What's Driving the Wind Electricity Market 2025-2034: Clean Energy Investments Drive Growth In The Wind Electricity Market

What Are the Projections for the Size and Growth Rate of the Wind Electricity Market?
In the previous years, the market size of wind electricity has seen a fast-paced expansion. The market is expected to increase from its previous worth of $191.93 billion in 2024 and rise to $213.99 billion in 2025, witnessing a compound annual growth rate (CAGR) of 11.5%. Factors contributing to this growth during the historic period includes government incentives, integration to the grid, cost-cutting measures, and sensitivities surrounding the environment.

Over the coming years, a robust growth is anticipated in the size of the wind electricity market, which is projected to reach $313.28 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.0%. The surge in this growth during the specified period can be linked to factors such as grid flexibility, energy storage, the transition in global energy as well as demand from public and corporations. The forecast period is expected to witness several trends including technological progress, expansion in capacity, offshore wind, larger wind turbines, hybrid systems, corporate power purchase agreements (ppas), floating wind farms, as well as an increase in market diversification.

What Are the Main Catalysts for Growth in the Wind Electricity Market?
The upswing in investments within the clean energy sphere is facilitating the expansion of the wind electricity market. The term clean energy refers to power generated from renewable, no-emissions sources that are non-polluting. The key forms of clean energy include solar, hydro and wind energy. For example, data from the International Energy Agency (IEA), a France-based global organization in May 2023, highlighted that investments in eco-friendly energy technologies have been exceeding expenditure on fossil fuels. This shift is attributed to concerns around cost-effectiveness and energy safety due to the worldwide energy crisis, leading to a surge in the adoption of more sustainable power alternatives. From 2021 to 2023, the yearly investment in the clean energy sector is expected to surge by 24%, mainly on account of renewables and electric vehicles. Simultaneously, the investment in fossil fuels is predicted to grow by 15% over the same timeframe. Come 2023, about $2.8 trillion will be set aside for global energy investments, with more than $1.7 trillion being allocated to clean technologies. This includes renewable energy, electric vehicles, nuclear power, power grids, storage, low-emission fuels, improvements in efficiency, and heat pumps. Therefore, the increase in investments in the clean energy sector to satisfy energy needs is spurring the growth of the wind electricity market.

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Which Businesses Are at the Forefront of Wind Electricity Market Development?
Major companies operating in the wind electricity market include 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

What Are the Latest Innovations in the Wind Electricity Market?
Hybrid wind-hydro power generation systems are becoming a significant trend in the wind energy power generation market. These systems incorporate wind turbines and pumped storage to generate electricity. Electricity is continuously produced from the wind energy, while power is generated from water movement when it descends from reservoirs. The surplus energy is utilized to pump additional water back to the reservoirs, thus functioning as a large-scale battery. Due to the concurrent operation of wind and hydro turbines, there is a constant electrical supply from the facility. For example, Iberdrola, S.A., a Spanish electric utility firm, launched the world's pioneering wind-solar hybrid plant in Australia in October 2022. The establishment, which includes 50 wind turbines and 250,000 solar panels, is the southern hemisphere's most extensive wind-solar hybrid farm. The facility will curb the release of 400,000 metric tons of CO2 annually into the atmosphere while generating sufficient clean energy to meet the needs of about 180,000 Australian households. This project, with a total capacity of 317 MW, merges a 210 MW wind farm and a 107 MW photovoltaic plant. It would be beneficial for power generation firms to adopt the hybrid wind-hydro turbine model to enhance their power generation capacities.

How Is the Wind Electricity Market Segmented?
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

Subsegments:
1) By On-Grid: Residential, Commercial, Industrial
2) By Off-Grid: Remote Areas, Standalone Systems, Hybrid Systems

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Where Is the Wind Electricity Market Growth Most Prominent?
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

What Is Covered In The Wind Electricity Global Market Report?

- Market Size Analysis: Analyze the Wind Electricity Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Wind Electricity Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Wind Electricity Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Wind Electricity Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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