USD 62.10 billion
Wind Turbine Foundation Market Size, Share, Growth Analysis, By Type (Monopile, Gravity Based Structure (GBS)), By Turbine Size, By installation method, By Application, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2048 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
68
|Figures:
75
Wind Turbine Foundation Market Insights
Global Wind Turbine Foundation Market size was valued at USD 62.10 billion in 2022 and is poised to grow from USD 108.9 billion in 2023 to USD 8.9 billion by 2031, growing at a CAGR of 5.5% during the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore Foundation
Fastest Growth
Onshore Foundation
Growth Rate
5.5% CAGR
Global Wind Turbine Foundation Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Wind Turbine Foundation Market Segmental Analysis
Global Wind Turbine Foundation Market is segmented by Type, Application and Region. Based on Type, the market is segmented into monopile, gravity-based structure (GBS), tripod, jacket, suction, well foundation, and others. Based on application, the market is segmented into onshore foundation, and offshore foundation. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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.
Global Wind Turbine Foundation Market By Application, 2021 (%)
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Wind Turbine Foundation Market Regional Insights
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.
Global Wind Turbine Foundation Market By Geography, 2021-2028
- Largest
- Fastest
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Wind Turbine Foundation Market Dynamics
Wind Turbine Foundation Market Driver
- The major driver for the sector is the increasing demand for clean and green power throughout the globe because the adverse effect of traditional energy sources is a major factor in increasing wind farm installation.
- Increasing government subsidies for green power generation is also a major reason for rising demand for windmill farms.
Wind Turbine Foundation Market Restraint
- Huge cost for installation of the windmill farms and the offshore location is a restraining factor for the growth in this sector.
- The installation of offshore windmill farms disrupts the natural equilibrium, reducing the sector's growth.
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Wind Turbine Foundation Market Competitive Landscape
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
- NORDEX SE (Germany)
- Offshore Wind Power Systems of Texas (USA)
- SIEMENS AG (Germany)
- Marine Innovation and Technology (USA)
- Vestas Wind Systems A/S (Denmark)
- SINOVEL WIND GROUP (China)
- Fugro Renewable Services (Netherlands)
- Suzlon Energy Ltd (India)
- Bladt Industries A/S (Denmark)
- MT Hojgaard Danmark (Denmark)
- Siemens Gamesa Renewable Energy (Spain)
- General Electric Company (USA)
- Enercon GmbH (Germany)
- Goldwind Science and Technology Co., Ltd. (China)
- Ming Yang Smart Energy Group Co., Ltd. (China)
- Senvion S.A. (Luxembourg)
- Envision Energy Limited (China)
- LM Wind Power (Denmark)
Wind Turbine Foundation Market Recent Development
- In April 2022, bp and EnBW have awarded Fugro a geotechnical site investigation contract for their new offshore wind farms, Morgan and Mona, located in the Irish Sea.
- In November 2021, The large renewable energy group of Denmark, Bladt corporation won the contract for offshore wind farms transmission pieces namely, Vesterhav Nord Vesterhav Syd. These transmission lines will deliver the energy to the country in a very cost-efficient way.
- In November 2021, Ocean Winds (a joint venture of ENGIE and EDP Renewables) and Principle Power have agreed to collaborate on the design of the floating platforms for France's first commercial-scale floating wind tender.
Wind Turbine Foundation Key Market Trends
- Japan intends to construct 4 GW of capacity by 2040, accounting for 7% of total power generation in that year. Akita Noshiro, a Japanese offshore wind farm project, is constructing a 54.6 MW wind farm in the port of Akita. The 13 turbines for this project were manufactured by MHI Vestas. Another 20 MHI Vestas turbines will be employed in the neighboring Noshiro Port project. Commercial operations would start in 2022, with 130,000 houses served. As a result, the global wind turbine foundation market is predicted to be driven by fast-growing wind turbine installation capacity and declining wind turbine prices throughout the forecast period.
Wind Turbine Foundation Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 62.10 billion |
| Market size value in 2031 | USD 8.9 billion |
| Growth Rate | 5.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wind Turbine Foundation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wind Turbine Foundation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wind Turbine Foundation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wind Turbine Foundation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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