Global wind turbine foundation market size was valued at USD 7.1 billion in 2021, and it is expected to reach a value of USD 15.79 billion by 2028, at a CAGR of 12.10% over the forecast period (2022–2028).
Westford, USA, Dec. 05, 2022 (GLOBE NEWSWIRE) — As the demand for renewable energy increases, so does the demand for wind turbine foundations market. As of August 2022, global wind power generation capacity is pegged at 743 GW. In the US alone, over 70,800 wind turbines exist across 44 states. As per SkyQuest’s study to meet the global demand for energy, more than 1.49 million wind turbines with 4 MW capacity would be needed to meet the global energy need in the global wind turbine foundation market.
The average cost of establishing a wind farm has decreased by 30% over the past decade. The global average price of electricity generated by wind farms has fallen by 27% since 2010. – The global market is expected to grow at a compound annual growth rate (CAGR) of 12.10% between 2021 and 2028, to reach a value of USD 15.79 billion by 2028.
Foundation installation is a critical step in the construction of a wind farm, and proper foundation design is essential to the long-term performance and stability of the turbine. There are many factors to consider when designing a wind turbine foundation, including soil type, ground water level, and wind speed. The most common type of foundation used for wind turbines in the global wind turbine foundation market is a monopile foundation, which consists of a single vertical column that supports the weight of the turbine. Monopile foundations can be either drilled or driven into the ground.
In some cases, especially where soil conditions are not ideal, more than one monopile may be used to support a single turbine. This is known as a multi-pile foundation. Multi-pile foundations are typically used in areas with soft soils or high ground water levels.
The market is highly fragmented, with a large number of small and medium-sized manufacturers.
The global wind turbine foundation market is segmented by type, material, application, and geography. By type, the market is segmented into onshore and offshore. Onshore foundations are expected to account for the largest share of the global market due to the large number of onshore wind farms being built around the world. By material, the market is segmented into concrete, steel, and others (composite materials and Prestressed Concrete). Concrete foundations are expected to hold the largest share of the global market due to their increased strength and durability compared to other materials.
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More than 38,000 Offshore Wind Turbines to Be Installed by 2036 In Global Wind Turbine Foundation Market
More than 38,000 large offshore wind turbines will be installed across the global wind turbine foundation market by 2036, according to SkyQuest study. The offshore wind industry is at an inflection point,” said Sahil Shaikh, Editorial Head at SkyQuest. Offshore wind turbine installations are set to grow rapidly over the next few years as the technology matures, costs decrease and projects move into deeper waters. The majority of offshore wind farms are currently located in shallow waters off the coasts of Northern Europe and China. However, as the industry expands, projects are moving into deeper waters, particularly off the coast of North America.
SkyQuest’s analysis of the global wind turbine foundation market predicts that the average turbine size will increase from 3 MW today to 6 MW by 2036. This increase in size is necessary to generate the same amount of power with fewer turbines and reduce the levelized cost of electricity (LCOE).”Turbine manufacturers are already working on 10 MW+ designs that would further reduce the LCOE of offshore wind.
This growth is being driven by increasing government support for renewable energy especially in India, China Taiwan, South Korea, as well as falling costs for offshore wind technology. In Europe wind turbine foundation market, governments are mandating that an increasing percentage of electricity must come from renewable sources. This is leading to large-scale offshore wind projects, such as the planned 2,400-megawatt Hornsea Project in the United Kingdom. The report notes that the Asia-Pacific region is also expected to see significant growth in offshore wind energy. China is the largest market for offshore wind, and is expected to installed more than 25,000 megawatts of capacity by 2025 from 17 GW in 2021. Taiwan, South Korea, and Japan are also expected to see significant growth in offshore wind energy.
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Shifting Focus to Purpose-Built Wind Turbine Installation Vessels in Global Wind Turbine Foundation Market
In the early days of the offshore wind industry, vessels were converted from other uses such as oil and gas platform installation and decommissioning, cable-laying, and general cargo ships. While these “jack of all trades” worked for a time, the industry has since moved towards vessels that are designed specifically for installing offshore wind turbines foundations.
As the push for renewables ramps up and more countries commit to ambitious targets for decarbonization, the window of opportunity for developers in the wind turbine foundation market to install new capacity is shrinking. Once a project has been given the green light, they need to get it built as quickly as possible to maximize returns. This means that vessel utilization rates will need to increase significantly if developers are going to meet their targets.
A purpose-built installation vessel can typically install around 30 MW of capacity per month in the wind turbine foundation market, which is around three times more than a traditional multipurpose construction vessel (MPCV). This extra capacity is crucial if developers are going to meet their tight timelines and avoid costly delays.
These purpose-built vessels have a number of advantages over their jack-of-all-trades predecessors. They are specifically designed to install offshore wind turbines, which means they are able to do so more efficiently and with less risk of damage to the turbine or vessel. They also tend to be better equipped, with onboard cranes and other specialized equipment that makes installation easier and safer.
The influx of purpose-built installation vessels is a sign that the offshore wind turbine foundation market is maturing. As the industry grows, we can expect to see even more innovation in the design and construction of these vessels, allowing them to install turbines even more efficiently and safely. In recent years, the use of WTIVs has become increasingly popular for the installation of offshore wind turbines. This is due to their ability to safely and efficiently handle the heavy lifting required for this type of work. Additionally, WTIVs provide a more stable working platform than traditional construction vessels, which can be essential in harsh weather conditions.
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Major Players in Global Wind Turbine Foundation Market
- Bladt Industries A/S (Denmark)
- Fugro (Netherlands)
- Iberdrola, S.A. (Spain)
- B.W. Ideol (Norway)
- SIF Group (Netherlands)
- Mammoet (Netherlands)
- Peikko Group (Finland)
- Principle Power Inc. (US)
- Ramboll Group A/S (Denmark)
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