Wind Turbine Foundation Market Expected to Reach $107.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Wind Turbine Foundation Market," The wind turbine foundation market was valued at $63.0 billion in 2022, and is estimated to reach $107.9 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032.

A crucial structural element that offers stability and support for a wind turbine is the foundation. These foundations are made to firmly anchor the turbine to the ground, ensuring that it is stable and able to convert wind energy into electricity in an effective manner. Moreover, there are several types of wind turbine foundations, each adapted to certain site circumstances and turbine designs.

On the basis of site-specific elements including soil characteristics, wind loads, and the size & height of the wind turbine, wind turbine foundations are created. To improve foundation design, engineers use geotechnical tests and computer simulations. Installing piles for foundations involves pushing them deeply into the earth with specialized machinery. To add weight and stability to some foundations, such as gravity-based constructions, ballasting with water or other materials is used. Particularly for offshore installations, components are frequently built on-site before being delivered to the installation area.

The stability of wind turbines is ensured by their foundations, which enable them to function efficiently and safely even in heavy winds. Wind turbines of all sizes, even multi-megawatt turbines, are supported by foundations. Over the course of its operational lifetime, properly built foundations require little maintenance. Certain foundation designs, particularly those utilized offshore, necessitate intricate fabrication and installation procedures. It might be logistically difficult to transport large foundation components, especially for projects that are offshore. The structural soundness and security of wind turbine foundations are regularly checked.

Both onshore and offshore wind farms require the installation of wind turbine foundations to enable the installation of wind turbines for energy generation. The deployment and functioning of wind turbines depend heavily on their foundations, which help to increase the production of renewable energy globally. The project's location, the depth of the water, and environmental concerns all play a role in the foundation-type decision. The development of the wind energy industry depends on the stability of wind turbine foundation systems. Although there are difficulties including high costs and logistical difficulties, continued technology improvements and growing worldwide demand for renewable energy present the industry with exciting potential. The development and implementation of wind turbine foundations is also expected to be significantly influenced by governmental backing and environmental concerns.

The wind turbine foundation market is segmented on the basis of type, application, and region. By type, the wind turbine foundation market is divided into induction monopile, gravity-based structure (GBS), tripod, jacket, suction, well foundation, and others. The monopile foundation type dominated the wind turbine foundation market share in 2022. It is also expected to maintain its dominance during the projection period. By application, the market is bifurcated into onshore and offshore. The onshore foundation segment dominated the wind turbine foundation market growth in 2022. However, the offshore foundation segment is projected to dominate the growth during the wind turbine foundation market forecast period.

By region, the wind turbine foundation market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific dominated the market share in 2002 and is projected to continue to dominate the growth owing to dynamic wind turbine foundation market trends fostering the market growth in the region. China is the world's largest onshore wind energy market. Common foundation types include concrete slab foundations, mat foundations, and various pile foundations.

The major players operating in the wind turbine foundation industry are Dillinger, Offshore Wind Power Systems of Texas, OWEC Tower AS, Marine Innovation & Technology, Ramboll Group, TAG Energy Solutions, Fugro Renewable Services, Suzlon Group, Bladt Industries A/S, and MT Højgaard. The companies adopted key strategies such as collaboration to increase their market share.

The drivers, restraints, and wind turbine foundation market opportunities are explained in the report to better understand the wind turbine foundation market scope1. This report further highlights the key wind turbine foundation market trends and areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.

Key Findings Of The Study:

• By type, the monopile segment is projected to grow at the highest CAGR of approximately 5.9%, in terms of during the wind turbine foundation market forecast period.
• Depending on application, the onshore segment dominated the wind turbine foundation market share growing at a CAGR of 5.3% in 2022.
• By region, Asia-Pacific dominated the wind turbine foundation market size and is expected to grow at a CAGR of 5.7% during the forecast period.