Global Wind Electricity Market Growth Drivers 2024, Forecast To 2033
22 Jan, 2024
The wind electricity market has grown rapidly, escalating from $145.38 billion in 2023 to $164.54 billion in 2024, reflecting a 13.2% CAGR. Historical drivers include government incentives, grid integration, cost reductions, and environmental concerns. Projections indicate continued rapid growth, reaching $260.15 billion by 2028, with a 12.1% CAGR. The forecasted period attributes growth to grid flexibility, energy storage, global energy transition, and public and corporate demand. Major trends include technological advancements, capacity growth, offshore wind, larger turbines, hybrid systems, corporate power purchase agreements (PPAs), and floating wind farms.
Global Wind Electricity Market Key Driver
Investments in the clean energy sector propel the growth of the wind electricity market. Clean energy, sourced from renewables, is gaining precedence over fossil fuels. The International Energy Agency predicts a 24% increase in annual clean energy investments from 2021 to 2023. With a projected allocation of $2.8 trillion for global energy investments in 2023, the emphasis on renewables, electric vehicles, and sustainable options is driving the wind electricity market.
Get A Free Sample Of The Global Wind Electricity Market ReportGlobal Wind Electricity Market Segments
The wind electricity market covered in this report is segmented –
1) By Connectivity: On-Grid, Off-Grid
2) By Location: Onshore, Offshore
3) By End-User: Industrial, Commercial, Residential
By Geography: The regions covered in the wind electricity market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the wind electricity market in 2023. Western Europe was the second largest region in the wind electricity market. The regions covered in the wind electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Wind Electricity Industry Players
Ming Yang Smart Energy Group Limited, NextEra Energy Resources LLC, Pacific Hydro Pty Ltd., Shell WindEnergy Inc., TransAlta Corporation, Xinjiang Goldwind Science & Technology Co. Ltd., Berkshire Hathaway Energy Company, Pattern Energy Group Inc., Iberdrola Renewables LLC, EON Climate & Renewables North America LLC, Alstom SA, ABO Wind AG, Vattenfall AB, A2SEA A/S, Tradewind Energy Inc., Geronimo, ReGen Powertech, Leitwind, Doosan Heavy Industries & Construction, Northland Power Inc., Duke Energy Corporation, Electricité de France S.A., American Electric Power Company Inc., Orsted A/S, DeWind Inc., Dongfang Electric Corporation Limited, Enel Green Power S.p.A., Wind World (India) Limited, Eurus Energy Holdings Corporation, Guodian United Power Technology Company Limited
Get The Full Global Wind Electricity Market ReportWind Electricity Market Overview
Wind electricity, which is produced by wind power, refers to the process by which the wind is used to generate mechanical power or electricity. Wind turbines convert the kinetic energy in the wind into mechanical power. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations and to distribution systems, which are used for short distances to transport electricity to customers locally.
Wind Electricity Global Market Report 2023 provides data on the global wind electricity market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The wind electricity market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.