Wind Electricity Global Market Report 2024

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 historical period was driven by factors such as government incentives, grid integration, cost reductions, and 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%. Looking ahead to the forecast period, the growth can be attributed to grid flexibility, energy storage, the global energy transition, and increasing demand from both the public and corporate sectors. Key trends in this upcoming period include technological advancements, capacity expansion, offshore wind projects, larger wind turbines, hybrid energy systems, corporate power purchase agreements (PPAs), floating wind farms, and market diversification.

Increased investments in the clean energy sector are playing a significant role in the expansion of the wind electricity market. Clean energy sources, which originate from renewable, environmentally friendly resources with zero emissions, are pivotal in reducing environmental pollution. These clean energy sources include solar, hydro, and wind energy. For example, in May 2023, the International Energy Agency (IEA) reported that investments in clean energy technologies have been outpacing spending on fossil fuels. This shift is driven by concerns about the affordability and security of energy resources amidst the global energy crisis, amplifying the momentum behind more sustainable energy alternatives. The annual investments in clean energy are expected to increase by 24% from 2021 to 2023, with a strong emphasis on renewables and electric vehicles, while fossil fuel investments are projected to rise by 15% over the same period. In 2023, a substantial $2.8 trillion is allocated for global energy investments, with over $1.7 trillion directed toward clean technologies. This encompasses renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency improvements, and heat pumps. As a result, the growing investments in the clean energy sector to address the increasing energy demand are propelling the growth of the wind electricity market.

The wind electricity market is primarily characterized by two connectivity types: on-grid and off-grid. An on-grid solar power system is connected to the utility grid, ensuring that the electricity generated feeds into the grid and is used to power various devices and appliances. This technology is applicable in diverse locations, encompassing onshore and offshore installations, while finding utility in industrial, commercial, and residential sectors.

The wind electricity market research report is one of a series of new reports that provides wind electricity market statistics, including wind electricity industry global market size, regional shares, competitors with a wind electricity market share, detailed wind electricity market segments, market trends and opportunities, and any further data you may need to thrive in the wind electricity industry. This wind electricity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wind electricity market is anticipated to experience growth due to the rising demand for electricity. Electricity is a form of energy that powers various devices and appliances, serving essential functions in electricity generation, space and water heating and cooling, and transportation. Wind turbines harness the kinetic energy of the wind using blades that spin and generate electricity. This process involves the conversion of wind energy into electrical power. For example, in January 2022, the International Energy Agency (IEA) reported a substantial 6% increase in global energy demand in 2021. This surge, amounting to over 1,500 terawatt-hours, marked the largest absolute growth in history. The IEA's projections indicate an average annual rise of 2.7% in electricity demand for the period 2022 to 2024. Consequently, the escalating need for electricity is expected to be a driving force behind the growth of the wind electricity market.

Weather conditions have consistently presented a significant challenge in the wind electricity market. These weather variations encompass the most severe and diverse weather conditions experienced worldwide. For instance, in 2021, SSE PLC, a United Kingdom-based energy company, reported that its renewable energy assets generated 32% less power than anticipated. This reduction was attributed to the adverse weather conditions, which included low wind speeds and dry conditions that affected the output of wind and hydro energy. Unfavorable weather conditions exert an adverse influence on wind electricity, leading to a reduction in wind power generation.

In the wind energy power generation market, the utilization of hybrid wind-hydro power generation systems has emerged as a significant trend. These systems generate electricity by effectively combining the elements of wind turbines and pumped storage. They ensure continuous electricity production by harnessing wind energy around the clock and leveraging the movement of water to generate power as it flows down from reservoirs. In periods of surplus energy, the excess water is pumped back into the reservoirs, essentially serving as a massive energy storage system. The coexistence of wind turbines and hydro turbines results in a steady supply of electricity from these integrated plants. For example, Iberdrola, S.A., a Spain-based electric utility company, initiated the world's first wind-solar hybrid plant in Australia in October 2022. This groundbreaking facility encompasses 50 wind turbines and 250,000 solar panels, establishing it as the largest wind-solar hybrid farm in the southern hemisphere. The plant is expected to reduce CO2 emissions by 400,000 metric tons annually and has the capacity to meet the energy demands of approximately 180,000 Australian households. The project, with a total capacity of 317 MW, combines a 210 MW wind farm with a 107 MW photovoltaic plant. Power generation companies should consider adopting the hybrid wind-hydro turbine model to enhance their electricity generation capabilities.

Prominent companies in the wind electricity market are introducing innovative products, such as the V163-4.5 MW wind turbines, to enhance their competitiveness in the industry. The V163-4.5 MW wind turbine represents a significant advancement in wind electricity technology, offering notable improvements in performance and efficiency when compared to earlier models. This technology is designed for global applicability and is especially suited for deployment in regions such as the USA, Latin America, South Africa, and parts of southern Europe. For example, in May 2022, Vestas, a leading Danish wind turbine manufacturer, unveiled the V163-4.5 MW wind turbine. This innovative turbine features an expanded swept area, resulting in a higher capacity factor and a potential increase in annual energy production of up to 10 percent at the park level, contingent on site-specific conditions. The V163-4.5 MW's balanced rotor-size-to-rating ratio is designed to ensure consistent energy output and up to a 10% boost in annual energy production at the park level, particularly in moderate to low wind conditions.

In July 2021, Mahindra & Mahindra (M&M), an Indian automotive manufacturer, made a significant investment by acquiring a 31% stake in ReNew Sunlight Energy (RSEPL) for $1.6 billion. This strategic investment enables M&M to secure exclusive access to and utilize RSEPL's solar energy resources. Subsequently, a power supply agreement was inked between RSEPL and Mahindra & Mahindra. ReNew Sunlight Energy (RSEPL) is an Indian company engaged in wind energy power generation.

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

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

The countries covered in the wind electricity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The wind electricity market includes revenues earned by entities by horizontal-axis turbines and vertical-axis turbines. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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