Overview and Scope
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.
Sizing and Forecast
The wind electricity market size has grown rapidly in recent years. It will grow from <b>$145.38 billion in 2023 to $164.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. </b> The growth in the historic period can be attributed to government incentives, grid integration, cost reductions, environmental concerns.
The wind electricity market size is expected to see rapid growth in the next few years. It will grow to <b>$260.15 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. </b> The growth in the forecast period can be attributed to grid flexibility, energy storage, global energy transition, public and corporate demand. Major trends in the forecast period include technological advancements, capacity growth, offshore wind, larger turbines, hybrid systems, corporate power purchase agreements (ppas), floating wind farms, market diversification.
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the wind electricity market in 2023. <b>Western Europe</b> 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
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Major Driver Impacting Market Growth
Growing investments in the clean energy sector are contributing to the growth of the wind electricity market. Clean energy is energy derived from renewable, zero-emissions sources that do not pollute the environment. Solar, hydro, and wind energy are the primary sources of clean energy. For instance, in May 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, investments in clean energy technologies have been surpassing spending on fossil fuels, driven by concerns about affordability and energy security due to the global energy crisis, and this trend is bolstering the momentum behind more sustainable energy options. The annual investment in clean energy is projected to increase by 24% from 2021 to 2023, primarily led by renewables and electric vehicles, while fossil fuel investment is expected to rise by 15% during the same period. In 2023, approximately $2.8 trillion is earmarked for global energy investments, with over $1.7 trillion directed toward clean technologies, encompassing renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency enhancements, and heat pumps. Therefore, growing investments in the clean energy sector to meet energy demand are driving the wind electricity market growth.
Key Industry Players
Major companies operating in the wind electricity market include <b>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</b>
The wind electricity market report table of contents includes:
1. Executive Summary
2.Wind Electricity Market Characteristics
3.Wind Electricity Market Trends And Strategies
4.Wind Electricity Market analysis
5.Wind Electricity Market Size And Growth
6.Wind Electricity Segmentation
7. Wind ElectricityRegional And Country Analysis
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27.Wind Electricity Competitive Landscape And Company Profiles
28.Wind Electricity Key Mergers And Acquisitions
29.Wind Electricity Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Ming Yang Smart Energy Group Limited
- NextEra Energy Resources LLC
- -Pacific Hydro Pty Ltd.
- Shell WindEnergy Inc.
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