According to The Insight Partners’ new research study on “Wind Turbine Foundation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application and Geography,” the market is projected to reach US$ 15,868.94 million by 2028 from US$ 6,958.35 million in 2021; it is estimated to grow at a CAGR of 12.5% from 2021 to 2028.
Market Size Value in – US$ 6,958.35 million in 2021
Market Size Value by – US$ 15,868.94 million by 2028
Growth rate – CAGR of 12.5% from 2021-2028
Forecast Period – 2021-2028
Base Year – 2021
No. of Pages – 172
No. Tables – 75
No. of Charts & Figures – 83
Historical data available – Yes
Segments covered – Type, Application, and Geography
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The global wind turbine foundation market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock & anchor, and others. Similarly, on the basis of application, the market is segmented into onshore and offshore. Based on geography, the global wind turbine foundation market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
China has more than 1,000 GW of technical potential for offshore wind due to its 18,000-kilometer-long coastline. In 2018, the country added an offshore wind capacity of 1.6 GW that is one the largest of all the countries in the world. State-owned energy businesses are in charge of the majority of projects. In 2019, European corporations, Électricité de France (EDF) and Equinor entered the market via collaborations with CHN ENERGY and SPIC. Jiangsu Zhugensha H1 Offshore Wind Farma US$ 600 million projects, built on China’s first foreign-backed wind farm, were completed in December 2019. EDF and China Energy Investment Corporation collaborated on the first project—the 300 MW Dongtai IV wind farm. Phase 2, dubbed Dongtai V, will add 200 MW of power to the Dongtai in Jiangsu province. Further, by 2040, Japan plans to construct 4 GW of capacity, to account for 7% of total power generation in that year. According to the IEA, Japan has the technical ability to generate nine times as much electricity as compared to other countries in the region., Further, the country plans to construct the facility with 4 GW of capacity by 2040, accounting for 7% of total power generation. Japan’s Akita Noshiro Offshore Wind Farm Project “The Akita Offshore Wind Farm Corporation” is constructing a 54.6 MW wind farm in Akita Port. MHI Vestas has been selected as the manufacturer of the 13 turbines for this project. Another 20 MHI Vestas turbines will be used in the nearby project in Noshiro Port. Commercial operations would commence in 2022, with 130,000 houses being served. Thus, the quickly expanding wind energy installation capacity and falling wind turbine prices worldwide are expected to propel the global wind turbine foundation market forward during the forecast period.
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China has more than 1,000 GW of technical potential for offshore wind due to its 18,000-kilometer-long coastline. In 2018, the country added an offshore wind capacity of 1.6 GW that is one the largest of all the countries in the world. State-owned energy businesses are in charge of the majority of projects. In 2019, European corporations, Électricité de France (EDF) and Equinor entered the market via collaborations with CHN ENERGY and SPIC. Jiangsu Zhugensha H1 Offshore Wind Farma US$ 600 million projects, built on China’s first foreign-backed wind farm, were completed in December 2019. EDF and China Energy Investment Corporation collaborated on the first project—the 300 MW Dongtai IV wind farm. Phase 2, dubbed Dongtai V, will add 200 MW of power to the Dongtai in Jiangsu province. Further, by 2040, Japan plans to construct 4 GW of capacity, to account for 7% of total power generation in that year. According to the IEA, Japan has the technical ability to generate nine times as much electricity as compared to other countries in the region., Further, the country plans to construct the facility with 4 GW of capacity by 2040, accounting for 7% of total power generation. Japan’s Akita Noshiro Offshore Wind Farm Project “The Akita Offshore Wind Farm Corporation” is constructing a 54.6 MW wind farm in Akita Port. MHI Vestas has been selected as the manufacturer of the 13 turbines for this project. Another 20 MHI Vestas turbines will be used in the nearby project in Noshiro Port. Commercial operations would commence in 2022, with 130,000 houses being served. Thus, the quickly expanding wind energy installation capacity and falling wind turbine prices worldwide are expected to propel the global wind turbine foundation market forward during the forecast period.
Strategic Insights:
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.
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