Wind Turbine Foundation Market Size, Share, Growth Analysis, By Type(Monopile, Gravity Based Structure (GBS), Tripod, Jacket), By Application(Onshore Foundation, Offshore Foundation), By Region - Industry Forecast 2024-2031

Wind Turbine Foundation Market size was valued at USD 56.22 billion in 2019 and is poised to grow from USD 62.98 billion in 2023 to USD 98.4 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

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. 'Vestas Wind Systems', 'Siemens Gamesa Renewable Energy', 'General Electric Company', 'Suzlon Energy Limited', 'Enercon GmbH', 'Nordex SE', 'Goldwind Science and Technology Co., Ltd.', 'Ming Yang Smart Energy Group Co., Ltd.', 'Senvion S.A.', 'Envision Energy Limited', 'LM Wind Power', 'Hitachi Ltd.', 'MHI Vestas Offshore Wind A/S', 'Sinovel Wind Group Co., Ltd.', 'Guangdong Mingyang Wind Power Industry Group Co., Ltd.', 'Adwen Offshore, S.L.U.', 'Clipper Windpower LLC', 'XEMC Windpower Co., Ltd.', 'Gamesa Corporación Tecnológica, S.A.', 'Shanghai Electric Wind Energy Co., Ltd.'

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.

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.

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.