The global wind turbine foundation market is expected to grow from US$ 6,958. 35 million in 2021 to US$ 15,868. 94 million by 2028; it is estimated to grow at a CAGR of 12. 5% during 2021-2028.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wind Turbine Foundation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ; Application" - https://www.reportlinker.com/p06176815/?utm_source=GNW
Continuous rise in the global population and disposable income in developing countries are driving energy consumption.To meet the energy needs, energy sources such as fossil fuels, nuclear energy, and renewable energy are being utilized in various quantities.
The increased amount of renewable energy sources in the global energy mix has spurred industry expansion, resulting in high wind towers.However, the demand for increased power generation and improved development activities, in most countries are focusing on providing inexpensive, dependable, and secure energy, which is projected to boost the expansion of the wind turbine foundation market.
The World Bank Group has unveiled a new program to help developing countries adopt offshore wind energy more quickly. In association with the International Finance Corporation (IFC), the group will support emerging nations in assessing their offshore wind potential by aiding technical assistance in developing a growing pipeline of projects that are worth investment.
China has more than 1,000 GW of technical potential for offshore wind due to its 18,000-kilometer-long coastline.State-owned energy businesses are in charge of the majority of projects.
In 2019, European corporations, Électricité de France (EDF) and Equinor entered the market via collaborations with CHN energy and SPIC.Jiangsu Zhugensha H1 Offshore Wind Farma US$ 600 million project, built on China’s first foreign-backed wind farm, was completed in December 2019.
EDF and China Energy Investment Corporation collaborated on the first project—the 300 MW Dongtai IV wind farm.Phase 2, dubbed Dongtai V, will add 200 MW of power to the Dongtai in Jiangsu province.
Further, by 2040, Japan plans to construct 4 GW of capacity, to account for 7% of total power generation in that year. Japan’s Akita Noshiro Offshore Wind Farm Project “The Akita Offshore Wind Farm Corporation” is constructing a 54.6 MW wind farm in Akita Port. MHI Vestas has been selected as the manufacturer of the 13 turbines for this project. Another 20 MHI Vestas turbines will be used in the nearby project in Noshiro Port. Commercial operations would commence in 2022, with 130,000 houses being served. Thus, the quickly expanding wind energy installation capacity and falling wind turbine prices worldwide are expected to propel the global wind turbine foundation market forward during the forecast period.
The wind turbine foundation market is segmented on the bases of type, application, and geography.Based on type, the market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock and anchor, and others.
The gravity segment represented the largest share of the overall market in 2020.Based on application, the wind turbine foundation market is segmented into onshore and offshore.
In 2020, the onshore segment accounted for the substantial share of the market.On the basis of geography, the wind turbine foundation market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
In 2020, Europe accounted for a significant share of the market.
The COVID-19 pandemic in Europe has had a diverse impact on various nations, since only a few nations have seen an increase in the number of cases, consequently imposing stringent, long-term lockdown or social isolation measures.However, Western European nations such as Germany, France, Russia, and the UK witnessed a only a slight decline in their growth activities owing to their excellent healthcare systems.
The governments of these countries have invested significant resources in improving the efficiency and efficacy of the detection and treatment of COVID-19.Following the relaxation of limitations, all wind turbine and component manufacturing plants in Europe are now open.
To ensure full compliance with regulatory requirements, sanitary measures are reinforced within locations. As a result, the European wind turbine foundation market is expected to grow significantly in the coming years.
The wind turbine foundation market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the wind turbine foundation market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the wind turbine foundation market.
A few major players operating in the global wind turbine foundation market are 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.
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