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The wind turbine foundation market share is expected to increase by USD 8.50 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.37%.
This wind turbine foundation market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers wind turbine foundation market segmentation by application (onshore and offshore) and geography (APAC, Europe, North America, MEA, and South America). The wind turbine foundation market report also offers information on several market vendors, including ArcelorMittal SA, Bladt Industries AS, Blue H Engineering BV, ENERCON GmbH, Equinor ASA, Offshore Wind Power Systems of Texas LLC, Orsted AS, Peikko Group Corp., Ramboll Group AS, and Suzlon Energy Ltd. among others.
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The change in energy mix is notably driving the wind turbine foundation market growth, although factors such as competition from alternative renewable sources of energy may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wind turbine foundation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Wind Turbine Foundation Market Driver
The energy mix is defined as the use of different proportions of energy sources such as fossil fuels, nuclear energy, and renewable energy to meet energy needs. Change in the energy mix because of factors such as evolving policy measures and technological advances will foster the growth of the market. The demand for energy is driven by the growing global population and rising disposable income in developing countries. The growing contribution of renewable energy sources in the global energy mix has resulted in the increased installations of wind towers, which, in turn, has driven the growth of the wind turbine foundation market.
Key Wind Turbine Foundation Market Trend
The rapid installation of offshore wind farms is one of the key emerging trends in the wind turbine foundation market. Of late, the offshore wind market has gained prominence in the global quest for installing clean and sustainable energy sources. Offshore wind farms are witnessing rapid installation because they have better operational conditions when compared with onshore farms. With offshore wind farms, much larger fans can be installed, which leads to a higher input even with a smaller number of turbines. The advantages have led to the approval of a wide-scale installation of offshore wind farms across multiple locations, which, in turn, will augment the wind turbine foundation market.
Key Wind Turbine Foundation Market Challenge
In the renewables sector, wind energy faces stiff competition from solar energy and hydropower. Of all the renewable sources of energy that are available, solar power has emerged as one of the least expensive sources of clean energy. The declining cost of solar energy generation due to initiatives and subsidies by governments, as well as competitive bidding processes, have significantly increased the number of solar PV panel installations globally. Hydropower is also considered one of the most common and least expensive forms of renewable energy. Therefore, the above-mentioned factors have resulted in the growing dependence on alternative sources of energy, such as solar and hydro, which is a challenge for the growth of the wind industry, which, in turn, will adversely affect the growth of the wind turbine foundation market.
This wind turbine foundation market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The growth in the global renewable electricity market will be driven by factors such as supporting policies and targets for deployment of renewable power, declining costs of renewable energy technologies, and increasing demand for renewable power due to environmental concerns. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wind turbine foundation market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the wind turbine foundation market encompasses successful business strategies deployed by the key vendors. The wind turbine foundation market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The wind turbine foundation market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the wind turbine foundation market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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52% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for wind turbine foundations in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
The environment-friendly nature and cost advantages of wind energy will facilitate the wind turbine foundation market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In H2 2020, many countries in APAC lifted restrictions on various businesses and trade activities. Vendors were then able to resume their routine operations by adhering to COVID-19 guidelines. Vendors mandatorily followed the social distancing norms and restricted the entry of non-essential visitors at their facilities. In-person interactions in workplaces were limited, and daily temperature monitoring was conducted at entry points. Such initiatives are expected to help vendors remain operational and allow the market to recover slowly during the forecast period.
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The wind turbine foundation market share growth by the onshore segment will be significant during the forecast period. Onshore wind farms use a shallow foundation, deep foundation, or a combined or hybrid foundation to support wind turbines. The growth of the global wind turbine foundation market by onshore applications is being driven by multiple factors, including the implementation of regulations by governments across the world. Among other factors, the increasing height of wind towers has also resulted in the declined cost of wind electricity generation, which will drive the global wind turbine foundation market by onshore applications during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the wind turbine foundation market size and actionable market insights on post COVID-19 impact on each segment.
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Wind Turbine Foundation Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.37% |
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Market growth 2021-2025 |
$ 8.50 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.68 |
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Regional analysis |
APAC, Europe, North America, MEA, and South America |
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Performing market contribution |
APAC at 52% |
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Key consumer countries |
China, US, UK, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ArcelorMittal SA, Bladt Industries AS, Blue H Engineering BV, ENERCON GmbH, Equinor ASA, Offshore Wind Power Systems of Texas LLC, Orsted AS, Peikko Group Corp., Ramboll Group AS, and Suzlon Energy Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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