New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wind Electricity Global Market Report 2022" - https://www.reportlinker.com/p06193693/?utm_source=GNW
Ltd., Berkshire Hathaway Energy, Pattern Energy, IBERDROLA Renewables, EON Climate & Renewables, Alstom, ABO-Wind, Vattenfall, A2 Sea, Tradewind Energy, Geronimo, ReGen Powertech, Leitwind, Doosan Heavy Industries & Construction, Northland Power Inc., Duke Energy Corporation, Electricité de France S.A., American Electric Power (USA), Orsted A/S, DeWind Inc., Dongfang Electric Corporation Limited, Enel Green Power S.p.A., Wind World (India) Limited, Eurus Energy Holdings Corporation and Guodian United Power Technology Company Limited.
The global wind electricity market is expected to grow from $89.66 in billion 2021 to $104.18 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $184.97 billion in 2026 at a CAGR of 15.4%.
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 main connectivity types in wind electric power generation market are on-grid and off-grid.A solar power generation system that is connected to the utility grid is known as an on-grid solar power system.
The electricity generated by the system is fed into the grid and used to power various gadgets. The different locations include onshore, offshore and is implemented in industrial, commercial and residential sectors.
Asia Pacific was the largest region in the wind electricity market in 2021.Western Europe was the second largest region in the wind electricity market.
The regions covered in the wind electric power generation market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
The hybrid wind-hydro power generation systems has emerged as a key trend in the wind electric power generation market.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 2020, India introduced a 30 GW hybrid solar, wind power project in 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 the electricity generation outputs.
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.
In July 2021, Mahindra & Mahindra (M&M), an India based automotive manufacturer acquired 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL’s solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India based wind electric power generation company.
The countries covered in the wind electric power generation market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
Read the full report: https://www.reportlinker.com/p06193693/?utm_source=GNW
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