The global wind electricity market size is expected to grow from $89.66 in billion 2021 to $104.18 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The growth in the wind electricity market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The wind electricity market is expected to reach $184.97 billion in 2026 at a CAGR of 15.4%.
What is the Global Wind Electricity Market?
The wind electric power generation market consists of sales of wind power and related services. The wind electric power generation industry includes establishments engaged in producing electricity by using wind turbines. The wind energy is converted to electric power through the rotation of the blades of a rotor (between 10 and 25 rpm), producing kinetic energy, which in turn drives a generator that converts the mechanical energy into electricity. 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. This market includes revenues generated from both offshore and onshore wind turbines.
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What drives the Global Wind Electricity Market?
The hybrid wind-hydro power generation systems has emerged as a key trend in the wind electric power generation market. Hybrid wind-hydro power generation systems generate electricity by combining wind turbines and pumped storage. Using these systems, electric power from wind energy is generated around the clock and electric power from water movement is generated when the water that flows down from the reservoirs. When there is surplus energy, the additional water is pumped back to the reservoirs, acting as a large-scale battery. Due to the simultaneous work of wind turbines and hydro turbines, there is a continuous supply of electricity from the plant. For instance, in 2020, India introduced a 30 GW hybrid solar, wind power project in Kutch district. By 2022, the country intends to increase renewable energy capacity to 175 GW, and by 2030, to 450 GW. Power generation companies should consider embracing the hybrid wind-hydro turbine model to improve the electricity generation outputs.
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Global Wind Electricity Market Segments
The global wind electricity market is segmented:
By Connectivity: On-Grid, Off-Grid
By End-User: Industrial, Commercial, Residential
By Location: Onshore, Offshore
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 accounts for the largest share in the global wind electricity market.
Wind Electricity Global Market Report 2022provides market size and growth forecasts for the global wind electricity market, global wind electricity market share, wind electricity market segments and geographies, wind electricity market competitive landscape including leading competitors’ revenues, profiles and market shares. The wind electricity market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Wind Electricity Industry Playersinclude Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC, Pacific Hydro Pty Ltd., Shell WindEnergy, Inc., TransAlta Corporation, Xinjiang GoldWind Science & Technology Co., Ltd., Berkshire Hathaway Energy, Pattern Energy, IBERDROLA Renewables, EON Climate & Renewables, Alstom, ABO-Wind, Vattenfall, A2 Sea, Tradewind Energy, Geronimo, ReGen Powertech, Leitwind, Doosan Heavy Industries & Construction, Northland Power Inc., Duke Energy Corporation, Electricité de France S.A., American Electric Power (USA), Orsted A/S, DeWind Inc., Dongfang Electric Corporation Limited, Enel Green Power S.p.A., Wind World (India) Limited, Eurus Energy Holdings Corporation, and Guodian United Power Technology Company Limited.. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
