Blog - Global wind turbine foundation market set to hit sales of $15.79 billion by 2028 | Samuel Knight
Feb 22, 2023 Energy

Global wind turbine foundation market set to hit sales of $15.79 billion by 2028

With the rapidly increasing demand for renewable energy comes the increasing demand for wind turbine foundations market. Global wind power generation is pegged at 743 GW as of August 2022. In the US alone, there are over 70,800 wind turbines across 44 states. In order to meet the global energy need in the global wind turbine foundation market, more than 1.49 million wind turbines with 4 MW capacity would be needed, according to a SkyQuest study. 

Over the past decade, the average cost of establishing a wind farm has decreased by 30%. 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 $15.79 billion by 2028. 

Foundation installation is a crucial step in the construction of a wind farm, and thorough foundation design is key to the long-term performance and stability of the turbine. When designing a wind turbine foundation, there are a range of factors to consider such as soil type, wind speed, and ground water level. A monopile foundation, which consists of a single vertical column that supports the weight of the turbine, is the most common type of foundation used for wind turbines in the global wind turbine foundation market. Monopile foundations can be either drilled or driven into the ground. More than one monopile may be used to support a single turbine in some instances, particularly where soil conditions are not ideal. This is known as a multi-pile foundation. Multi pile foundations are usually 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. Due to the high number of onshore wind farms being built across the globe, onshore foundations are expected to account for the largest share of the global market. 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 in comparison to other materials. 

Article reference: Yahoo Finance 

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