Wind Turbine Foundation Market to Reach $107.9 Billion, globally, by 2032 at 5.4% CAGR: Allied Market Research

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Nov 02, 2023, 10:25 ET

The global wind turbine foundation market growth is attributed to renewable energy integration and energy security, technological advancements and economic growth, and environmental benefits.

WILMINGTON, Del., Nov. 2, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wind Turbine Foundation Market by Type (Induction Monopile, Gravity-Based Structure (GBS), Tripod, Jacket, Suction, Well Foundation, and Others) and by Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global wind turbine foundation industry generated $63.0 billion in 2022 and is estimated to reach $107.9 billion by 2032, exhibiting a CAGR of 5.4% from 2023 to 2032.

The wind turbine foundation is the structure that holds the wind turbine and carries the load of the wind turbine into the ground. A wind turbine foundation is usually made of concrete and can also be reinforced with steel. Wind turbine foundations are essential for ensuring the stability and safety of wind turbines. They also help to reduce vibrations and noise and can even be used to anchor the turbine to the seafloor in offshore wind farms. Additionally, some wind turbine foundations are designed to be environmentally friendly, using recycled materials or incorporating features to support local wildlife.

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Prime Determinants of Growth:

The global wind turbine foundation market growth is attributed to renewable energy integration and energy security, technological advancements and economic growth, and environmental benefits. On the other hand, the site-specific challenges coupled with costs and maintenance, and regulatory challenges coupled with environmental concerns hindered the market growth. On the contrary, technological advancements in environment sustainability, offshore expansion, and global supply create lucrative opportunities for market growth in the coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$63.0 Billion
Market Size in 2032	$107.9 Billion
CAGR	5.4 %
No. of Pages in Report	226
Segments covered	Type, Application, and Region
Drivers	Renewable energy integration and energy security
	Technological advancements and economic growth
	Environmental advantages
Opportunities	Site-specific challenges coupled with costs and maintenance
Opportunities	Regulatory challenges coupled with environmental concerns
Restraints	Technological advancements and environment sustainability
Restraints	Offshore expansion and global supply

The monopile segment to maintain its dominance throughout the forecast period-

By type, the monopile segment held the largest market share in 2022, contributing to around one-fifth of the global wind turbine foundation market revenue, and is expected to maintain its dominance throughout the forecast period. The same segment would display the fastest CAGR of 5.9% from 2023 to 2032. Monopiles offer excellent stability, particularly in shallow to moderate water depths that contribute to the growth of the segment. Their design ensures that wind turbines remain upright and stable even in strong winds and waves. They are often cost-effective for projects in shallow waters compared to other foundation types thus driving the growth of the segment.

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The onshore foundation segment to maintain its lead position during the forecast period-

By application, the onshore foundation segment accounted for the largest market share in 2022, holding nearly three-fifths of the global wind turbine foundation market revenue, and is expected to maintain its lead position during the forecast period. In onshore wind energy applications, various types of foundations are used to support and anchor wind turbine towers securely to the ground. The choice of foundation type depends on factors such as soil conditions, local regulations, project budget, and the size of the wind turbine. However, the offshore foundation segment would display the fastest CAGR of 5.6% from 2023 to 2032.

The Asia-Pacific region to lead the trail by 2032-

By region, Asia-Pacific garnered the largest market share in 2022, acquiring nearly two-fifths of the global wind turbine foundation market revenue, and is expected to lead the trail by 2032. The same region would also showcase the fastest CAGR of 5.7% during the forecast period. The market in Asia-Pacific is experiencing substantial growth and diversification due to the expansion of the wind energy sector. However, market conditions change over time, influenced by factors such as government policies, energy demand, technological advancements, and environmental considerations. Several countries in Asia-Pacific, including China and Japan, were actively developing offshore wind projects, leading to increased demand for various foundation types, such as monopiles and jackets.

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Leading Market Players: -

Dillinger
Offshore Wind Power Systems of Texas
OWEC Tower AS
Marine Innovation & Technology
Ramboll Group
TAG Energy Solutions
Fugro Renewable Services
Suzlon Group
Bladt Industries A/S
MT Højgaard

The report provides a detailed analysis of these key players in the global wind turbine foundation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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