on the region's overall wind power development over the forecast period.
North America is a key region for the growth of the wind energy market due to the increasing focus on power generation from renewable energy sources. Government support for wind energy in terms of research and development, providing subsidies, and focusing on harnessing wind energy by constructing innovative foundation design structures is expected to play a crucial role in increasing the Wind Turbine Foundation Market during the period.
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Wind Turbine Foundation Market Restraint
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The Global Wind Turbine Foundation Market is fairly competitive due to the presence of various international, regional, and local players such as Fugro Inc., Bladt Industries, Iberdrola, S.A., and others. Technological advancements have compelled some regional businesses to innovate in order to remain competitive in this market. Key companies are also concentrating on broad offshore coverage for large area coverage and massive energy generation. With Wind Turbine Foundation Market demand evolving toward cleaner and more natural energy sources, major firms have focused on long-term plans that include product innovation.
Wind Turbine Foundation Market Top Player’s Company Profiles
Wind Turbine Foundation Market Recent Development
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During the forecast period, ongoing efforts to build a wind turbine foundation and the increasing product launches of Wind Turbine Foundations material by key players are expected to increase Wind Turbine Foundation Market pressure throughout the forecast period. Furthermore, the Asia Pacific region is expected to dominate the market. Europe is expected to be the fastest growing region, with increasing R&D in the Wind Turbine Foundation industry, resulting in a growth in the Global Wind Turbine Foundation market over the forecast period.
|Market size value in 2021||USD 56.22 billion|
|Market size value in 2030||USD 62.98 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Wind Turbine Foundation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wind Turbine Foundation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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