The Business Research Company Global Wind Power Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026
LONDON, GREATER LONDON, UK, February 17, 2022 /EINPresswire.com/ — The wind power market overview shows that hybrid wind-hydro power generation systems have become a key trend in the wind power generation market. Wind-hydro hybrid power generation systems produce electricity by combining wind turbines and pumped storage. Through these systems, electrical energy from wind power is generated around the clock and electrical energy from water movement is generated when water flows from reservoirs. When there is a surplus of energy, the extra water is pumped to the reservoirs, acting like a full-scale battery. Due to the simultaneous work of wind turbines and hydroelectric turbines, there is a continuous supply of electricity to the power plant. For example, in 2020, India launched a 30 GW hybrid solar and wind power project in Kutch district. By 2022, the country aims to increase renewable energy capacity to 175 GW, and by 2030, to 450 GW. Power generation companies should consider adopting the wind-hydro hybrid model to improve power generation efficiencies.
In July 2021, Mahindra & Mahindra (M&M), an India-based automaker, acquired a 31% stake 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 signed an electricity supply contract with the company. ReNew Sunlight Energy (RSEPL) is an India-based wind power generation company.
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The size of the global wind electricity market is expected to grow from $89.66 billion in 2021 to $104.18 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The growth of the wind electricity market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational losses. challenges. The wind electricity market is expected to reach $184.97 billion in 2026 at a CAGR of 15.4%.
According to Wind electricity market analysis, the increasing investments in the clean energy sector contribute to the growth of the wind power market. Clean energy is energy derived from renewable sources, with zero emissions, which does not pollute the environment. Solar, hydro and wind energy are the main sources of clean energy. For example, in 2020, according to Africa Business Communities, the UK invested more than $66.7m (£50m) in clean energy projects in Africa. The UK government has invested in advanced, clean technologies and is partnering with African countries to develop sustainable energy sources to meet Africa’s energy demand which is expected to increase by 60% by 2040. Investments in the clean energy sector to meet energy demand is driving the wind power market.
Key players covered in the global wind electricity 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, 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 SA, American Electric Power (USA), Orsted A/S, DeWind Inc., Dongfang Electric Corporation Limited, Enel Green Power SpA, Wind World (India) Limited, Eurus Energy Holdings Corporation and Guodian United Power Technology Company Limited.
TBRC’s global wind electricity market research report is segmented by on-grid connectivity, off-grid, by end user into industrial, commercial, residential, by location into onshore, offshore.
Global Wind Power Market Report 2022 – By connectivity (on-grid, off-grid), by end-user (industrial, commercial, residential), by location (onshore, offshore) – Global market size, trends and forecasts 2022-2026 is part of a series of new reports by The Business Research Company which provide an overview of Wind Power Electricity Market, forecast Wind Power Electricity Market size and growth for overall market, Wind Power Electricity Market segments, geographies , Wind Power Electricity Market Trends, Wind Power Electricity Market Drivers, Restraints, Key Competitor Revenues, Profiles and Market Share.
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