Wind Turbine Foundation Market: Current Analysis and Forecast (2024-2032)

Report Description

Wind Turbine Foundation Market Size & Forecast

The Wind Turbine Foundation Market was valued at approximately USD 63.51 Billion in 2023 and is expected to grow at a robust CAGR of around 5.85% during the forecast period (2024-2032) owing to the increasing global demand for adequate and fresh water.

Wind Turbine Foundation Market Analysis

Wind turbine foundations play a key role in the wind energy sector, ensuring that turbines have adequate stability and support to function effectively and safely. The developers have also introduced a vertical version to the geothermal system, describing it as an excellent turbine foundation technology due to its design anchors deep into the ground or seabed where each pole withstands enormous forces of wind loads and ocean waves and has all-around contact with soil which creates a solid penetrating solution for different types of lands. Various types of foundations can be used depending on location and environmental conditions, such as gravity-based, pile-supported, monopile foundations, jacket-type platforms, or floating structures. Different structures are used for the foundation of onshore wind farms (e.g., gravity-based, pile) and offshore wind farms (monopile, jacket, etc.), as they must fit a significant amount of water depth and marine conditions. Wind farm development and platform play a vital role in wind turbines’ overall performance and cost; these choices determine if they will pay more fees for a long time.

Strong government policies and aggressive renewable energy goals by the key players are driving the growth of the Wind Turbine Foundation Market. For instance, ACCIONA signed a Memorandum of Understanding (MOU) with Orsted, a global renewable energy company, to develop solutions to the challenge of manufacturing large foundations for offshore wind farms. The collaboration includes designing and developing foundation models to provide scalable solutions for offshore wind farms of different sizes and depths. Orsted and ACCIONA are evaluating cost-effective solutions for mass production based on floating concrete platforms. In addition, it includes research on the use of materials such as bio-cement in the manufacture of foundations. Determined to cut greenhouse gas emissions and promote renewable energy, governments worldwide are setting ambitious wind energy capacity targets. These initiatives are supported by a range of incentives, subsidies, and legislative frameworks that create interest in wind energy projects, leading to increased demand for state-of-the-art foundation solutions. In addition to this, technological development in wind turbine design and materials are the fueling factors keeping up this market. With larger, more productive wind turbines coming online, the foundations required to take these higher loads and hold everything stable has been an obvious need. Advancements like floating foundations for deep-water installations, along with the utilization of high-strength composite materials and alternatives, are aiding in augmenting wind turbine foundation efficiency improvements and durability as well as supporting progress at untapped geographical sites – all influencing market growth trends.

Wind Turbine Foundation Market Trends

This section discusses the key market trends influencing the Wind Turbine Foundation Market segments as identified by our research experts.

Monopile Type Transforming Industry

The monopile segment is dominating the market as it is a reliable and simple technology that is quick and cheap to manufacture and install. With an intact seabed in water up to 25 meters deep, the single-pile foundation and proven structure have long been the default choice for competitors, such as gravity-based. Its shape is suitable for simple calculations, easy manufacturing, and tight packing on transport ships. These giant steel pipes are 2.5 to 6.0 meters in diameter, 50 to 60 meters long, and weigh about 500 tons, although they can weigh more than 800 tons in deep places.

Asia Pacific is Expected to Grow with Significant CAGR During Forecast Period

Asia Pacific holds a significant share of the Wind Turbine Foundation Market and is anticipated to maintain a steady growth rate over the forecast period. Impressive infusions of technology, infrastructure, and strategic vision have transformed many regional advanced institutions into world leaders. The region is a manufacturing and industrial hub, encouraging energy demand due to its need for an unbreakable power supply. With high population densities and rising power requirements, energy derived from sustainable sources like wind electricity has emerged as a leading source of clean and sustainable generation. China is emerging as the dominant player in global wind power generation, with the country’s technological innovations and manufacturers supplying 60% of installed applications worldwide in 2022. Since 2023, China has been expanding its use of renewable energy. Europe has the second-largest market share for wind turbine foundations, as wind energy has played an essential role in achieving the EU’s renewable energy targets and progressing towards carbon neutrality by 2050 (European Environment Agency).

Wind Turbine Foundation Industry Overview

The Wind Turbine Foundation Market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Suzlon Energy Limited, Fugro, MT Hojgaard Danmark, Vestas, NORDEX SE, GW Windservice Hamburg GmbH, Sinovel Wind Group Co., Lt, Siemens, CS WIND Offshore A/S, and JFE Engineering Corporation.

Wind Turbine Foundation Market News

In 2023, Vestas won a bid for a Polish bankrupt turbine foundation company named ST3 Offshore, which was known for wind turbine foundations. ST3 Offshore, which was officially declared bankrupt in 2020, manufactured transition pieces, jacket foundations, and wind foundation components.

In 2023, Destia, which is the biggest infrastructure company in Finland, placed an order for Peikko’s Gravity7 foundation solution for the Niinimäki wind park project in the city of Pieksamaki. After completion, the wind farm will be the largest wind park in Eastern Finland. Peikko will design the foundation structure and deliver PSB® punching reinforcement systems for the project’s 22 foundations.

Wind Turbine Foundation Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Global Wind Turbine Foundation Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Wind Turbine Foundation Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Wind Turbine Foundation Market were the three major steps undertaken to create and analyze the adoption of Wind Turbine Foundation in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Global Wind Turbine Foundation Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Wind Turbine Foundation Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Wind Turbine Foundation Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as type, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Wind Turbine Foundation Market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and Wind Turbine Foundation Market regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Wind Turbine Foundation Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the Global Wind Turbine Foundation Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Wind Turbine Foundation Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Global Wind Turbine Foundation Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Wind Turbine Foundation Market. Data was split into several segments and sub-segments after studying various parameters and trends in the type, application, and regions of the Global Wind Turbine Foundation Market.

The main objective of the Global Wind Turbine Foundation Market Study

The current & future market trends of the Global Wind Turbine Foundation Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Wind Turbine Foundation Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type, application, and regions.
• Define and analyze the regulatory framework for the Wind Turbine Foundation
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Wind Turbine Foundation Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Wind Turbine Foundation Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry.

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