The value of the global market for wind turbine foundations is expected to hit $7.2 billion by 2022, according to new figures from research group GlobalData.
Offshore foundations will make up the lion’s share of that figure and will be worth some $4.16 billion annually by 2022, according to the figures.
Growth will be largely driven by renewable energy auctions, supportive government policies, decreasing operations and maintenance costs and feed-in tariffs, said GlobalData.
The report pegged the total value of the wind turbine foundation market at $5.7 billion during last year.
Some 98,750 foundation units are estimated will be installed in onshore and a further 5,449 units in offshore by 2022, the report said.
GlobalData senior analyst Subha Krishnan siad: “As offshore wind projects move further from shore, jacket structures are becoming more common.”
Photo: Bladt
Conditions ‘ripe’ for foundations surge
By EBS