Global wind turbine foundation market to reach USD 7.2bn in 2022
The first foundation at Hohe See. Source: Twitter, @EnBW.
The global market for wind turbine foundations is expected to expand to USD 7.2 billion (EUR 6.3bn) in 2022 from USD 5.7 billion in 2017, according to research company GlobalData.
The major contributors to the growth will be renewable energy auctions, supportive government policies, lower operations and maintenance (O&M) costs and feed-in tariffs (FiTs). The analyst forecasts in its "Wind Turbine Foundations, Update 2018" report that the value of the worldwide market for onshore foundations will increase to USD 3.05 billion in 2022 with the addition of 98,750 foundation units during the period. Meanwhile, the offshore foundations market will see the installation of 5,449 units and its value will reach USD 4.16 billion in the same year.
China will remain the largest market for manufacturing wind turbines and related components. The Asian country is expected to grow its onshore foundations equipment market to USD 865.2 million in the 2018-2022 period, while the offshore market is estimated to hit USD 504 million. GlobalData points out that in spite of the wide variety of turbine foundations used in China, the country will need to make further tests for offshore foundations so as to identify the most appropriate option for Chinese waters.
In the meantime, in the US, companies are developing floating offshore wind platforms for deep water applications, which is seen to be a driver for innovative offshore wind projects. The country is the only one in the Americas region that has installed offshore wind turbine capacity.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.