1 Global Offshore Wind Power Monopile Foundation Market Outlook
The global Offshore Wind Power Monopile Foundation market is projected to exhibit substantial growth in the coming years, with a CAGR of 4.51% from 2024 to 2033, reaching a total market size of $1928.82 million USD in 2024. The offshore wind power monopile foundation is the basic structural element and is a large above-ground structure used to support all loads of offshore wind turbines. It has the advantage of simple design and manufacturing.
Figure Global Offshore Wind Power Monopile Foundation Market Size and Growth Rate (2024-2033)
2 Offshore Wind Power Monopile Foundation Market Growth Drivers and Constraints
The global offshore wind power monopile foundation market is experiencing significant growth, primarily driven by the accelerated deployment of wind energy as a solution to environmental issues stemming from fossil fuel dominance. This shift towards renewable energy sources, especially in the offshore sector, is bolstered by technological advancements and the recognition of offshore wind’s potential in providing stable and clean power. However, the market faces challenges such as the harsh marine environment, which poses corrosion risks and technical difficulties in the construction and maintenance of offshore wind farms. Additionally, fluctuations in raw material prices, particularly steel, introduce economic uncertainties that may impact the industry’s profitability and project feasibility. Despite these challenges, the market is expected to continue its upward trajectory due to the increasing global focus on sustainable energy solutions and the continuous development of innovative technologies in the offshore wind power sector.
3 Offshore Wind Power Monopile Foundation Market M&A Activities
In the offshore wind power monopile foundation industry, mergers and acquisitions, as well as expansions, are shaping the competitive landscape. Notably, CS WIND, a leading global wind tower company, announced its acquisition of Bladt Holdings A/S, a producer of offshore tower substructures, in October 2023, to advance into the global offshore wind power substructure market. This move signifies CS WIND’s strategic entry into the offshore wind power foundation segment, enhancing its position as a total solution partner for offshore wind monopile products and services. Additionally, US Wind, Inc. formed a partnership with Haizea Wind Group in March 2023 to manage and operate Sparrows Point Steel, Maryland’s first permanent offshore wind factory, aimed at manufacturing steel components for the US offshore wind industry, including monopiles and towers. This collaboration leverages Haizea’s expertise in designing, building, and operating manufacturing facilities for offshore wind farms globally, contributing to the decarbonization of the economy. Furthermore, Sif Holding, in conjunction with Royal IHC, finalized the acquisition of “KCI the engineers” in March 2021, strengthening Sif’s capabilities in design engineering and supporting its development towards an integrated total solution provider for offshore wind monopile products and services. These strategic business activities are instrumental in consolidating the market and enhancing the competitiveness of the key players within the offshore wind power monopile foundation industry.
4 Global Offshore Wind Power Monopile Foundation Market Analysis by Type
In 2024, the global offshore wind power monopile foundation market is projected to reach a total value of approximately US$1,928.82 million. This growth is primarily driven by the increasing demand for offshore wind energy solutions. The monopile foundations above 70 meters segment is projected to account for a revenue of $1517.88 million, capturing a market share of approximately 78.69%. Meanwhile, the below 70 meters segment is forecasted to generate a revenue of $410.94 million, securing a market share of around 21.31%. This distribution highlights the industry’s shift towards larger monopile foundations, which are preferred for their efficiency and stability in offshore wind farm installations.
Table Global Offshore Wind Power Monopile Foundation Market Size and Share by Type in 2024
Type | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Below 70m | 410.94 | 21.31% |
Above 70m | 1517.88 | 78.69% |
5 Global Offshore Wind Power Monopile Foundation Market Analysis by Application
In 2024, the global offshore wind power monopile foundation market value is anticipated to stand at USD 1928.82 million, with a significant portion attributed to different applications. Specifically, the small and medium offshore wind power plants are expected to capture the majority of the market share, contributing to a value of approximately USD 1467.40 million, which accounts for about 76.08% of the total market value. In contrast, large offshore wind power plants will generate a market value of around USD 461.42 million, holding a 23.92% share of the overall market. These figures underscore the prominent role of smaller-scale offshore wind power plants in the monopile foundation market, while also indicating the substantial value generated by large-scale installations.
Table Global Offshore Wind Power Monopile Foundation Market Size and Share by Application in 2024
Application | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Large Offshore Wind Power Plant | 461.42 | 23.92% |
Small and Medium Offshore Wind Power Plant | 1467.40 | 76.08% |
6 Global Offshore Wind Power Monopile Foundation Market Analysis by Region
In 2024, the global offshore wind power monopile foundation market value is projected to be USD 1928.82 million, with significant contributions from the United States, China, and Europe. The United States is expected to hold a market value of USD 198.97 million, capturing approximately 10.32% of the global market share, indicating a substantial presence in the offshore wind power monopile foundation industry. China, with a market value of USD 432.94 million, is projected to account for about 22.45% of the total market, highlighting its significant role and impact on the global market. Europe remains the dominant region, with a market value of USD 1253.80 million, representing around 65.00% of the global market share, showcasing its leadership in the offshore wind power monopile foundation sector. These values underscore the regional dynamics and the importance of these key markets in driving the global offshore wind power monopile foundation industry.
