Wind Electric Power Generation Market:
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The wind electric power generation market consists of sales of wind power and related services. The wind electric power generation industry includes establishments engaged in producing electricity by using wind turbines. The wind energy is converted to electric power through the rotation of the blades of a rotor (between 10 and 25 rpm), producing kinetic energy, which in turn drives a generator that converts the mechanical energy into electricity. 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. This market includes revenues generated from both offshore and onshore wind turbines.
The global wind electric power generation market reached a value of nearly $58.4 billion in 2019, having grown at a compound annual growth rate (CAGR) of 3.29% since 2015, and is expected to grow at a CAGR of 8.72% to nearly $81.6 billion by 2023.
The wind electric power generation market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the wind electric power generation market in 2019.
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The wind electric power generation market covered in this report is segmented by connectivity into on-grid, off-grid and by end-use into industrial, commercial, residential.
Growing investments in the clean energy sector is contributing to the growth of the wind electric power generation market. Clean energy is an energy derived from renewable, zero-emissions sources, that does not pollute the environment. Solar, hydro, and wind energy are the primary sources of clean energy. For instance, in 2020, according to ‘Africa Business Communities’, UK invested over $66.7 million (£50 million) into clean energy projects in Africa. The UK government invested in advanced, clean technology and is partnering with African countries to develop sustainable energy sources to meet the African energy demand which is set to increase by 60% by 2040. Growing investments in the clean energy sector to meet the energy demand is driving the wind electric power generation market.
Weather conditions have always been a major challenge in the wind electric power generation market. Weather change is related to most extreme weather conditions, from around the globe. For instance, in 2019, in India, according to a new study by the Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS) and the Harvard China Project, warming of Indian ocean, triggered by global climate change, will cause a slow decline in wind power output in India. The study also states Indian monsoon is weakening, leading to a steady decline in wind power. As a result, over the past 40 years, the potential production of electricity has fallen by 13%. Adverse weather conditions has a negative impact on wind electric power generation resulting in decline of wind power.
Companies in the power generation industry are using hybrid wind-hydro power generation systems to improve the electricity generation outputs. 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 that flows down from the reservoirs. When there is surplus energy, the additional water is pumped back to 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 2018, Max Boegl Wind AG and GE Renewable Energy collaborated and started operations on the first wind farm with an integrated hydropower plant project. Power generation companies should consider embracing the hybrid wind-hydro turbine model to improve the electricity generation outputs.
In December 2018, Mitsui & Co., Ltd., a Japan-based international trade and development company, acquired 34% of the shares in Vientos Los Hercules S.A. from Total Eren S.A., a developer of solar and wind energy projects headquartered in France. Mitsui, through its equity owned power generation businesses, owns 9.1 GW of generation capacity. The transaction increased Mitsui’s share in Argentina’s market, and helps Mitsui meet the objectives of the government to increase the percentage of renewable energy in Argentina to 20% by 2020. Vientos Los Hercules S.A is a power generation company that operates wind farms in Argentina.
Major players in the market are Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC, Pacific Hydro Pty Ltd., Shell WindEnergy, Inc., TransAlta Corporation, Xinjiang GoldWind Science & Technology Co., Ltd., Berkshire Hathaway Energy, Pattern Energy and IBERDROLA Renewables.Wind Electric Power Generation Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global wind electric power generation market.
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