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Wind Electricity Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
Wind Electricity Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
In the wind energy power generation market, hybrid wind-hydro power generation systems have emerged as a key trend. 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 flows down from the reservoirs. When there is surplus energy, the additional water is pumped back into 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 October 2022, Iberdrola, S.A., a Spain-based electric utility company, started the world's first wind-solar hybrid plant in Australia. Comprising 50 wind turbines and 250,000 solar panels, the complex is the largest wind-solar hybrid farm in the southern hemisphere. The plant will prevent the emission of 400,000 metric tons of CO2 per year into the atmosphere and will be able to generate enough clean energy to supply the equivalent demand of 180,000 Australian households. The 317 MW total capacity project combines a 210 MW wind farm and a 107 MW photovoltaic plant. Power generation companies should consider embracing the hybrid wind-hydro turbine model to improve their electricity generation outputs.
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Major Key Players of the Market:
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
Wind Electricity Market 2024 Key Insights:
• 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%.
• Clean Energy Investments Drive Growth In The Wind Electricity Market
• Rising Popularity Of Hybrid Wind-Hydro Power Generation Systems In The Wind Energy Market
• Asia-Pacific was the largest region in the wind electricity market in 2023
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