Wind Electricity Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Wind Electricity Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Wind Electricity Market Overview
Market Drivers –
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.
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
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Regional Insights –
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
Key Companies –
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
Table of Contents
1. Executive Summary
2. Wind Electricity Market Report Structure
3. Wind Electricity Market Trends And Strategies
4. Wind Electricity Market – Macro Economic Scenario
5. Wind Electricity Market Size And Growth
…..
27. Wind Electricity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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