New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Wind Turbine Foundation Market: Key Insights
According to our new research study on “Wind Turbine Foundation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the Wind Turbine Foundation Market Size 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.
Wind Turbine Foundation Market: Competitive Landscape and Key Developments
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 key market in the wind turbine foundation market. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global wind turbine foundation market and its ecosystem.
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In 2021, Ramboll Group A/S received the contract from CLP Power Hong Kong Ltd. As a part of this contract, Ramboll Group would act as a technical advisor and engineer for the predevelopment phase of the Hong Kong Offshore Wind Farm of CLP Power Hong Kong, located off the coast of Sai Kung.
A continuous demand for carbon-neutral energy production, is driving the deployment of offshore wind farms. Offshore wind farms (OFWs) are ~1.5–2 times more expensive to build than onshore wind farms. For example, the speed of wind in offshore farm areas is often higher and consistent than those closer to the coastal farm areas, resulting in increased energy generation. Furthermore, as coastal populations are generally higher than those found in other sections of the country, quick and ecologically friendly energy production is especially essential in these places. Like any other renewable energy source, offshore wind farms do not require water to function, and they also do not release any pollutants or greenhouse gases when in operation. The Wind Energy Technologies Office (WETO) of the US Department of Energy funds the ongoing research across the country to develop and implement offshore wind technologies that capture wind off the US coasts and convert them to power. This diverse portfolio of research, development, and demonstration projects will aid the industry in overcoming fundamental barriers to offshore wind development such as the greater electricity costs, environmental mitigation, project installation, technical challenges, and grid connections. According to the European Union, Europe has the largest (70% of total) floating wind energy capacity across the world. The European government is also investing in floating substructures or integrated floating wind energy systems in deep waters, along with monitoring their use in various climate conditions. The initiative expands deployment options and strengthens Europe's position on the global stage. Thus, the increasing deployment of offshore wind farms across the world would propel the demand for wind turbine foundations in the coming years.
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The COVID-19 pandemic had a minimal effect on the wind turbine foundations market, as it harmed the operations at only a limited number of projects. Major wind turbine and component manufacturing plants across the world were reopened quickly , after even the slight relaxation of restrictions. The sites are operating with reinforced sanitary measures to guarantee full compliance with regulatory standards. However, continuous limitations on the flow of goods and people have been stifling activities and driving up the capital costs, thus hampering the performance of the wind turbine foundations market to a certain extent.
The renewable energy demand will continue to climb because of dropping technology costs, growing need to reduce CO2 emissions, and rising energy consumption in developing and underdeveloped countries. According to the International Renewable Energy Agency (IRENA), the share of renewables in annual global energy generation is expected to rise from 25% to 86% by 2050. For achieving this feat, the world is expected to invest US$ 95 trillion by 2030 and US$ 110 trillion by 2050 in this sector. As a result, there will be a noticeable shift from fossil fuels and renewable energy sources. Europe has a large number of offshore windmill projects in operation, accounting for 90% of total power generation. Thus, the growing emphasis on renewable energy would drive the demand for wind turbine foundations in the coming years.
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Wind Turbine Foundation market: Type Overview
Based on type, the wind turbine foundation market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock and anchor, and others. The gravity segment held the largest market share in 2020. The gravity type foundations were originally used in most onshore wind farm projects due to the availability of mature construction experience and reduction in risks associated with installation methods. Furthermore, organizations are developing new forms of GBS foundations they are among the traditional foundations of wind farms. These innovative ideas are based on the floated to fixed (F2F) concept, which refers to a structure that floats throughout both the transit and installation phases from the port to its ultimate site. The gravity foundations are also suitable for offshore wind turbine projects. Currently, the demand for gravity foundations among the offshore wind turbine projects is high. As these turbine foundations can be used at onshore as well as offshore wind farms, the segment accounts for a significant share of the global wind turbine foundation market.
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