Global Wind Energy Foundation Market, By Site Location (Onshore, Offshore), Foundation Type (Mono-Pile, Jacket-Pile, Others) - Industry Trends and Forecast to 2023 to 2030.
Wind Energy Foundation Market Analysis and Size
The essential factors contributing to the growth of the wind energy foundation market in the forecast period of 2023 to 2020 include a shifting preference towards power generation from renewable sources, rising investments in renewable energy, and high energy demand. Moreover, the rising use in commercial, industrial, and residential sectors for various applications significantly contributes to the market's growth.
Data Bridge Market Research analyses that the wind energy foundation market, which was USD 113.49 billion in 2022, is expected to reach USD 250.45 billion by 2030, growing at a CAGR of 10.40% from 2023 to 2030.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Wind Energy Foundation Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Site Location (Onshore, Offshore), Foundation Type (Mono-Pile, Jacket-Pile, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Ørsted (Denmark), Vestas (Denmark), Siemens Gamesa Renewable Energy (Spain), GE Renewable Energy (U.S.), Enercon GmbH (Germany), Nordex SE (Germany), Goldwind (China), Suzlon Energy Ltd (India), Sinovel Wind Group Co., Ltd. (China), Senvion S.A. (Germany), Ming Yang Smart Energy Group Limited (China), Envision Group (China), MingYang Wind Power Group Limited (China), Siemens Energy AG (Germany), and Xinjiang Goldwind Science & Technology Co., Ltd. (China) among others
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Market Opportunities
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Market Definition
Wind energy foundations, also known as wind turbine foundations or wind turbine support structures, provide a stable and secure base for wind turbines. These foundations are designed to support the wind turbine's weight and transmit the wind's forces to the ground.
Global Wind Energy Foundation Market Dynamics
Drivers
- Increasing renewable energy targets
Many countries and regions have set ambitious targets to increase the share of renewable energy in their overall energy mix. Wind energy is a significant component of these targets, leading to the need for more wind energy foundations to support the installation of wind turbines, which drives the market's growth.
- Rise in government support and incentives
Governments worldwide are providing various forms of support and incentives to promote wind energy development. These include feed-in tariffs, tax credits, grants, and favorable policies, which encourage investment in wind energy projects. Such support drives the demand for wind energy foundations.
- Environmental concerns and climate change mitigation
The growing awareness of climate change and the need to reduce greenhouse gas emissions have propelled the demand for renewable energy sources like wind power. Wind energy foundations enable the deployment of wind turbines, which are clean and emit no greenhouse gases during operation.
Opportunities
- Job creation and local economic development
The wind energy sector creates manufacturing, construction, operations, and maintenance jobs. Governments and communities see wind energy projects as a means of job creation and local economic development, leading to increased support and demand for wind energy foundations.
- Rising social acceptance and public support
Wind energy has gained widespread social acceptance and public support due to its clean and renewable nature. Communities often view wind projects favorably, particularly if they provide economic benefits or involve community ownership. Positive public sentiment further drives the demand for wind energy foundations.
Restraints/Challenges
- High Initial Investment Costs
The upfront capital costs associated with wind energy projects can be substantial. These costs include the procurement and installation of wind turbines, transmission infrastructure, and, importantly, the construction of wind energy foundations. The high initial investment required for wind energy projects can pose a significant barrier, particularly for smaller developers or regions with limited financial resources.
- Land Availability and Site Constraints
Wind energy projects require sufficient land areas with suitable wind resources for optimal production. Identifying suitable locations and acquiring the necessary land rights can be challenging, especially in densely populated areas or regions with competing land-use demands. Site constraints such as environmental sensitivities, aviation considerations, or conflicting land-use regulations can further limit the availability of viable locations for wind energy projects.
This wind energy foundation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wind energy foundation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market. It delivers information by considering the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
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In June 2023, Ørsted issued a blue bond with its EUR 100 million 3.625 % fixed-rate blue bond maturing in 2028. Blue bonds assist in diversifying and expanding the market for sustainable ocean financing, which is crucial for enhancing ocean health. Introduced in 2018, blue bonds aim to direct finance into ocean-based projects with positive environmental, economic, and climate benefits. The funds Ørsted raised will finance initiatives that specifically target offshore biodiversity and sustainable shipping.
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In June 2023, Ørsted and Vestas, global leaders in renewable energy, announced a commercial sustainability partnership. Ørsted will procure low-carbon steel wind turbine towers and blades made from recycled materials from Vestas in all joint offshore wind projects.
Global Wind Energy Foundation Market Scope
The wind energy foundation market is segmented based on site location and foundation type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Site Location
- Onshore
- Offshore
Foundation Type
- Mono-Pile
- Jacket-Pile
- Others
Global Wind energy foundation Market Regional Analysis/Insights
The wind energy foundation market is analyzed, and market size insights and trends are provided by site location and foundation type, as referenced above.
The countries covered in the wind energy foundation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and rest of South America as part of South America.
North America dominates the wind energy foundation market owing to the government's surging and favourable investment policies to promote renewable energy growth and the rise in population, boosting the market's growth in the region.
Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 owing to the availability of land and resources to set up wind energy equipment and foundations, along with the surging demand for renewable energy in various end-use industries.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Wind Energy Foundation Market Share Analysis
The wind energy foundation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the wind energy foundation market are:
- Ørsted (Denmark)
- Vestas (Denmark)
- Siemens Gamesa Renewable Energy (Spain)
- GE Renewable Energy (United States)
- Enercon GmbH (Germany)
- Nordex SE (Germany)
- Goldwind (China)
- Suzlon Energy Ltd (India)
- Sinovel Wind Group Co., Ltd. (China)
- Senvion S.A. (Germany)
- Ming Yang Smart Energy Group Limited (China)
- Envision Group (China)
- MingYang Wind Power Group Limited (China)
- Siemens Energy AG (Germany)
- Xinjiang Goldwind Science & Technology Co., Ltd. (China)
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