Wind Turbine Foundation Market Size, Share & Industry Analysis, By Type (Mono Pile, Jacket Pile, Gravity, Tripod, and Others), By Application (Onshore and Offshore), and Regional Forecast, 2024-2032

The global wind turbine foundation market size was valued at USD 9.32 billion in 2023. The market is projected to grow from USD 9.92 billion in 2024 to USD 18.88 billion by 2032, exhibiting a CAGR of 8.38% during the forecast period. The Wind Turbine Foundation market in the U.S. is projected to grow significantly, reaching an estimated value of USD 1.66 billion by 2032, driven by the rising demand for renewable energy sources and government policies and incentives.

The foundation of a wind turbine is a crucial component that supports the tower & rotor and is designed to provide support to the whole structure securely to the ground. The foundation's construction involves various methods, including shallow foundations or deep foundations such as piles, depending on soil conditions and turbine size. The foundation endures significant loads and environmental forces to ensure the stability and longevity of the wind turbine throughout its operational life. The main structures of wind turbine foundation provide the essential maintenance for the entire structure, ensuring stability and durability in harsh environmental conditions.

The wind power market was hit with business cycle delays and supply chain impacts due to the COVID-19 pandemic. Though the fundamentals of the wind power market remained strong, a minor reduction in total capacity installed in 2020 and 2021 was inevitable. The majority of wind turbine and component factories continued to operate throughout this crisis, though some factories were affected. Nevertheless, continuous disruptions in global supply chains due to restrictions on the movement of goods and people slowed activity and increased CAPEX.

Wind Turbine Foundation Market Trends

Increase in Power Consumption to Stimulate the Demand for Wind Energy

Global electricity demand is increasing continuously owing to economic development and population expansion. This increases the demand for a constant power supply. Industrialization is growing significantly, increasing the demand for a constant supply of electricity. The growth in various activities, such as infrastructure development and commercial and residential construction work, further boosts the demand for electricity.

Several countries globally are at the developing stage and undergoing improvement in their standard of living, while some are working on smart city projects. The population is moving toward urban areas, further increasing urbanization and producing high electricity demand.

As demand increases, countries increase their production capacity by setting up new factories or expanding existing facilities. However, governments are looking for cost-effective, pollution-free sources of energy, such as wind and solar energy, to meet such demand. This will increase the adoption of wind energy worldwide to generate electricity and meet the growing global demand.  Due to governments’ strict greenhouse gas emission standards, companies are more inclined to use renewable energy sources, especially wind power, to generate electricity. Several countries have set a goal of achieving net-zero emissions by 2030, which will also increase the adoption of renewable energy globally.

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Wind Turbine Foundation Market Growth Factors

Increasing Government Initiatives & Subsidies for Green Power Generation under Sustainable Goals to Fuel Market Growth

As renewable energy generation is gaining significance and increasing demand, there has been a rapid price reduction that benefits consumers and investors. Governments across the globe have moved from unilateral tariffs that raise market prices to mechanisms that ensure price stability and set price ceilings. This change has been successful in protecting consumers, attracting finance, and reducing costs. Governments are supporting the growth of offshore wind turbines and other industries considered to be of great importance.

For instance, within the U.K., the U.K. Government entered into a series of FIDER (Final Investment Decisions - Renewable Energy Enabling) agreements between the End of the Renewable Energy Commitment and the Commencement of the Contract for Difference Scheme. These contracts were successful in creating offshore wind projects, a support mechanism that created a contract gap as the U.K. sought to attract investment in wind farm foundation systems and manufacturing and increased cable production for wind farms. To reduce lead times for offshore permits, governments are exploring new and more innovative support programs. The U.K. has been working to shorten the approval period. The Offshore Wind Environmental Improvement Package (OWEIP), announced in June 2023, aims to help accelerate the deployment of offshore wind energy by reducing approval times from a maximum of four years to one year.

