The wind turbine foundation market size is projected to reach US$ 21.9 billion by 2031 from US$ 10.8 billion in 2023. The market is expected to register a CAGR of 9.2% during 2023–2031. The research and development of next-generation or advanced wind turbines is likely to remain key trends in the market.
Wind Turbine Foundation Market Analysis
The wind turbine foundation market is expected to experience considerable growth during the analyzed timeframe owing to the increasing number of onshore & offshore wind power projects, particularly in remote locations. Additionally, the government regulations towards reducing carbon emissions by focusing on power generation through renewable energy sources such as wind, solar, geothermal, and others are expected to drive the market growth from 2023 to 2031. Moreover, government initiatives towards the installation of wind farms across the globe are projected to fuel market growth in the coming years.
Wind Turbine Foundation Market Overview
With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for renewable power generation in developing and developed economies. This has resulted in driving the demand for wind power infrastructure across the globe. Wind power generation has gained a high level of importance and acceptability across the world compared to other renewable energy sources. Advanced developments in technology in the design and development of wind power blades, turbines, foundations, shafts, and other components have contributed to significant advancement in wind energy adoption and in achieving maximum power from available wind. As per the International Renewable Energy Agency (IRENA), the global wind installed capacity reached 1,017 GW by the end of 2023 from 825 GW in 2021.
Thus, such an increase in the wind installed capacity is expected to increase in the coming years, owing to the advantages of wind energy and favorable policies, incentives, and tax rebates. Such a rise in wind installation capacity across the globe is anticipated to be the key driver in the wind turbine foundation market.
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Wind Turbine Foundation Market: Strategic Insights
Market Size Value in US$ 6,958.35 million in 2021 Market Size Value by US$ 15,868.94 million by 2028 Growth rate CAGR of 12.5% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Wind Turbine Foundation Market: Strategic Insights
| Market Size Value in | US$ 6,958.35 million in 2021 |
| Market Size Value by | US$ 15,868.94 million by 2028 |
| Growth rate | CAGR of 12.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Wind Turbine Foundation Market Drivers and Opportunities
Government Initiatives to Promote the Installation of Wind Farms to Favor Market
An increase in support from various governments of different countries in terms of policies, subsidies, and investment for raising the installation of wind energy projects is projected to fuel the wind turbine foundation market growth over the analyzed timeframe. The Indian government is engaged in promoting wind power plants in the country through private sector funding by providing various fiscal and financial incentives such as Accelerated Depreciation benefits and concessional custom duty or tax exemption on certain components of wind electric generators. For instance, Germany is planning to introduce a bill to accelerate wind energy expansion. The new law will apply binding area targets for onshore wind energy expansion in the federal states. In April 2022, Germany planned to deploy offshore wind targets to more than 10 GW per year from 2025 with the help of a historic package called the Easter Package, which is the most profound series of changes in German energy policy. With the help of these government initiatives, 80% of Germany's electricity demand will be covered by electricity from renewable energy sources by 2030.
The Growing Focus on Floating Wind Technology
The floating wind technology is the offshore wind turbine mounted on a floating structure in the sea that ensures the turbine generates electricity in water depths. The floating or offshore wind technology is highly efficient in harsh environmental conditions and thus capable of producing huge amounts of power. This floating wind technology is globally adopted across various countries such as China, Germany, Japan, the UK, France, Belgium, and Denmark. The growth prospects in the adoption of floating wind technology are primarily attributed to an increase in advancement in technology, associated advantages, and turnkey solutions provided by various service providers. The growing awareness for achieving clean energy targets by various countries is propelling the demand for floating offshore wind power, which is posing a potential opportunity for the growth of the wind turbine foundation market.
The Floating Offshore Wind Centre of Excellence report has identified 22 countries that are most ready to become major players in the nascent renewable energy technology. In January 2022, The United Kingdom government announced 11 renewable power projects that will each be awarded up to US$959.23 million as it puts forward US$2.97 billion to boost the renewable energy generated in the UK. Such investment in offshore or floating wind technology across the world is projected to fuel market growth in the coming years.
Wind Turbine Foundation Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wind turbine foundation market analysis are type and application.
- Based on type, the wind turbine foundation market is divided into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock and anchor, and others. The gravity segment held a larger market share in 2023.
- Based on application, the market is segmented into onshore and offshore. The onshore segment held a larger market share in 2023.
Wind Turbine Foundation Market Share Analysis by Geography
The geographic scope of the wind turbine foundation market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific dominated the wind turbine foundation market in 2023. The Asia Pacific region includes China, Australia, India, South Korea, Japan, & the Rest of Asia Pacific. Asia Pacific accounted for the largest market share in the global wind turbine foundation market in 2023, and it is expected to expand at the fastest CAGR during the forecast period. The robust onshore industry and the presence of a large number of wind turbine foundation manufacturers across the area are responsible for the high market share. Furthermore, the expanding offshore sector in China, Japan, South Korea, and Southeast Asia is boosting the market for wind turbine foundation vendors across the region. In addition, a rise in investment towards the installation of onshore & offshore wind farms in the region is projected to propel the demand for wind turbine foundations in the coming years.
Wind Turbine Foundation Market Report Scope
Wind Turbine Foundation Market News and Recent Developments
The wind turbine foundation market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wind turbine foundation market are listed below:
- Odfjell Oceanwind collaborated with Prodtex. This collaboration aimed at scaling the production capacity of floating wind foundations with the aim of opening the facility by 2027. (Source: Odfjell Oceanwind, Press Release, February 2024)
- Principle Power launched a new flat panel, pontoon-based floating wind foundation named WindFloat F. This foundation is designed for ultra-shallow wind turbine integration in ports (Source: Principle Power, Press Release, September 2023)
Wind Turbine Foundation Market Report Coverage and Deliverables
The “Wind Turbine Foundation Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wind turbine foundation market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wind turbine foundation market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Wind turbine foundation market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wind turbine foundation market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Algeria, Argentina, Australia, Brazil, Canada, China, Egypt, Finland, France, Germany, India, Italy, Japan, Mexico, Morocco, Norway, Poland, Russian Federation, Saudi Arabia, South Korea, Spain, Sweden, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the wind turbine foundation market in 2023.
The research and development of next-generation or advanced wind turbines is the future trend of the wind turbine foundation market
Fugro, Ramboll Group A/S, Iberdrola S.A., BW Ideol, Peikko Group, EEW Group, Nordex SE, Bladt Industries A/S, Sinowel Wind Group, Principle Power, Inc. are some of the leading players in the wind turbine foundation market.
US$ 21.9 billion estimated value of the wind turbine foundation market by 2031.
9.2% is the expected CAGR of the wind turbine foundation market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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