The Net electricity generated by Wind power plants in the Global Power and Utilities industry reached 1,603,444.49 GWh in 2020
The indicator recorded a historical growth (CAGR) of 12% between 2017 and 2020, and is expected to grow by ...
GlobalData projects the indicator to grow at a CAGR of...
Net electricity generated by wind power plants continuous to grow in 2020
Wind power, from its position as an emerging source of energy, has become a commercial electricity-generating technology in several countries. Technological developments paved way for more efficient and reliable equipment and machinery, making wind one of the fastest-growing energy sources in the global market. The exponential growth in the wind energy market is complemented by depleting fossil fuel reserves; the declining cost of wind power generation; and the growing sensitivity for environment and support in the form of financial incentives by various governments across the world.
The increased number of global wind installations augmented wind power generation globally. It increased between 2010 and 2020. Offshore generation amounted mid-single digit share of the total wind generation in 2020. Wind power registered tremendous growth in the past ten years and is expected to remain competitive in the energy market. In 2010, electricity from wind contributed low-single digit percentage share of the total power supply in the world. With increased capacity and improved generation, its share reached mid-single digit percentage in 2020 and is expected to grow by 2030. Until 2017, feed-in tariffs (FiTs) were the major government initiative that propelled the growth of wind energy.
In 2020, China led the global wind power market in terms of total power generated. The country accounted for a significant share of wind power generation in 2020. In 2030, the Chinese wind power market will likely be leading in terms of the total wind electricity generated.
Wind power results from the conversion of wind flow into a useful form of energy through turbines, water pumping, and windmills, which transform mechanical energy. Wind is an alternative source, which generates power from the flow of the earth’s air currents through a wind turbine. A wind turbine gathers kinetic energy to convert it into electricity for residential, commercial, and industrial purposes. Wind is a clean source of energy as it does not emit carbon dioxide (CO2). It is classified into onshore and offshore. For onshore wind power generation, wind turbines are erected on land, and for offshore wind power, wind turbines are erected in the sea or ocean on a foundation/platform.
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