Rapid Technological Developments in Wind Turbines and Wind Farms to Augment Market Growth 

Technological advancements have transformed wind turbines into more efficient and progressive, and they require robust foundations to support the tower height and rotor sizes. The wind turbine size limit is based on square-cube law; when the rotor of a wind turbine gets larger, its power increases by the square, and its mass increases by cube. The entire weight of the rotor blades, hub, nacelle, gearbox, generator, and tower is supported by the foundation. Foundation design and construction are critical to the longevity and stability of the advanced wind turbine.

The offshore wind farm deployment requires larger rotor diameters for maximum energy capture. The increased rotor diameter and the ability to take advantage of wind shear by increasing the tower height and exposing the rotor to higher wind speeds increase the height of the hub. As the mass and height of the tower hub increase, the tower diameter and thickness must also increase to withstand the increased bending and buckling loads.

Moreover, the foundations of offshore wind turbines also need to withstand water waves. Such improved wind turbines and increased tower heights need a firm foundation system. Thus, this factor is driving the demand for wind turbine foundations.

RESTRAINING FACTORS

High Costs for Installation & Logistical Constraints of Large and Heavy Foundation Components to Hamper Market Expansion

Constructing taller wind towers presents significant structural challenges as they require more prominent and more expensive foundations. Achieving the natural frequencies required for proper turbine operation is even more difficult and leads to greenhouse gas emissions. These factors significantly increase up-front technical effort during the installation stage. Transporting large tower sections presents particular challenges, with most motorways having a width limit and vehicles carrying on long sections facing difficulty in navigating windy roads that typically lead to remote wind farms.

Moreover, taller towers take longer to build, increasing the time for return on investment by delaying the start of revenue recognition. Additionally, laying foundations on the seabed is a challenging and highly complex task. Gravity foundations require large amounts of reinforced concrete and must be laid in carefully prepared locations on the seabed, which requires unique vessels and particular expertise. Thus, these factors hamper the wind turbine foundation market growth.

Wind Turbine Foundation Market Segmentation Analysis

By Type Analysis

Mono Pile Dominates the Wind Turbine Foundation Market Due to its Effective Advantages

On the basis of type, the market is segmented into mono pile, jacket pile, gravity, tripod, and others.

The mono pile segment is dominating the market as it is a reliable and simple technology that is quick and cheap to manufacture and install. With an intact seabed in water up to 25 meters deep, the single-pile foundation and proven structure have long been the default choice for competitors, such as gravity-based. Its shape is suitable for simple calculations, easy manufacturing and tight packing on transport ships. These giant steel pipes are 2.5 to 6.0 meters in diameter, 50 to 60 meters long and weigh about 500 tons, although in deep places, they can weigh more than 800 tons.

Jacket pile type holds the second largest wind turbine foundation market share. This suggests a significant presence of offshore wind projects in the region, potentially in locations with deeper waters where jacket foundations are a preferred option.

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By Application Analysis

Onshore Segment to Lead the Market Due to Its Affordability

Based on application, the market is divided into onshore and offshore.

With onshore wind turbines generally being the most affordable on the market, their smaller size and accessible location make them more manageable for maintenance and repair. The important advantage is that they can often be developed faster as they are easier to create and connect to the network.  In addition, onshore wind energy is now so accessible that there are many wind farms developed and owned by local communities to generate electricity for their homes and businesses.

Offshore wind turbine foundations are taking over the market after onshore as wind speeds are generally higher and more frequent and constant offshore, which means the turbines can generate more electricity.

REGIONAL INSIGHTS

The market for wind turbine foundations is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific holds the principal wind turbine foundation market share and is anticipated to maintain a steady growth rate over the forecast period. Asia Pacific has made noteworthy investments in technology and infrastructure, leading to the creation of advanced institutions across the region. The region is a center of manufacturing and industrial activity. The need for reliable and uninterrupted power supply in industrial operations has affected energy demand. The region has dense population centers with increasing energy demand, so renewable energy sources, such as wind power, are the main source of sustainable and clean electricity generation. China is emerging as the dominant player in global wind power generation, with the technological innovations of the country and manufacturers supplying nearly 60% of installed applications worldwide in 2022. China has augmented its use of renewable energy since 2023.

