Wind Turbine Foundation Market Worth US $ 15,868.94 Million By 2028 – Proprietary Research By The Insight Partners
Growing demand in developing countries to provide opportunities for wind turbine foundation market players during the period 2021-2028
NEW YORK, USA, December 3, 2021 /EINPresswire.com/ – According to the latest research report titled “Wind Turbine Foundation Market Forecast to 2028 – COVID-19 Impact and Global Analysis”, published by The Insight Partners, the market is expected to reach $ 15,868.94 million by 2028, registering a CAGR of 12.5% from 2021 to 2028.
Report Coverage: Details
Market Size Value in: US $ 6,958.35 million in 2021
Market Size Value of: US $ 15,868.94 Million by 2028
Growth rate: CAGR of 12.5% from 2021-2028
Forecast period: 2021-2028
Baseline year: 2021
Number of pages: 172
Number of tables: 75
Number of graphs and figures: 83
Historical data available: Yes
Segments covered: type, application and geography
Regional scope: North America; Europe; Asia Pacific; Latin America; AEM
Country: USA, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage: Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors and Trends
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Longer blades and taller towers, two of the most critical aspects for increasing the productivity of wind turbines, are the source of much of the next generation research and development efforts to create larger wind turbines. powerful, efficient, durable and profitable. Other important advancements include the creation of smart wind turbines that collect and include real-time data, as well as the modeling and adjustment of wind turbine flows and wind turbine configurations to optimize wind harvest. The Wind Energy Technologies Office (WETO) works with industry to improve the performance and reliability of next-generation wind technologies while reducing wind energy costs.
The plug pattern is one of the longest and most labor-intensive operations in the manufacture of wind turbine blades. 3D printing helps manufacturers save these precious resources. Wind industry technology is expected to continue to grow through improved reliability, increased capacity and lower costs. Modern wind turbines are becoming more and more profitable and stable, and their power ratings have reached levels of several megawatts. For example, the Dakota Range 1 & 2 Wind Farm in Watertown, South Dakota will have the largest turbines of any Xcel Energy wind project in the coming years, according to the U.S. government, and larger turbines are planned for southern Minnesota.
Impact of the COVID-19 pandemic on the wind turbine foundation market
The COVID-19 outbreak has dramatically disrupted the supply chain and manufacturing of industrial equipment. Due to the subsequent imposition of public restrictions, industry experts predicted that the industrial equipment manufacturing industry would experience a chain decline. The manufacturing sector is expected to accelerate faster as governments around the world have started to ease containment measures, causing economies to gradually recover.
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The global market for wind turbine foundations is expanding rapidly, driven by increasing energy needs in developed and developing countries. In addition, the need for green energy production and government measures to promote renewable energy sources are driving the sector forward. The trend of building offshore wind turbines is on the rise, due to the high production and long term growth of wind farms. In 2020, Europe dominated the wind turbine foundation market, accounting for over 45% of the global market share.
Several European governments are also investing in floating substructures or integrated floating wind systems for deep water and using them in various climatic conditions. The initiative expands deployment options and strengthens Europe’s position on the world stage. Various associations governing the wind turbine foundation market include the Global Wind Energy Council (GWEC), the National Institute of Wind Energy (NIWE), the International Renewable Energy Agency (IRENA), the American Wind Energy Association (AWEA), the European Wind Energy Association (EWEA), and the Indian Wind Energy Association (IWEA). These organizations closely monitor the demand for wind power in respective countries and internationally.
Wind Turbine Foundation Market: Competitive Landscape and Key Developments
Bladt Industries A / S; Fugro; Iberdrola, SA; Ideol BW; Sif Group; Mammoet; EEW Group; PEIKKO Group; Principe Power, Inc .; and Ramboll Group A / S are among the key players in the global Wind Turbine Foundation market. Leading companies focus on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.
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Players operating in the wind turbine foundations market are adopting strategies such as mergers, acquisitions and market initiatives to maintain their market positions. Some developments by key players are listed below:
In June 2021, BW Ideol signed a memorandum of understanding with Hitachi ABB Power Grids for the development of scalable floating substations, which would support the development of commercial floating offshore wind farms with large capacity wind turbines.
In November 2020, Sif Netherlands BV, in association with Smulders Projects Belgium NV, announced its plan to manufacture all monopiles and transition parts, involving around 260 kilotons of steel, for the Dogger Bank A&B offshore wind farm project, based in the North Sea off the north east coast of England.
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