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Wind Electricity Market Size, Industry Trends, Share, Market Analysis, Key Drivers, Top Major Players And Forecast To 2033
Wind Electricity Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the wind electricity industry. This report on wind electricity market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The wind electricity market size has grown rapidly in recent years. It will grow from $145.38 billion in 2023 to $164.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. 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 $260.15 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. 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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Key Market 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. are prominent players in the wind electricity industry.
Market Drivers:
According to the Wind Electricity Market Report 2024 by The Business Research Company, 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.
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Market segments for wind electricity include:
1) By Connectivity: On-Grid, Off-Grid
2) By Location: Onshore, Offshore
3) By End-User: Industrial, Commercial, Residential
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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