DUBLIN--(BUSINESS WIRE)--The "Wind Turbine Foundation Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Mono-Pile, Jacket-Pile, Gravity, Tripod, Suction, Raft, Pile, Well Foundation, Rock & Anchor, and Others); Application (Onshore and Offshore)" report has been added to ResearchAndMarkets.com's offering.

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.

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, Electricite 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 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.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global wind turbine foundation market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global wind turbine foundation market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Market Dynamics

Drivers

• Increasing Deployment of Offshore Wind Farms
• Rising Emphasis on Renewable Energy

Restraints

• High Cost Required for Wind Turbine Foundation

Opportunities

• Growing Demand in Developing Countries

Future Trends

• Next-Generation Wind Turbines

Companies Mentioned

• Bladt Industries A/S
• Fugro
• Iberdrola, S.A.
• B.W. Ideol
• SIF Group
• Mammoet
• EEW Group
• Peikko Group
• Principle Power, Inc.
• Ramboll Group A/S

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