The Onshore Segment to Dominate Asia Pacific Wind Turbine Foundation Market during 2021-2028
According to The Insight Partners market research study on “Asia Pacific wind turbine foundation Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Application, and Country,” is expected to reach US$ 5,826.00 million by 2028 from US$ 2,313.87 million in 2021. The market is estimated to grow at a CAGR of 14.1% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific wind turbine foundation market along with the drivers and restraints pertaining to the market growth. Heightening deployment of offshore wind farms and shifting preference towards renewable energy are major factors driving the growth of the Asia Pacific wind turbine foundation market. However, high costs associated with wind turbine foundation may hinder the growth of Asia Pacific wind turbine foundation market.
The COVID-19 pandemic has severely impacted Asia Pacific due to wide disease spread; countries in this region are highly populated, leading to the greater risk of infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies, such as China, India, Australia, and Japan, experiencing inflation. India is the worst-hit country by the pandemic in this region. Despite worries about labor shortages and travel restrictions that limited operations and maintenance, Asia Pacific's energy supply and system operation could fulfill demand reliably during the pandemic. For example, this has enabled hospitals to provide healthcare services and allow employees to work from home to assist businesses in continuing operations and, in general, allowing daily life to go on..
The market for Asia Pacific wind turbine foundation is segmented into type, application, and country. Based on type, the market is segmented into mono-pile, jacket-pile, gravity, tripod, suction, raft, pile, well foundation, rock and anchor, and others. In 2020, the gravity segment held the largest share in Asia Pacific wind turbine foundation market. Based on application, the Asia Pacific wind turbine foundation market is divided into onshore, and offshore. The offshore segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific wind turbine foundation market is segmented into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific wind turbine foundation market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific wind turbine foundation market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for wind turbine foundations.
Fugro; Iberdrola, S.A.; BW Ideol; SIF Group; Mammoet; EEW Group; Peikko Group; Bladt Industries A/S; Principle Power, Inc.; and Ramboll Group A/S are some of the leading companies in the Asia Pacific wind turbine foundation market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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