Wind Energy Foundation Market Size, Share & Trends Analysis Report By Foundation (Gravity Based Structure, Space Frames-tripod, Jacket, Tri-pile), By Location (Onshore, Offshore) By Region, And Segment Forecasts, 2024 - 2030

Wind Energy Foundation Market Trends

The global wind energy foundation market size was valued at USD 10.64 billion in 2023 and is projected to grow at a CAGR of 9.6% from 2024 to 2030. This growth is attributed to the increasing demand for clean energy resources, government incentives, and rising awareness of renewable energy benefits are pivotal. Technological advancements have made wind energy more cost-competitive, while the urgent need to address climate change has accelerated investments in wind power. Furthermore, the expansion of onshore and offshore wind installations, coupled with declining turbine prices, further supports market growth. These elements collectively enhance the viability and attractiveness of wind energy projects worldwide.

The global wind energy foundation market is on an outstanding growth path, highlighting substantial growth and significant opportunities for stakeholders in the renewable energy sector. A wind energy foundation, also referred to as a wind turbine foundation, plays a vital role in the functionality of a wind turbine system. It acts as the primary structural support for the entire turbine, ensuring its firm attachment to the ground and offering resilience and longevity against the impact of wind and weather conditions.

In addition, the wind energy market is growing due to several other factors. The environmental concerns drive the shift toward cleaner energy sources, such as wind power, as countries aim to reduce greenhouse gas emissions and combat climate change. Technological advancements have also played a significant role, with innovations in wind turbine technology making wind energy foundations more cost-effective and reliable. Government policies and incentives further influence renewable energy projects, including wind energy, by offering favorable conditions and subsidies.

Furthermore, the cost of wind energy has decreased significantly over the years, making it a competitive alternative to fossil fuels. Wind energy also enhances energy security by diversifying the energy mix and reducing dependence on imported fossil fuels. Lastly, there is a growing investment in offshore wind projects, which have the potential to generate large amounts of energy due to more substantial and more consistent wind patterns. Therefore, all these factors collectively contribute to the robust growth of the wind energy foundation market globally.

Foundation Insights

Monopile led the market and held the largest revenue share of 73.5% in 2023. Monopile foundations have gained attention because of their cost-effective manufacturing, transportation, quick installation processes, and reliable track record. They offer numerous benefits in comparison to alternative foundation types. Furthermore, monopiles are cost-efficient for water depths under 30m, rendering them suitable for offshore wind farms. Furthermore, monopiles are known for their reliability and ability to sustain wind turbines at greater water depths, typically reaching up to 25m.

Space frame tripod is expected to grow at a CAGR of 11.4% over the forecast years. Space frame substructures, such as jacket structures and tripods, provide the necessary strength and toughness. These structures are particularly effective in water depths that are in transition, with comparatively short penetration lengths. By utilizing these types of foundations, construction costs can be reduced when installed in transitional water depths. The weight of tripods and jackets used in multipod configuration is low, making them an economical choice. In comparison to monopiles, space frame tripods can be more effective. Furthermore, innovations in wind turbines and foundation technology are making wind energy more efficient and cost-effective, further boosting its market growth.

Location Insights

The onshore location segment dominated the market and accounted for the largest revenue share of 65.3% in 2023. This growth is driven by onshore wind power, which involves turbines situated on land and harnessing wind to generate electricity, benefits from lower installation and maintenance costs compared to offshore projects. The market is further propelled by technological advancements in turbine design and foundation construction, which enhance efficiency and reduce costs. Government policies and incentives, such as tax credits and subsidies, are crucial in encouraging investment in onshore wind projects. In addition, the increasing demand for clean and renewable energy sources, driven by environmental concerns and the need to reduce greenhouse gas emissions, supports the expansion of the onshore wind foundation market.

The offshore is projected to grow at a CAGR of 10.2% from 2024 to 2030. This growth is attributed to the increasing global demand for renewable energy, fueled by climate change concerns and regulatory commitments. In addition, technological advancements in turbine design and foundation construction enhance efficiency and reduce costs, making offshore installations more viable. Furthermore, government incentives and favorable policies promote the development of offshore wind farms, while the potential for higher energy yields from consistent ocean winds further stimulates market growth.

Regional Insights

The wind energy foundation market in North America is anticipated to grow at a CAGR of 13.0% over the forecast period. This growth is attributed to the increasing focus on generating electricity through renewable energy sources. In addition, government assistance for wind energy in research and development, providing subsidies, and focusing on aligning wind power by constructing innovative foundation design structures are expected to play a fundamental role in augmenting the market over the forecast period.

U.S. Wind Energy Foundation Market Trends

The U.S. wind energy foundation market is expected to grow significantly over the forecast years. This growth is driven by significant progress in both onshore and offshore wind energy projects. In addition, the market is expected to witness a substantial boost from government support and the administration’s focus on renewable energy and infrastructure development. Furthermore, technological advancements in turbine design and foundation construction, increasing investments from both public and private sectors, and integrating energy storage solutions to enhance grid stability contribute to the country’s market growth. 

