Market Overview: The global wind energy foundation market had a total value of USD 13.91 billion in 2022, and it is projected to reach USD 25.57 billion by 2032, with a compound annual growth rate (CAGR) of 7% throughout the forecast period. The increasing global population is driving the need for more energy, which, in turn, is leading to a greater reliance on renewable energy sources to reduce carbon emissions and meet energy demands. Wind energy foundations play a crucial role in ensuring the stability and efficiency of wind turbines, making them a vital component of the wind energy industry. The growth in the wind energy foundation market's revenue is a direct result of the rising demand for wind energy.
Government policies and regulations supporting renewable energy sources are also contributing to the development of the wind energy foundation industry. Governments worldwide are implementing policies to reduce carbon emissions and promote the use of renewable energy. For example, in 2018, the European Union set a target to derive 32% of its energy from renewable sources by 2030. Similarly, the Indian government introduced the National Wind-Solar Hybrid Policy in 2015 to encourage the adoption of renewable energy sources. These governmental efforts and legislation are driving the demand for wind energy foundations and contributing to market revenue growth.
Investment in wind energy projects is on the rise, fueled by increased public awareness of the benefits of renewable energy sources and government subsidies. The World Wind Energy Council reported a substantial increase in total installed wind capacity, from 743 GW in 2019 to 743 GW in 2020, indicating a growing interest in wind energy projects. This increase in investment is expected to further boost market revenue growth.
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Type Outlook: The wind energy foundation market is segmented into monopile, jacket, tripod, and floating segments. In 2022, the monopile segment led the global wind energy foundation market in terms of revenue. Monopile foundations are popular among wind farm developers due to their simplicity and affordability for installation. They are particularly suitable for shallow water depths, making them a preferred choice for wind turbines near the coast.
The jacket segment is expected to experience the fastest sales growth during the forecast period. The demand for jacket foundations is rising, especially in offshore wind farms in Europe and the Asia-Pacific region. Jacket foundations provide greater stability and support for wind turbines in deeper water, making them more resilient to strong winds and large waves, which are common in offshore locations.
The tripod segment is projected to experience moderate revenue growth throughout the forecast period. Tripod foundations are often used for offshore wind turbines in deeper sea depths to provide stability and support in challenging marine conditions. They are favored by developers of offshore wind farms for their ease of installation and maintenance.
The floating segment is expected to witness significant revenue growth during the projection period. Floating foundations are suitable for wind turbines in deep ocean waters where traditional fixed foundations are impractical. They can adapt to changing water depths and have a smaller environmental footprint compared to fixed foundations, making them an eco-friendly choice for offshore wind energy projects.
Applications Outlook: Offshore wind energy foundations are used to support wind turbines in bodies of water such as oceans and seas. Offshore wind energy has the advantage of higher and more consistent wind speeds compared to onshore locations, resulting in greater energy output. Additionally, offshore wind farms can be situated close to populated areas, reducing the need for long-distance transmission lines.
Regional Outlook: Europe is poised to dominate the Wind Energy Foundation Market during the forecast period, accounting for the largest share of revenue. Countries like Germany and Denmark are leading in wind energy generation and have been at the forefront of renewable energy projects. This has led to market growth for wind energy foundations in the region, with numerous companies investing in research and development to create innovative foundation solutions capable of withstanding extreme weather conditions. The use of offshore wind turbines in the UK and Denmark is further driving market expansion in Europe.
The Asia Pacific region is projected to experience moderate growth in the Wind Energy Foundation Market during the forecast period. While the region boasts some of the world's largest wind farms in countries like China and India, limited government support for renewable energy sources has constrained market expansion. However, as China and India continue to experience rapid economic growth, the demand for energy is expected to rise, potentially fueling the growth of the Wind Energy Foundation Market in the region.
Competitive Landscape: Key players in the global wind energy foundation market include:
1. General Electric Company
2. Vestas Wind Systems A/S
3. Siemens Gamesa Renewable Energy, S.A.
4. Suzlon Energy Limited
5. Nordex SE
6. Envision Energy Limited
7. Senvion S.A.
8. Sinopec Shanghai Offshore Oil and Gas Co., Ltd.
9. China Ming Yang Wind Power Group Limited
10. Enercon GmbH
Strategic Developments:
- In 2021, General Electric Company and ENGIE signed a contract to provide wind turbines for a 360 MW wind farm in Oklahoma, USA. The agreement includes the supply and commissioning of 144 units of GE's 2.5-127 wind turbines and a 20-year service and maintenance agreement.
- Vestas Wind Systems A/S secured a contract in 2020 to provide wind turbines for a 252 MW wind project in Mexico. The deal involves the delivery and installation of 84 Vestas V150-4.2 MW wind turbines and a 20-year service commitment.
- Siemens Gamesa Renewable Energy, S.A. announced in 2020 that it would supply wind turbines to Orsted for a 900 MW offshore wind project in Taiwan. The agreement includes a five-year service and maintenance period and the delivery and commissioning of 112 Siemens Gamesa SG 8.0-167 DD wind turbines.
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