According to the new research report published by The Insight Partners, titled “Wind Turbine Foundation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application and Geography,” the market is projected to reach US$ 15,868.94 million by 2028 from US$ 6,958.35 million in 2021; it is estimated to grow at a CAGR of 12.5% from 2021 to 2028.
Continuous rise in the global population and disposable income in developing countries are driving energy consumption. To meet the energy needs, energy sources such as fossil fuels, nuclear energy, and renewable energy are being utilized in various quantities. However, in the current scenario, the energy market stakeholders are shifting their focus towards renewable energy as a result of changing governmental measures and technological advancements. The increased amount of renewable energy sources in the global energy mix has spurred industry expansion, resulting in high wind towers. However, the demand for increased power generation and improved development activities, in most countries are focusing on providing inexpensive, dependable, and secure energy, which is projected to boost the expansion of the wind turbine foundation market. The World Bank Group has unveiled a new program to help developing countries adopt offshore wind energy more quickly. In association with the International Finance Corporation (IFC), the group will support emerging nations in assessing their offshore wind potential by aiding technical assistance in developing a growing pipeline of projects that are worth investment.
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The global wind turbine foundation market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock anchor, and others. Similarly, on the basis of application, the market is segmented into onshore and offshore. Based on geography, the global wind turbine foundation market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
The COVID-19 outbreak has drastically disrupted the supply chain and manufacturing of industrial equipment. Owing to the subsequent imposition of public restrictions, the industry experts have predicted that the industrial equipment manufacturing industry would witness a decline in the chain. The manufacturing sector is likely to pick up pace sooner as governments across the world have started introducing relaxations in containment measures, resulting in the gradual revival of economies. The production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including wind turbine foundation
Bladt Industries A/S; Fugro; Iberdrola, S.A.; BW ideol; Sif Group; Mammoet; EEW Group; PEIKKO Group; Principle Power, Inc.; and Ramboll Group A/S are among the major companies operating in the wind turbine foundation market.
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