Acumen Research and Consulting estimates that the global wind energy foundation market is anticipated to reach market size of around US$ 82,000 Mn by 2027 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 – 2027.
Wind power is a solar power form used for energy production. Wind turbines are converting kinetic energy into mechanical power in the wind. This mechanical power is then transformed by means of a generator into electricity. Unparalleled sunlight heating, earth surface variability and earth rotation contributes to wind generation. Moreover, the flow patterns of winds influence the rivers, lakes and forests. Wind velocity, air flow rate and cleared area are variables influencing the amount of energy generated by a wind turbine.
The major factors driving the growth of global wind energy foundation market are rising investment in renewable energy, increasing demand of energy, switching to renewable energy such as wind and solar, positive government support for energy conservation and increasing energy efficiency. In addition, the sector was also supposed to fuel demand through clean energy auction and lower O&M and feed-in tariffs (FiTs). In addition, environmental issues are driving demand growth over the expected period, accelerated investment in clean energies, and the target of reducing the negative effects of greenhouse gasses. The installation of renewable and alternative energy sources is a recent trend witnessed in the target market. In the global market for wind foundations, accelerated installation of the offshore wind farm, rising wind turbines and renewable energy regulation is likely to open up new opportunities. According to Global Wind Energy Council (GWEC), at the end of 2017, around 84% of offshore was installed which was located in the waters off the coast of European countries such as the UK (36%), Germany (28.5%), Denmark (6.8%), Netherlands (5.9%), Belgium (4.7%), Sweden (1.1%), and other included Finland, Ireland, Spain, Norway and France. Environmental shifts, including wind speed and air pressure, that may hinder market demand expansion.
The market research study on “Wind Energy Foundation Market (By Foundation Type: Monopile, Gravity Based Structure (GBS), Space Frame-Tripod, Space Frame-Jacket, Space Frame Tri-Pile; By Site Location: On Shore, Offshore) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global wind energy foundation market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global wind energy foundation market are offering foundation type, site location, and major geographic regions. The wind energy foundation market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
Due to the rising demand for renewable energy, the market in Europe is dominating the global wind energy foundation market. Furthermore, favorable government policies and growing awareness of the value of renewable energy sources are some of the driving factors for market growth. Owing to the development of wind energy coupled with low prices in comparison to other countries, the Asia Pacific market is projected to experience significant growth in the global market over the forecast period. Moreover, increasing energy needs and growth of power generation propel wind energy foundations to grow during the forecast period. Due to increasing focus on power generation from renewable energy sources, North America is a critical area for the development of the demand for fundamental wind energy. In order to expand the demand over the projected period, government funding for wind energy in research and development and the implementation of incentives and strategic use of wind power by the installation of innovative systems with base designs will play an significant role.
Major players included in this report include Ramboll Group, SWAY AS, Suzlon Energy Limited, Marine Innovation & Technology, OWEC Tower AS, Blue H Engineering BV, Offshore Wind Power, Systems of Texas LLC, Statoil ASA, Principle Power, Inc., DONG Energy (UK) Ltd. and others.
The global wind energy foundation market is segmented as below:
Wind Energy Foundation Market By Foundation type
Wind Energy Foundation Market By Site Location
Wind Energy Foundation Market By Geography
Middle East & Africa
The wind energy foundation market value is anticipated to be hit around US$ 82,000 Mn in 2027.
The wind energy foundation market is anticipated to grow around 7% CAGR amid the forecast period.2020-2027
Due to the rising demand for renewable energy, the market in Europe is dominating the global wind energy foundation market.
Owing to the development of wind energy coupled with low prices in comparison to other countries, the Asia Pacific market is projected to experience significant growth in the global market over the forecast period.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Renewable energy auctions, lower operations, and maintenance (O&M) costs and feed-in tariffs (FiTs) are the major drivers for the growth of the wind energy foundation market.
Availability of alternative natural and renewable energy generation sources such as solar, and wind, and non-renewable sources such as natural gas, and coal are other factors that may hamper the growth of the market.