New York, United States , April 27, 2023 (GLOBE NEWSWIRE) -- The Global Wind Turbine Foundations Market Size is to grow from USD 7.63 billion in 2022 to USD 23.07 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
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Wind turbine foundations provide crucial support for wind turbines, transferring their weight and loads into the ground. Made of materials such as reinforced concrete or steel, wind turbine foundations come in various types including shallow, deep, and floating foundations, tailored to site-specific conditions. Proper design and construction of wind turbine foundations are essential to ensure the safe and reliable operation of wind turbines, as they must withstand environmental factors such as wind, waves, and soil conditions for the lifespan of the wind farm.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Wind Turbine Foundations Market Size, Share, and COVID-19 Impact Analysis, By Type (Mono-Pile, Jacket-Pile, Gravity, Tripod, Suction, Raft, Pile, Well Foundation, Rock & Anchor, and Others), By Application (Onshore and Offshore), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here:
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The mono-pile category is expected to grow at a CAGR of around 12.4% over the forecast period
Based on the type, the global wind turbine foundations market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock & anchor, and others. Mono-pile foundations are anticipated to be the fastest-growing segment in the wind turbine foundations market. These foundations are single, large-diameter cylindrical piles driven into the seabed and are widely used due to their cost-effectiveness, ease of installation, and versatility in varying seabed conditions. The mono-pile foundations offer significant advantages in terms of construction speed and cost savings, making them a preferred choice for offshore wind projects. The growing adoption of mono-pile foundations in offshore wind energy projects, particularly in regions with favorable wind conditions, is expected to drive their growth and dominance in the market.
The offshore segment is anticipated to grow at a higher CAGR of 13.1% during the forecast period
Based on the application, the global wind turbine foundations market is segmented into onshore and offshore. The offshore segment is expected to be the fastest-growing market in the wind turbine foundations industry. This is due to the increasing focus on offshore wind energy as a significant source of renewable energy generation. Offshore wind projects have gained traction worldwide due to their potential for higher energy yields, reduced visual impact, and availability of strong and consistent winds in offshore areas. As technology and infrastructure for offshore wind energy continue to advance, the offshore segment is expected to experience rapid growth. Investments in offshore wind projects, favorable government policies, and increasing environmental concerns are driving the demand for offshore wind turbine foundations, making it the fastest-growing segment in the market.
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North America is predicted to grow at a significant CAGR of around 12.5% during the forecast period.
Based on region, North America is projected to be one of the growing markets in the global wind turbine foundations industry. The region has witnessed significant growth in wind energy installations, particularly in the United States and Canada, driven by favorable government policies, supportive regulatory frameworks, and an increasing focus on renewable energy sources. The vast land availability, favorable wind conditions in certain regions, and technological advancements in wind turbine technology have further fueled the growth of the wind turbine foundations market in North America. Furthermore, the presence of major industry players, rising investments in research and development, and the deployment of high-capacity wind turbines have contributed to the growth of overall market in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global wind turbine foundations market include Siemens Gamesa Renewable Energy, Vestas Wind Systems, GE Renewable Energy, Nordex Group, Senvion S.A., MingYang Smart Energy, Suzlon Energy Limited, Enercon GmbH, Goldwind Science & Technology Co., Ltd., Envision Energy, Acciona S.A., Shanghai Electric Group Co., Ltd., XEMC Windpower Co., Ltd., and United Power Inc. and others.
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