The global wind turbine foundation market is projected to expand from US$ 6,958.35 million in 2021 to US$ 15,868.94 million by 2028, reflecting a compound annual growth rate (CAGR) of 12.5% during the period from 2021 to 2028.
The continuous increase in the global population, coupled with rising disposable incomes in developing nations, is significantly driving energy consumption. To satisfy the growing energy demands, a variety of energy sources, including fossil fuels, nuclear power, and renewable energy, are being utilized in different proportions. However, the global energy landscape is undergoing a transformation due to evolving governmental policies and advancements in technology. The growing share of renewable energy sources in the global energy mix has catalyzed industry growth, leading to a surge in the construction of wind towers. In response to the escalating demand for enhanced power generation and development initiatives, many countries are prioritizing the provision of affordable, reliable, and secure energy, which is anticipated to further propel the wind turbine foundation market.
In a significant move, the World Bank Group has launched a new initiative aimed at accelerating the adoption of offshore wind energy in developing countries. In collaboration with the World Bank and the International Finance Corporation (IFC), this program will assist emerging economies in evaluating their offshore wind potential and provide technical support to develop a robust pipeline of investment-ready projects.
China stands out with over 1,000 GW of technical potential for offshore wind energy, thanks to its extensive 18,000-kilometer coastline. In 2018, the nation added 1.6 GW of offshore wind capacity, making it one of the largest contributors globally. Most of these projects are managed by state-owned energy companies. In 2019, European firms such as ?lectricit? de France (EDF) and Equinor entered the Chinese market through partnerships with local entities like CHN ENERGY and SPIC. Notably, the Jiangsu Zhugensha H1 Offshore Wind Farm, a US$ 600 million project, was completed in December 2019, marking a milestone as China's first foreign-backed wind farm. The collaboration between EDF and the China Energy Investment Corporation led to the establishment of the 300 MW Dongtai IV wind farm, with plans for a second phase, Dongtai V, to add an additional 200 MW in Jiangsu province. Furthermore, Japan has set an ambitious target to develop 4 GW of offshore wind capacity by 2040, which is expected to represent 7% of its total power generation by that time.
The wind turbine foundation market is categorized based on type, application, and geography. In terms of type, the market includes segments such as mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock and anchor, among others. The gravity foundation segment held the largest market share in 2020. Regarding application, the market is divided into onshore and offshore segments, with the onshore segment accounting for a significant portion of the market in 2020. Geographically, the wind turbine foundation market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with Europe holding a substantial market share in 2020.
The COVID-19 pandemic has had varied impacts across Europe, with only a few countries experiencing a surge in cases, leading to strict and prolonged lockdowns or social distancing measures. However, nations in Western Europe, including Germany, France, Russia, and the UK, faced only minor declines in their growth activities, thanks to their robust healthcare systems. These governments have invested heavily in enhancing the detection and treatment capabilities for COVID-19. As restrictions have eased, all wind turbine and component manufacturing facilities in Europe have resumed operations, with stringent sanitary measures in place to ensure compliance with health regulations. Consequently, the European wind turbine foundation market is anticipated to witness significant growth in the upcoming years.
The size of the wind turbine foundation market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the wind turbine foundation market across all segments. Additionally, primary interviews were conducted with industry stakeholders to validate the data and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the wind turbine foundation sector.
Key players in the global wind turbine foundation market include Fugro, Ramboll Group A/S, Iberdrola, S.A., BW Ideol, Peikko Group, EEW GROUP, Bladt Industries A/S, PRINCIPLE POWER, INC., Mammoet, and SIF GROUP.