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Wind Turbine Foundation Market Size Worth US$ 15,868.94 million by 2028 | CAGR 12.5%: The Insight Partners

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Wind Turbine Foundation Market Size Worth US$ 15,868.94 million by 2028 | CAGR 12.5%: The Insight Partners

December 04
09:58 2021
Wind Turbine Foundation Market Size Worth US$ 15,868.94 million by 2028 | CAGR 12.5%: The Insight Partners
The Insight Partners
Growing Demand in Developing Countries to Provide Opportunities for Wind Turbine Foundation Market Players During 2021–2028

According to our 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.

Strategic Insights

Report Coverage

Details

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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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.

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.

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Rising Emphasis on Renewable Energy Fuels Growth of Wind Turbine Foundation Market

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 many offshore windmill projects in operation, accounting for 90% of total power generation. Thus, the growing emphasis on renewable energy would drive the demand for wind turbine foundations in the coming years.

The global wind turbine foundation market is rapidly expanding, owing to the increasing need for energy in both developed and developing countries. In addition, the need for green energy generation and government measures to promote renewable energy sources are propelling the sector forward. The trend for constructing offshore wind turbines is on the rise, owing to the high production and long-term growth of wind farms. In 2020, Europe dominated the wind turbine foundation market, accounting for more than 45% share in the global market share. The region’s large market share can be attributed to the presence of large wind turbine manufacturers and a significant number of onshore wind farm projects. 

Wind Turbine Foundation Market: Competitive Landscape and Key Developments

Bladt Industries A/S; Fugro; Iberdrola, S.A.; BW Ideol; Sif Group; Mammoet; EEW Group; PEIKKO Group; Principle Power, Inc.; and Ramboll Group A/S are among the key players in the global Wind Turbine Foundation market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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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 kilo ton 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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