Global Wind Turbine Foundation Market to Reach US$ 21.9 Billion by 2031, Driven by Rapid Expansion of Onshore and Offshore Wind Projects

New York, US - November 27, 2025 - The global Wind Turbine Foundation Market is poised for substantial growth, projected to increase from US$ 10.8 billion in 2023 to US$ 21.9 billion by 2031, at a CAGR of 9.2% during the forecast period (2023-2031). This growth is fueled by the rising deployment of onshore and offshore wind power projects, advancements in next-generation turbine technologies, and strong government initiatives supporting renewable energy adoption.

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Growing Renewable Energy Demand Accelerates Market Expansion

As global energy demand surges due to population growth and industrialization, nations are rapidly adopting renewable energy sources to reduce carbon emissions. Wind power continues to gain prominence, supported by technological advancements in turbine design, blades, shafts, and foundations. According to IRENA, global wind installed capacity rose sharply to 1,017 GW in 2023, underscoring the sector's momentum.

The rising installation of wind farms worldwide driven by tax incentives, subsidies, and policy mandates is significantly boosting demand for wind turbine foundations.
Government Support and Floating Wind Technology to Drive Future Growth

Several governments are actively promoting wind energy through financial incentives, regulatory support, and ambitious renewable targets. Countries such as India, Germany, the UK, China, and Japan are advancing wind farm installations, with Germany targeting over 10 GW of new offshore wind capacity annually from 2025 under its landmark Easter Package.

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Floating wind technology is emerging as a major opportunity for market players. Suitable for deep-water environments and harsh offshore conditions, floating turbines are gaining global traction. Investments from 22 countries identified as strong candidates for floating wind expansion are expected to accelerate market growth. The UK alone committed US$ 2.97 billion to 11 renewable projects to expand offshore capacity.

Market Segmentation Highlights
• By Type: Gravity foundations held the largest share in 2023, followed by monopile, jacket-pile, tripod, suction, raft, and rock & anchor foundations.
• By Application: The onshore segment dominated in 2023, though offshore wind foundations are expected to grow rapidly with expanding deep-water projects.

Asia Pacific Leads Global Market Share
Asia Pacific dominated the global wind turbine foundation market in 2023, driven by a strong onshore sector and significant offshore development in China, Japan, South Korea, and India. The region is expected to register the fastest CAGR through 2031 due to increased investments and expanding manufacturing capacity.

Key Players in the Market
Prominent companies shaping the industry include:
Fugro, Ramboll Group A/S, Iberdrola S.A., BW Ideol, Peikko Group, EEW Group, Nordex SE, Bladt Industries A/S, Sinowel Wind Group, and Principle Power.

Recent Industry Developments
• Odfjell Oceanwind partnered with Prodtex to scale production of floating wind foundations, targeting new facility operations by 2027.
• Principle Power unveiled WindFloat F, a next-generation pontoon-based floating foundation designed for ultra-shallow port integration.

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Comprehensive Market Insights Available
The Wind Turbine Foundation Market Size and Forecast (2021-2031) report includes detailed market analysis, segmentation forecasts, PEST and SWOT evaluations, regulatory insights, competitive landscape profiling, and company overviews.

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