The wind electric power generation market effectively consists of sales of wind power and connected services. The wind electric power generation industry comprises establishments engaged in introducing electricity by utilizing wind turbines. The wind energy is transformed to electric power through the rotation of the blades of a rotor (between 10 and 25 rpm), introducing kinetic energy, which in turn propels a generator that transforms the mechanical energy into electricity. The electricity introduced is then abounding to electric power transmission systems, which are utilized to move large quantities of power from producing facilities to substations, and to distribution systems, which are utilized for short distances to transport electricity to consumers locally. This market involves revenues produced from both offshore and onshore wind turbines.
According to the report analysis, ‘Wind Electric Power Generation Global Market Report 2020’ states that the wind electric power generation global market there are several corporate which presently functioning more actively for leading the highest market growth and registering the handsome value of market share around the globe throughout the inflowing years while delivering the better consumer satisfaction, decreasing the associated prices, implementing the profitable strategies, analyzing and studying the strategies of competitors and government, employing the young workforce and spreading the awareness related to such includes Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC, Pacific Hydro Pty Ltd., Shell Wind Energy, Inc., TransAlta Corporation, Xinjiang GoldWind Science & Technology Co., Ltd., Berkshire Hathaway Energy, Pattern Energy and IBERDROLA Renewables.
The worldwide wind electric power generation market reached a value of approximately USD 58.4 billion during 2019, having increased at a compound annual growth rate (CAGR) of 3.29% since 2015, and is predicted to grow at a CAGR of 8.72% to approximately USD 81.6 billion by 2023.The wind electric power generation market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the wind electric power generation market during 2019.
The increasing investments in the clean energy segment is underwriting to the growth of the wind electric power generation market. The clean energy is an energy consequential from renewable, zero-emissions sources that does not infect the environment. Solar, hydro, and wind energy are the principal sources of clean energy. For instance, during 2020, according to ‘Africa Business Communities’, UK underwritten over USD 66.7 million (GBP50 million) into clean energy projects across Africa. The UK government underwritten in advanced, clean technology and is accompanying with African countries to enhance sustainable energy sources to meet the African energy requirement which is set to augment by 60% by 2040. Increasing investments in the clean energy segment to meet the energy requirement is driving the wind electric power generation market.
Corporate in the power generation industry are utilizing hybrid wind-hydro power generation systems to advance the electricity generation outputs. The Hybrid wind-hydro power generation systems produce electricity by amalgamating wind turbines and pumped stowage. Utilizing these systems, electric power from wind energy is produced around the clock and electric power from water movement is produced when the water that flows down from the reservoirs. When there is additional energy, the additional water is pumped back to the reservoirs, performing as a large-scale battery. Owing to the simultaneous function of wind turbines and hydro turbines, there is an unremitting supply of electricity from the plant. For instance, during 2018, Max Boegl Wind AG and GE Renewable Energy cooperated and started functions on the first wind farm with an incorporated hydropower plant project. Power generation corporate should consider embracing the hybrid wind-hydro turbine model to enhance the electricity generation outputs. Therefore, in the near years, it is predicted that the market of wind electric power generation will augment more proficiently over the inflowing years.
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Ankur Gupta, Head Marketing & Communications