Asia Pacific Wind Energy Foundation Market Trends

Asia Pacific wind energy foundation market dominated the global market and accounted for the largest revenue share of 41.3% in 2023. The escalating demand for clean energy in emerging economies of China, India, South Korea, and Australia in the expansion of the energy sector in these countries will have a positive impact on the overall wind energy industry to meet growing energy demands and minimize carbon emissions.

The wind energy foundation market in China dominated the Asia Pacific market and accounted for the largest revenue share in 2023. This growth is led by strong government support and policies aimed at promoting renewable energy, such as the Renewable Energy Law, which mandates the purchase of electricity generated from renewable sources. In addition, China’s ambitious targets for wind power capacity expansion, set by the National Energy Administration, give a clear roadmap for developers and investors. Financial incentives, including subsidies, tax benefits, and low-interest loans, further encourage investment in wind power infrastructure to boost the market.

The Australia wind energy foundation market is expected to grow at a CAGR of 13.1% over the forecast period. The Australian government has set ambitious renewable energy targets, aiming for 82% of the electricity mix to come from renewables by 2030, which boosts investment in offshore wind projects. Furthermore, advancements in technology are reducing costs and improving efficiency, making offshore wind more competitive. The vast Australian coastline presents significant opportunities for offshore installations while increasing public and governmental support for clean energy further drives market development.

Europe Wind Energy Foundation Market Trends

The wind energy foundation market in Europe is expected to grow significantly over the forecast years. This growth is driven by strong government policies and commitments to reduce greenhouse gas emissions. In addition, technological advancements have lowered costs and improved efficiency, making wind energy more competitive. The increasing demand for renewable energy and the depletion of fossil fuels further propels market growth. Furthermore, Europe's extensive coastline offers substantial opportunities for offshore wind installations, enhancing the region's overall capacity for wind energy generation.

UK Wind Energy Foundation Market Trends

The UK wind energy foundation market is expected to witness substantial growth owing to the country's commitment to expanding offshore wind capacity, supported by technological advancements that enhance project viability and reduce costs. Furthermore, increasing public awareness of climate change and the benefits of renewable energy fosters greater acceptance of wind projects. The need for energy security and diversification of energy sources further propels market growth.

Key Wind Energy Foundation Company Insights

Ørsted; Vestas; Siemens Gamesa Renewable Energy; GE Renewable Energy; Enercon GmbH; Nordex SE; Goldwind; Suzlon Energy Ltd.; Sinovel Wind Group Co., Ltd.; and MingYang Wind Power Group Ltd. in the market are focusing on developing a global wind energy foundation to gain a competitive edge in the industry.

• Goldwind is a prominent player in the wind energy sector, specializing in designing, manufacturing, and deploying wind power solutions. The company promotes clean energy and environmental protection through innovative wind turbine technologies and comprehensive energy solutions. By leveraging advanced research and development, Goldwind aims to enhance renewable energy utilization and contribute significantly to the global transition towards sustainable energy sources, effectively addressing both energy and environmental challenges.

• Suzlon Energy is a player in the wind energy foundation market, specializing in designing, manufacturing, and installing wind turbine generators (WTGs). With over 27 years of experience, Suzlon offers comprehensive solutions encompassing the entire wind energy project lifecycle, including foundations, erection, and commissioning. The company has installed more than 20,780 MW of capacity globally, positioning itself as a pivotal contributor to renewable energy development and sustainability initiatives. 

Recent Developments

• In June 2023, Ørsted entered into a commercial sustainability partnership with Vestas, to use blades made from recycled materials and low-carbon steel wind turbine towers from Vestas for all joint offshore wind projects. The goal of this strategic partnership is to speed up the implementation of creative sustainable solutions to tackle important decarbonization and circularity issues in the wind industry.

• In December 2023, Vestas secured a significant 254 MW order for a wind project in Australia, the details of which have not been disclosed. The company is also set to offer Engineering, Procurement, and Construction (EPC) services, along with a 30-year service agreement known as Active Output Management 5000 (AOM 5000) to enhance the project's performance. The delivery of the wind turbines is scheduled for Q4 2024, and the commissioning is planned to begin in Q4 2025, which will further bolster Australia's renewable energy sector.

Wind Energy Foundation Market Report Scope

Global Wind Energy Foundation Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the global wind energy market report based on foundation, location, and region:

• Foundation Outlook (Revenue, USD Million, 2018 - 2030)

  • Monopile

  • Gravity Based Structure (GBS)

  • Space Frame-Tripod

  • Space Frame-Jacket

  • Space Frame Tri-Pile

• Location Outlook (Revenue, USD Million, 2018 - 2030)

  • Onshore

  • Offshore

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Denmark

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • South Africa

    • UAE