Wind Electricity Market: Soaring to New Heights

The Business Research Company's Wind Electricity Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 30, 2023 /EINPresswire.com/ -- The wind electricity market has experienced rapid growth, surging from $145.38 billion in 2023 to an anticipated $164.54 billion in 2024, showcasing an impressive Compound Annual Growth Rate (CAGR) of 13.2%. Projections suggest that this upward trajectory will persist, with the market size expected to reach $260.15 billion by 2028, reflecting a robust CAGR of 12.1%.

Market Driver: Clean Energy Investments
A pivotal driver propelling the wind electricity market is the substantial increase in investments in the clean energy sector. Clean energy, derived from renewable, zero-emission sources, is gaining momentum globally. In May 2023, the International Energy Agency (IEA) reported that investments in clean energy technologies surpassed spending on fossil fuels. This shift is fueled by concerns about affordability, energy security, and environmental sustainability. Annual investments in clean energy are projected to rise by 24% from 2021 to 2023, with over $1.7 trillion directed toward renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency enhancements, and heat pumps. Growing commitments to meet energy demands through clean energy solutions are a driving force behind the wind electricity market's growth.

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Market Segmentation
1) By Connectivity: On-Grid, Off-Grid
2) By Location: Onshore, Offshore
3) By End-User: Industrial, Commercial, Residential

Emerging Trend: Hybrid Wind-Hydro Power Generation Systems
Within the wind energy power generation market, a notable trend is the emergence of hybrid wind-hydro power generation systems. These systems integrate wind turbines and pumped storage, ensuring a continuous supply of electricity. The hybrid model acts as a large-scale battery, storing surplus energy by pumping water back into reservoirs. In October 2022, Iberdrola, S.A. inaugurated the world's first wind-solar hybrid plant in Australia, featuring 50 wind turbines and 250,000 solar panels. This innovative approach enhances electricity generation outputs, providing a continuous and sustainable power supply.

Regional Dynamics: Asia-Pacific Takes the Lead
As of 2023, Asia-Pacific stands as the largest region in the wind electricity market, driving significant advancements in clean energy. Following closely, Western Europe positions itself as the second-largest region, contributing to the global expansion of wind electricity solutions.

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Wind Electricity Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Wind Electricity Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on wind electricity market size, wind electricity market drivers and trends, wind electricity market major players, wind electricity market competitors' revenues, wind electricity market positioning, and wind electricity market growth across geographies. The wind electricity market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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