The Top Five Wind Power Generation Markets in 2021
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China, United States of America, Germany, India, and United Kingdom were the top five wind power generation markets in 2021
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China was the leading wind power generation market in 2021. The wind power generation in China recorded a value of 557,903.5 GWh, up 19.3% YoY, while the wind cumulative capacity grew by 18.3% YoY
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United States of America ranked second with a wind power generation of 397,853.8 GWh (up 12.8% YoY), with the other three markets (Germany, India, and United Kingdom) having a cumulative wind power generation of 273,633.0 GWh in 2021
The Top Five Wind Power Generation Markets in 2021
With ever-increasing energy demands, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gases (GHG), many countries have opted for clean renewable energy sources. Many countries have signed protocols with pre-defined emission reduction targets. The Paris Agreement is the most recent step taken by several countries whereby each country voluntarily determined their emission reduction targets, presented them and pledged to achieve GHG reductions according to these targets. Several countries that have been party to the Paris Agreement have devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower.
Wind Energy is the energy generated by using wind turbines to convert kinetic energy of the wind to mechanical energy which is then converted into electricity. Wind Energy is considered to have a high positive impact on the environment as compared to Hydro, Solar PV, Geothermal. Wind Energy has the lowest water consumption, relatively lowest GHG Emissions and is considered as one of the most sustainable sources of energy.
The global installed wind power capacity increased from 197.8 gigawatts (GW) in 2010 to 743.1 GW in 2020, at a compound annual growth rate (CAGR) of 14.2%. The global installed wind power capacity is expected to reach 1,839.5 GW by 2030. In 2021, the top five regions in the wind power market are China, the United States of America, Germany, India, and the United Kingdom.
The total wind power generation in China increased to 558 TWh in 2021, growing at a CAGR of 16.3% between 2017 and 2021. The generation of electricity from wind turbines increased proportionally as capacity increased. The country has a cumulative wind installed capacity of 342 GW as of 2021, growing at a CAGR of 16.0% between 2017 and 2021. The accelerated growth witnessed in China is a result of the country’s target of increasing renewable energy generation to 15% by 2020 under the Medium to Long-term Renewable Energy Development Plan, 2007. In this plan, the Chinese government introduced financial and regulatory initiatives to promote renewable energy.
In terms of power generation, the United States of America ranked second with wind power generation of 397,853.8 GWh (up 12.8% YoY), while the other three markets (Germany, India, and United Kingdom) have a cumulative wind power generation of 273,633.0 GWh in 2021.
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