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