The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Growing investments in the clean energy sector are expected to drive innovation in wind electricity manufacturing, thus driving the market during the forecast period.

The global wind electricity market is expected to grow from $129.22 billion in 2022 to $147.35 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The global wind electricity market size is expected to grow to $239.24 billion in 2027 at a CAGR of 12.9%.

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Global Wind Electricity Market Segments Include:

• By Connectivity: On-Grid, Off-Grid
• By End-User: Industrial, Commercial, Residential
• By Location: Onshore, Offshore
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global wind electricity market in 2021.

Major Market Players in the wind electricity market include Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC., Pacific Hydro Pty Ltd., Shell WindEnergy, Inc., TransAlta Corporation.

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 2020, India introduced a 30 GW hybrid solar and wind power project in the Kutch district. By 2022, the country intends to increase renewable energy capacity to 175 GW and by 2030, to 450 GW. Power generation companies should consider embracing the hybrid wind-hydro turbine model to improve their electricity generation outputs.

The Wind Electricity Global Market Report 2023  provides a wind electricity market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wind electricity market forecast analyzes wind electricity market size, wind electricity market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Wind electricity, which is produced by wind power, refers to the process by which the wind is used to generate mechanical power or electricity. Wind turbines convert the kinetic energy in the wind into mechanical power. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations and to distribution systems, which are used for short distances to transport electricity to customers locally.

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