Wind Energy Foundation Market To Reach $20.14 Billion By 2030

Wind Energy Foundation Market Growth & Trends

The global wind energy foundation market size is expected to reach USD 20.14 billion by 2030, registering a CAGR of 9.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing concerns over depleting petroleum resources has resulted in influencing growing demand for renewable energy. Increasing global population and industrialization have become major factors for moving towards non-conventional resources.

Wind energy is gaining momentum over the past few years on account of major capacity additions owing to the declining prices. Recently there have been dramatic reductions in costs on account of increasing research and development. Growing demand for expansion of electricity generation and access is expected to be a major driver for the industry over the forecast period.

Climate change and global warming are major factors responsible for the increasing focus on wind power and harnessing this power for the future generations. The demand for wind energy foundation was USD 73.46 billion in 2015.Approximately 100 countries have managed to build several commercial wind farms.

Strong government initiatives and subsidies for the development of renewable energy is expected to be crucial factor for growth of the industry over the forecast period. The Paris agreement of 2015 was a major step in moving towards harnessing sustainable and clean energy.

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Wind Energy Foundation Market Report Highlights

• 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.

• 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.

• Asia Pacific wind energy foundation market dominated the global market and accounted for the largest revenue share of 41.3% in 2023.

• 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.

Wind Energy Foundation Market Segmentation

Grand View Research has segmented the global wind energy foundation market on the basis of on foundation, location, and region:

Wind Energy Foundation Outlook (Revenue, USD Million, 2018 - 2030)

• Monopile

• Gravity Based Structure (GBS)

• Space Frame-Tripod

• Space Frame-Jacket

• Space Frame Tri-Pile

Wind Energy Foundation Location Outlook (Revenue, USD Million, 2018 - 2030)

• Onshore

• Offshore

Wind Energy Foundation 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

List of Key Players in the Wind Energy Foundation Market

• Ørsted

• Vestas

• Siemens Gamesa Renewable Energy

• GE Renewable Energy

• Enercon GmbH

• Nordex SE

• Goldwind

• Suzlon Energy Ltd.

• Sinovel Wind Group Co., Ltd.

• MingYang Wind Power Group Ltd.