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 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.