Figure Global Offshore Wind Power Monopile Foundation Market Share by Region in 2024
7 Top 3 Companies of Global Offshore Wind Power Monopile Foundation Market
7.1 EEW Group
Company Introduction and Business Overview:
EEW Group supplies steel and fabricated pipes and fitting products. The Company offers its products for offshore industry, oil and gas treatment plants, pipelines, and civil, harbor, pressure vessel, and machinery construction industries.
Products Offered:
Known for its top performance in production, flexibility, and ability to adhere to delivery schedules and budgets, EEW Group has developed excellent project management skills and has established standardized processes to handle large-scale projects. With two almost identical monopile mills, EEW has the opportunity to split projects and speed up customer orders. In terms of logistics, both of EEW’s monopile facilities are strategically located with direct access to the port, making them perfectly positioned for loading and transporting monopiles. EEW provides customers with full logistical concepts and supply chain management for storage, transportation, and load out (RoRo, floating, self-geared vessel, and crane concepts).
The in-house research and development department of EEW Group works closely with customers to design high-quality foundations for future wind farms. Services provided by EEW include collaboration with partners to offer different coating systems, such as organic coatings and automated Thermal Sprayed Aluminum (TSA) coatings. The TSA coating provides specific corrosion protection and has favorable ‘self-healing’ long-term behavior due to chemical reactions, allowing the omission of additional cathodic anodes, which leads to cost-effectiveness and environmental benefits. EEW also offers the application of secondary steel elements for monopiles, such as stubs for boat landing or ATP rings. Transition pieces, which connect the towers of offshore wind turbines with the respective monopile, are also part of their offerings. Made up of a steel pipe construction, including primary steel parts and secondary steel elements like platforms, ladders, or boat landing systems, transition pieces are essential construction components of offshore wind turbines. Acting as a general contractor, EEW SPC provides the primary steel for transition pieces for final outfitting at the yard or a TP supplier.
Sales Revenue in 2024:
In 2024, EEW Group achieved a revenue of $576.53 million USD, marking a significant milestone in their financial performance for the year. This figure represents the total income generated from the sales of their offshore wind power monopile foundations, reflecting their strong market presence and the commercial success of their products in the global wind energy sector..
7.2 Sif Group
Company Introduction and Business Overview:
Sif Group operates as a holding company. The Company, through its subsidiaries, manufactures steel foundations to the offshore wind and oil and gas markets. SIF Holding offers tubular structures such as rolls, welds, and steel plates.
Products Offered:
Monopile foundations are popular due to their low manufacturing costs, low transport and installation costs, and a low risk profile, with over 80% of wind turbines in the North Sea based on monopile foundations. Sif Group has over 20 years of experience in manufacturing monopiles and continuously invests in its manufacturing capabilities to keep up with technical developments in the industry. The company offers a range of services related to monopile foundations, including in-house engineering and knowledge, fabrication of primary steel components, engagement of secondary steel suppliers, marshalling and long-term storage at the Sif Maasvlakte 2 Marine Terminal, load-out at the same terminal, and interface management. Sif’s capabilities extend to monopiles with a diameter of 11 meters, a weight of 1,800 tonnes, a length of 105 meters, and a wall thickness of 160 mm, with a production rate of 4–5 monopiles per week.
Sales Revenue in 2024:
For the year 2024, Sif Group generated a revenue of $370.55 million USD from the sales of their offshore wind power monopile foundations, indicating a substantial contribution to their overall financial performance for that year. This figure underscores the company’s significant market share and the economic success of their monopile foundation products in the global offshore wind power industry.
7.3 CS WIND Offshore
Company Introduction and Business Overview:
CS WIND Offshore (formerly known as Bladt Industries) was acquired by CS WIND in 2023. CS WIND Offshore is an international steel structure contractor working on large and highly complex steel structures. The company serves three distinct markets, providing steel solutions to the wind and renewable energy industries, the oil and gas industry, and infrastructure projects.
Products Offered:
Monopile foundations are the most popular offshore wind foundations, consisting of a steel pipe with a diameter ranging from approximately 5-6 meters up to over 13 meters, which are driven into the seabed using a large hydraulic hammer. The length of these monopiles can vary from 20 meters to over 120 meters, and their weight can range from 1,000 to 3,500 tonnes. CS WIND Offshore categorizes monopiles into three segments based on diameter: regular monopiles (5-6 meters), XL monopiles (6-8 meters), and XXL monopiles (8-13 meters). Since 2002, the company has been involved in the fabrication of more than 3,100 foundations, gaining extensive experience in the process, as well as in the fabrication and mounting of external platforms, and the installation of both static anodes and dynamic ICCP corrosion protection systems.
Sales Revenue in 2024:
CS WIND Offshore achieved a revenue of $155.45 million USD from the sales of their offshore wind power monopile foundations, demonstrating their commercial success and market penetration in the offshore wind energy sector in 2024. This revenue figure reflects the company’s financial performance and its ability to capitalize on the growing demand for offshore wind power infrastructure.