The global wind energy foundation market is
expected to reach USD 241.14 billion by 2024, according to a new report by
Grand View Research, Inc. Increasing concerns over depleting petroleum
resources has resulted in influencing growing demand for renewable energy.
Increasing global population and industrialization have become major factors
for moving towards non-conventional resources.
Wind energy is gaining
momentum over the past few years on account of major capacity additions owing
to the declining prices. Recently there have been dramatic reductions in costs
on account of increasing research and development. Growing demand for expansion
of electricity generation and access is expected to be a major driver for the
industry over the forecast period.
Climate change and
global warming are major factors responsible for the increasing focus on wind
power and harnessing this power for the future generations. The demand for wind
energy foundation was USD 73.46 billion in 2015.Approximately 100 countries
have managed to build several commercial wind farms.
Strong government
initiatives and subsidies for the development of renewable energy is expected
to be crucial factor for growth of the industry over the forecast period. The
Paris agreement of 2015 was a major step in moving towards harnessing
sustainable and clean energy.
Access Research Report of Wind Energy Foundation Market @ www.grandviewresearch.com/industry-analysis/wind-energy-foundation-market
Further key findings from the report suggest:
· Offshore wind energy foundation segment is
expected to witness revenue growth at a CAGR of 14.9% from 2016 to 2024.
Offshore wind turbines have large power capacities and are now being installed
even in deep water.
· In the offshore category, mono-pile
foundation accounted for 35.6% of the global market share in 2015 and it was
the largest in offshore category. Increasing need to secure energy security and
growing concerns about onshore wind farms is a major factor propelling
expansion.
· Onshore wind energy foundation market was valued
at USD 52.01 billion. The onshore category has dominated the foundation market
over the past several decades owing to reasonable cost for installation.
· Asia Pacific market was valued at USD 27.45
billion in 2015 and will witness significant gains over the forecast period on
account of continuous increase in installation capacity in countries such as
China, India and Japan.
· North America is a major market for
foundations owing to the availability of best wind resources coupled with low
prices as compared to other countries. Countries such as Brazil will open
present new opportunities for propelling growth over the forecast period.
Grand View Research has
segmented the global wind energy foundation market by site location and region:
Site Location outlook (Revenue, USD Million, 2013 - 2024)
·
Onshore
·
Offshore
Regional Outlook (Revenue, USD Million, 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
