Global wind turbine foundations market to reach $7.2bn by 2022

The global wind turbine foundations market registered a market value of $5.7bn in 2017 and is expected to reach $7.2bn in 2022, largely driven by renewable energy auctions, supportive government policies, decreasing operations and maintenance costs, and feed-in tariffs. The company’s latest report: ‘Wind Turbine Foundations, Update 2018’ states that the global onshore foundation market value is estimated to reach $3.05bn in 2022. Likewise, the annual offshore foundations market value is expected to reach $4.16bn in 2022.

Subha Krishnan, Power Analyst at Publisher, comments:

“Most offshore wind installations globally to date have used monopole foundations, which are cylindrical structures driven into the seafloor and attached to the bottom of the wind turbine tower. 
However, offshore wind turbines are getting larger, complicating the use of monopile foundations. As offshore wind projects move further from shore, jacket structures, which typically consist of four legs connected by braces, are becoming more common as they use a lattice structure to support the weight while using less steel.”