Europe has the second largest market share for wind turbine foundations, as wind energy has played an important role in achieving the EU's renewable energy targets and making the EU carbon neutral by 2050. Wind energy covered 16% of the EU's electricity needs, and according to Eurostat, wind energy accounted for more than a third (37%) of all electricity produced from renewable sources in the EU in 2021. Wind energy is one of the key services to achieve the EU's energy and climate goals. According to the European Wind Energy Association, the U.K., Sweden, Germany, and Turkey have increased wind energy the most. Germany, Spain and the U.K. are still the countries with the largest wind reserves in Europe.

List of Key Companies in Wind Turbine Foundation Market

Dominance of a Small Number of Prominent Manufacturers to Boost Market Growth

Since the last few years, the wind turbine foundation industry has been continuously consolidating, giving rise to the current market dominance of a small number of prominent players and contributing to the growth. The global market is highly fragmented, with many players delivering a wide range of services and products across the value chain at the domestic and global levels. The market is growing, and its primary factors for expansion are the increasing adoption of renewable energy and increasing investments in developing wind energy infrastructure across the globe. Vestas is expected to account for significant market growth owing to its extensive global presence, product portfolio range, and strong brand value. The company has vast experience in the wind energy industry and has positioned itself as a precursor through its unique wind energy projects.

List of Key Companies Profiled:

• Vestas Wind Systems (Denmark)


• Peikko Group Corporation (Finland)


• ACCIONA (Spain)


• RUTE Foundation Systems (U.K.)


• Smart & Green Mukran Concrete GmbH (Germany)


• Pemamek Oy (Finland)


• JFE Engineering Corporation (Japan)


• CREADIS (Denmark)


• Bladt Industries A/S (Denmark)


• Seewind Wind Energy Systems GmbH (Germany)

KEY INDUSTRY DEVELOPMENTS:

• November 2023: Lamprell signed a strategic investment agreement with PEMA, which enables Lamprell to manufacture mono pile and transition pieces. This new investment enables Lamprell to expand its supply- chain for transition pieces for fixed and floating foundation projects. With PEMA solutions, Lamprell will be able to produce tubular products with a diameter of 10.5 meters and a material thickness of approximately 150 millimeters.


• April 2023: ACCIONA signed a Memorandum of Understanding (MOU) with Orsted, a global renewable energy company, to develop solutions to the challenge of manufacturing large foundations for offshore wind farms. The collaboration includes the design and development of foundation models to provide scalable solutions for offshore wind farms of different sizes and depths. Orsted and ACCIONA are evaluating cost-effective solutions for mass production based on floating concrete platforms. In addition, it includes research on the use of materials such as bio-cement in the manufacture of foundations.


• March 2023: Vestas won a bid for a Polish bankrupt turbine foundation company named ST3 Offshore, which was known for wind turbine foundations. ST3 Offshore, which was officially declared bankrupt in 2020, manufactured transition pieces, jacket foundations, and wind foundation components.


• March 2023: Destia, which is the biggest infrastructure company in Finland, placed an order for Peikko’s Gravity7 foundation solution for the Niinimäki wind park project in the city of Pieksamaki. After completion, the wind farm will be the largest wind park in Eastern Finland. Peikko will design the foundation structure and deliver PSB® punching reinforcement systems for the project’s 22 foundations.


• May 2022: JFE Engineering Corporation started the construction of Japan’s first factory to produce bottom-mounted mono pile foundations for offshore wind power generation facilities. The factory is to be constructed on the premises of JFE Steel West Japan Works in Fukuyama District in Okayama Prefecture. The large single heavy plates generated by JFE Steel will be transported to this factory in Kasaoka, where mono pile transition pieces will be manufactured with those plates. This new plant is expected to start production in April 2024 with an annual production application of 50 pieces.

REPORT COVERAGE

The report provides a detailed analysis of the market research and focuses on key aspects such as leading company's types of wind turbine foundations across the region. Besides, the report offers insights into the market trends, competitive landscape, and opportunities and highlights an in-depth analysis of key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

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