According to the new research report published by The Insight Partners, titled “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.
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. However, in the current scenario, the energy market stakeholders are shifting their focus towards renewable energy as a result of changing governmental measures and technological advancements. 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. 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.
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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 decline 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. The production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including wind turbine foundation
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 major companies operating in the wind turbine foundation market.
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