Press Releases

Wind Power Market to See 9.8% Annual Growth Through 2023

September 25, 2018

WELLESLEY, Mass., Sept. 25, 2018–Emerging market growth, rapid urbanization, and industrialization are factors contributing to growth of the wind electric power generation market, according to a report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 9.8% through 2022, when it is expected to reach nearly $162.4 billion, according to the report Wind Electric Power Generation: Global Markets to 2022.

Major players in the market include Enel, NextEra Energy, Engie, China Longyuan Power Group and State Power Investment Corporation.

Research Highlights

  • The residential segment led the market in 2018 by size with a value of $39.3 billion and was expected to lead growth for the period, with a CAGR of 12.7%.
  • The Asia-Pacific region accounts for 41.3% of the global market, though the Middle East anticipates the fastest growth, with a CAGR through 2023 of 16.8%.
  • By value, the market is led by the United States, though China and Brazil expect the strongest growth, with CAGRs of 13.1% and 12.2%, respectively.

“The wind electric power generation market growth outlook is stable with significant growth potential for electricity from residential customers,” noted the report. “There is mounting pressure to reduce costs, improve power supply and improve efficiency of wind generation. At the same time, factors such as emerging market growth, rapid urbanization and industrialization are contributing to the growth of the market.”

Middle East to Lead Global Growth

Currently, wind electric power generation in the Middle East is the smallest in the world, accounting for just 0.1% of total output, or about $100 million. Things are set to change, however. The government in Turkey, for example, has made significant wind energy project investments, and recent regulations provide the framework for providing an efficient and regular supply of power. Already, the region’s market has grown at a CAGR of 19.0% from 2014 to 2018, and residential growth is estimated at 20.2% through 2023 while commercial growth is estimated at a CAGR of 15.5%.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Wind Electric Power Generation: Global Markets to 2023( EGY160A )
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