The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The wind electricity market has experienced robust growth in recent years, with its size surging from $145.38 billion in 2023 to $164.54 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 13.2%. This impressive growth in the historic period can be attributed to a combination of government incentives, grid integration, cost reductions, and a heightened awareness of environmental concerns.

Wind Power’s Future: Anticipating Growth

The wind electricity market is poised for continued growth, with expectations to reach $260.15 billion in 2028 at a CAGR of 12.1%. This projected surge in the forecast period can be linked to factors such as grid flexibility, energy storage solutions, the global energy transition, and increasing public and corporate demand. Key trends in this period encompass technological advancements, capacity growth, offshore wind projects, larger turbines, hybrid systems, corporate power purchase agreements (PPAs), floating wind farms, and market diversification.

Green Investments: Fueling Wind Electricity Market Growth

Clean Energy Surge: Investments Driving the Market

The wind electricity market is experiencing a significant boost due to growing investments in the clean energy sector. Clean energy, derived from renewable and zero-emission sources, is gaining traction globally. According to the International Energy Agency (IEA), clean energy investments are surpassing spending on fossil fuels, reaching $2.8 trillion in global energy investments in 2023. The focus on renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, and energy efficiency enhancements is driving the market’s momentum.

Market Giants: Key Players Paving the Way

Leading the Charge: Major Companies Shaping the Market

Major companies are playing a pivotal role in the wind electricity market’s growth. Industry leaders like Ming Yang Smart Energy Group Limited, NextEra Energy Resources LLC, and Shell WindEnergy Inc. are at the forefront, contributing to the industry’s expansion and influencing its trajectory.

View More On The Wind Electricity Market Report 2024 – https://www.thebusinessresearchcompany.com/report/wind-electricity-global-market-report

Innovation at the Forefront: Advanced Wind Turbines

Revolutionizing the Landscape: V163-4.5 MW Wind Turbines

Innovation is driving competition in the wind electricity market, with major companies introducing groundbreaking products like the V163-4.5 MW wind turbines. Vestas, a Denmark-based wind turbine manufacturer, launched this turbine, boasting improved performance and efficiency. The V163-4.5 MW features an 18% increase in swept area, resulting in a higher capacity factor and up to 10% higher annual energy production. This innovation is set to reshape wind energy technology.

Strategic Investments: Mahindra & Mahindra’s Power Move

Strategic Acquisition: Mahindra & Mahindra’s Stake in ReNew Sunlight Energy

In a significant move in July 2021, Mahindra & Mahindra (M&M), an India-based automotive manufacturer, acquired a 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. This strategic investment allows M&M exclusive access to RSEPL’s solar energy, reinforcing the commitment towards renewable energy sources. ReNew Sunlight Energy (RSEPL) is a key player in wind energy power generation.

Navigating the Market Landscape: Segmentation Insights

Wind Power Varieties: Understanding Market Segments

The wind electricity market is segmented based on connectivity (on-grid, off-grid), location (onshore, offshore), and end-users (industrial, commercial, residential). This segmentation provides a comprehensive view of the market dynamics, allowing for a more nuanced understanding of its varied aspects.

Global Dynamics: Asia-Pacific Takes the Lead

Regional Influence: Asia-Pacific’s Dominance

In 2023, Asia-Pacific emerged as the largest region in the wind electricity market, indicating the region’s dominance in the global landscape. As the market continues to evolve, Asia-Pacific is expected to maintain its stronghold, with continuous growth and contributions to the global wind energy sector.

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The Wind Electricity Global Market Report 2024  provides comprehensive insights on the wind electricity market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the wind electricity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Renewable Energy Global Market Report 2023

Power Generation Global Market Report 2023

Thermal Interface Materials Global Market Report 2024

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