Wind energy is highly adopted as a sustainable alternative to electricity generation across the world. Several windmills projects have been established to produce electricity and reduce the carbon footprints worldwide. The rapidly increasing deployment of offshore wind farms has been fueled for the demand of carbon-neutral energy production. Offshore Wind Farms are approximately 1.5-2 times more expensive to build than onshore wind farms. Offshore wind farms have various advantages, even though they are costly and complex to create and operate. Thus, such advantageous factors are propelling the demand for market growth.
MARKET SCOPE
The "Global Offshore Wind Turbine Foundation Market Analysis to 2028" is a specialized and in-depth study of the renewable energy components with a special focus on the global market trend analysis. The report aims to provide an overview of the offshore wind turbine foundation market with detailed market segmentation by type, capacity and geography. The report provides key statistics on the market status of the leading offshore wind turbine foundation market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of type the market is segmented into monopile, jacket, gravity, tripod, suction, raft, pile, well foundation, rock & anchor, and others
- On the basis capacity, the market is segmented as up to 1 MW, 1-3 MW, 3-5 MW, and above 5 MW
MARKET DYNAMICS
Drivers:
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o Rise in demand for offshore wind power generation
o Supportive government policies augments the market outlook
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o Expensive costing projects for offshore wind farm restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The offshore wind turbine foundation market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the offshore wind turbine foundation market in these regions.
IMPACT OF COVID-19 ON OFFSHORE WIND TURBINE FOUNDATION MARKET
The emergence of the COVID-19 has severely impacted the renewable energy industries, which resulted decline in the demand for power generation in the year 2020. The demand for offshore wind turbine foundation are directly proportional to the demand for wind power projects. Wind projects have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in demand for offshore wind turbine foundation. The manufacturing of wind turbine components used for the foundation of the wind project was halted for a specific period due to high peak of COVID-19, which highly impacted the demand of offshore wind turbine foundation. Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the global market. However, from 2021 the ease in restrictions and reopening of industries have accelerated the rise in number of wind power projects which further helped the market to grow over the covid recovery period.
MARKET PLAYERS
The report covers key developments in the offshore wind turbine foundation market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in offshore wind turbine foundation market are anticipated to get lucrative growth opportunities in the future owing increase in R&D investments.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the offshore wind turbine foundation market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Iberdrola, S.A.
- Suzlon Group
- Ramboll Group A/S
- Peikko Group
- Dominion Energy
- ?rsted A/S
- Siemens Gamesa
- Aker Solutions
- Principle Power Inc.
- Bladt Industries A/S