According to our new research study on “Wind Turbine Foundation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application and Geography,” the market is projected to reach US$ 15,868.94 million by 2028 from US$ 6,958.35 million in 2021; it is estimated to grow at a CAGR of 12.5% from 2021 to 2028.
Strategic Insights
|
Report Coverage |
Details |
|
Market Size Value in |
US$ 6,958.35 million in 2021 |
|
Market Size Value by |
US$ 15,868.94 million by 2028 |
|
Growth rate |
CAGR of 12.5% from 2021-2028 |
|
Forecast Period |
2021-2028 |
|
Base Year |
2021 |
|
No. of Pages |
172 |
|
No. Tables |
75 |
|
No. of Charts & Figures |
83 |
|
Historical data available |
Yes |
|
Segments covered |
Type, Application, and Geography |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
|
Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Get Exclusive Sample Pages of Wind Turbine Foundation Market at https://www.theinsightpartners.com/sample/TIPRE00009350/
China has more than 1,000 GW of technical potential for offshore wind due to its 18,000-kilometer-long coastline. In 2018, the country added an offshore wind capacity of 1.6 GW that is one the largest of all the countries in the world. 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 projects, built on China’s first foreign-backed wind farm, were 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.
According to the IEA, Japan has the technical ability to generate nine times as much electricity as compared to other countries in the region., Further, the country plans to construct the facility with 4 GW of capacity by 2040, accounting for 7% of total power generation. 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.
Impact of COVID-19 Pandemic on Wind Turbine Foundation Market
The COVID-19 outbreak has drastically disrupted the supply chain and manufacturing of industrial equipment. Owing to the subsequent imposition of public restrictions, the industry experts have predicted that the industrial equipment manufacturing industry would witness a quarter of lag in the chain. The manufacturing sector is likely to pick up pace sooner as governments across the world have started introducing relaxations in containment measures, resulting in the gradual revival of economies.
Download the Latest COVID-19 Analysis on Wind Turbine Foundation Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00009350
Rising Emphasis on Renewable Energy Fuels Growth of Wind Turbine Foundation Market
According to the International Renewable Energy Agency (IRENA), the share of renewables in annual global energy generation is expected to rise from 25% from 2020 to 86% by 2050. For achieving this feat, the world is expected to invest US$ 95 trillion by 2030 and US$ 110 trillion by 2050 in this sector. As a result, there will be a noticeable shift from fossil fuels and renewable energy sources. Europe has many offshore windmill projects in operation, accounting for 90% of total power generation. Thus, the growing emphasis on renewable energy would drive the demand for wind turbine foundations in the coming years.
The global wind turbine foundation market is rapidly expanding, owing to the increasing need for energy in both developed and developing countries. In addition, the need for green energy generation and government measures to promote renewable energy sources are propelling the sector forward. The trend for constructing offshore wind turbines is on the rise, owing to the high production and long-term growth of wind farms. In 2020, Europe dominated the wind turbine foundation market, accounting for more than 45% share in the global market share. The region’s large market share can be attributed to the presence of large wind turbine manufacturers and a significant number of onshore wind farm projects.
Wind Turbine Foundation Market: Competitive Landscape and Key Developments
Bladt Industries A/S; Fugro; Iberdrola, S.A.; BW Ideol; Sif Group; Mammoet; EEW Group; PEIKKO Group; Principle Power, Inc.; and Ramboll Group A/S are among the key players in the global Wind Turbine Foundation market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
Order a Copy of Wind Turbine Foundation Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00009350/
In June 2021, BW Ideol signed a Memorandum of Understanding (MoU) with Hitachi ABB Power Grids for developing scalable floating substations, which would support the development of commercial floating offshore wind farms with high-capacity wind turbines.
In November 2020, Sif Netherlands B.V., in an association with Smulders Projects Belgium N.V., announced its plan of manufacturing all monopiles and transition pieces, involving ~260 kilo ton steel, for the Dogger Bank A& B Offshore Wind Farm project, based in the North Sea off the northeast coast of England.
Browse Related Reports and get Sample copy
Wind Turbine Gear Oil Market to Reach US$ 264.6 at a CAGR of 6.6% in 2027
Home Wind Turbine Market 2028 By Type and Application
Airborne Wind Turbine Market 2028 By Technology, Application
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
More Research: https://dailyresearchsheets.com/author/theinsightpartners/
Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email
Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/pr/wind-turbine-foundation-market