The Wind Turbine Foundation Market explores comprehensive study on various segments like opportunities, size, share, Demand, Growth, trends, segment, development, innovation, sales and overall growth of major players. The key research methodology used throughout this market report by DBMR team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary validation. It has been assured that report gives absolute knowledge and insights to the clients about the new regulatory environment which suits to their organization. An influential Wind Turbine Foundation business report helps clients recognize new opportunities and most important customers for their business growth and increased revenue. This report concentrates on the worldwide market, investigations, and exploration of the Wind Turbine Foundation advancement status and figures in North America, Asia Pacific, Europe, the Middle East, Africa, and Latin America.
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The wind turbine foundation market is projected to reach US$ 15,868.94 million by 2028 from US$ 6958.35 million in 2021; it is estimated to grow at a CAGR of 12.5% during 2021-2028.
Wind energy is highly adopted as a sustainable alternative to electricity generation across the world. Several windmills projects have been established to produce electricity and reduce the carbon footprints worldwide. According to the United States Wind Turbine Database (USWTDB), as of January 2021, the country had more than 67,000 turbines installed across 44 states. The country anticipates to install more number of offshore and onshore wind turbines in the coming years, thereby, would catalyze the wind turbine foundation market
The rapidly increasing deployment of offshore wind farms has been fueled for the demand of carbon-neutral energy production. Offshore Wind Farms (OFWs) are approximately 1.5-2 times more expensive to build than onshore wind farms. Offshore wind farms have various advantages, even though they are costly and complex to create and operate. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, resulting in increased energy generation. Like any other renewable energy source, offshore wind farms do not require the usage of water to function correctly, and they also do not release any pollutants or greenhouse gases when in operation. The Wind Energy Technologies Office (WETO) of the US Department of Energy funds research across the country to develop and implement offshore wind technologies that capture wind resources off the US coasts and convert them to power. This diverse portfolio of research, development, and demonstration projects will aid the industry in overcoming fundamental barriers to offshore wind development such as the comparatively high cost of electricity, environmental mitigation, project installation, technical challenges, and grid connections. According to the European Union, Europe has the largest (70% of total) floating wind energy capacity across the world. Further, the governments of various European countries have laid down their plans to install wind farms in the coming years, which is expected to drive the businesses of the wind turbine foundation market players.
Impact of COVID-19 Pandemic on Wind Turbine Foundation Market
The COVID-19 outbreak has drastically disrupted the supply chain and manufacturing of industrial equipment. Owing to the subsequent imposition of public restrictions, the industry experts have predicted that the industrial equipment manufacturing industry would witness a quarter of lag in the chain. The manufacturing sector is likely to pick up pace sooner as governments across the world have started introducing relaxations in containment measures, resulting in the gradual revival of economies. This is expected to promote the businesses of the wind turbine foundation market.
North America is known for having the highest rate of adoption of advanced technologies due to favorable government policies that foster innovation and infrastructural development. The COVID-19 epidemic has a number of implications for the renewable energy sector in the region. The quarantine measures and shutdowns are causing furloughs and layoffs of technical, construction, and manufacturing personnel in the wind energy industry; many projects are undergoing demobilizations. As a result, many solar and wind farms are struggling to keep up with maintenance and operations. Furthermore, the COVID-19 pandemic has made it more difficult for renewable energy producers to obtain project finance or equity capital.
Global Wind Turbine Foundation Market report is a window to the Healthcare industry which gives details about what market definition, classifications, applications, engagements and market trends are. This report contains a chapter on the international Wind Turbine Foundation Market and all its associated companies with their profiles, which provides helpful data pertaining to their outlook in terms of finances, product portfolios, investment plans, and marketing and business strategies. With the trustworthy Wind Turbine Foundation Market research report, businesses can visualize the landscape about how the market is going to perform in the forecast years by gaining details on market definition, classifications, applications, and engagements.
Application-Based Market Insights
Based on application, the wind turbine foundation market is segmented into onshore and offshore. The offshore segment held the largest market share in 2020. The wind turbine foundation market is expected to witness growth in the number of onshore projects during the forecast period, thereby, generating substantial revenues from the onshore segment.
Type – Based Market Insights
Based on type, the wind turbine foundation market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock and anchor, and others. The gravity segment held the largest market share in 2020 in the wind turbine foundation market.
Players operating in the wind turbine foundation market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In June 2021, BW Ideol signed a Memorandum of Understanding (MoU) with Hitachi ABB Power Grids for developing scalable floating substations, which would support the development of commercial floating offshore wind farms with high-capacity wind turbines.
In November 2020, Sif Netherlands B.V., in an association with Smulders Projects Belgium N.V., announced its plan of manufacturing all monopiles and transition pieces, involving ~260 kiloton steel, for the Dogger Bank A& B Offshore Wind Farm project, based in the North Sea off the northeast coast of England.
As per the regional analysis, North America has witnessed high rate of shares in market and expected to dominate the market for the forecast period. APAC is expected to witness the fastest growth rate over the forecast period, as government is spreading awareness regarding these problems. Whereas countries such as China and Japan have high number of aged population and they are also developing cost effective devices for the market which develop a huge market for Wind Turbine Foundation in future for APAC region.
Market Insights – Wind Turbine Foundation Market
Rising Emphasis on Renewable Energy Fuels Growth of Wind Turbine Foundation Market
Due to the need to reduce greenhouse gas emissions, the depletion of fossil fuels, and continuous variations in climatic patterns are attracting emphasis on renewable energy in the whole energy mix, which is encouraging the development of renewable and green energy generation projects.
The demand for renewable energy is likely to continue to climb because of declining upfront costs of systems involved in renewable energy sectors; growing need to reduce CO2 emissions, and rising energy consumption in developing and underdeveloped countries. The growth in attraction towards renewable energies would catalyze the wind turbine foundation market in the coming years. According to the International Renewable Energy Agency (IRENA), the share of renewables in annual global energy generation is expected to rise from 25% from 2020 to 86% by 2050. For achieving this feat, the world is expected to invest US$ 95 trillion by 2030 and US$ 110 trillion by 2050 in this sector. As a result, there will be a noticeable shift from fossil fuels and renewable energy sources. Europe has a large number of offshore windmill projects in operation, accounting for 90% of total power generation. Thus, the growing emphasis on renewable energy would drive the wind turbine foundation market in the coming years.
Key Inclusions of the market model are –
Currently marketed Wind Turbine Foundation and evolving competitive landscape –
Insightful review of the key industry trends
Annualized total Wind Turbine Foundation Market revenue by segment and market outlooks from 2022-2029.
Granular data on total procedures, units, average selling prices and market values by segment.
Global Wind Turbine Foundation Market: Table of Contents
1 Report Overview 2022-2029
2 Global Growth Trends 2022-2029
3 Competition Landscape by Key Players
4 Global Wind Turbine Foundation Market Analysis by Regions
5 Global Wind Turbine Foundation Market Analysis by Type
6 Global Wind Turbine Foundation Market Analysis by Applications
7 Global Wind Turbine Foundation Market Analysis by End-User
8 Key Companies Profiled
9 Global Wind Turbine Foundation Market Manufacturers Cost Analysis
10 Marketing Channel, Distributors, and Customers
11 Market Dynamics
12 Global Wind Turbine Foundation Market Forecasts 2022-2029
13 Research Findings and Conclusion
14 Methodology and Data Source
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