Wind electricity market overview shows that 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.
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.
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The global wind electricity market size 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 in the wind electricity market 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 wind electricity market is expected to reach $184.97 billion in 2026 at a CAGR of 15.4%.
According to the wind electricity market analysis, growing investments in the clean energy sector is contributing to the growth of the wind electricity 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 electricity market.
Major 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 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.
TBRC's global wind electricity market research report is segmented by connectivity into on-grid, off-grid, by end-user into industrial, commercial, residential, by location into onshore, offshore.
Wind Electricity Global Market Report 2022 - By Connectivity (On-Grid, Off-Grid), By End-User (Industrial, Commercial, Residential), By Location (Onshore, Offshore) - Market Size, Trends, And Global Forecast 2022 - 2026 is one of a series of new reports from The Business Research Company that provides a wind electricity market overview, forecast wind electricity market size and growth for the whole market, wind electricity market segments, geographies, wind electricity market trends, wind electricity market drivers, restraints, leading competitors' revenues, profiles, and market shares.
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