How is wind energy affecting the world's power supply?

As per WWEA 2024 assessment, the contribution of wind energy accounts for over 10 percent of the world’s power supply. The adoption of more cost efficient and higher energy producing designs and larger wind turbines is leading to a greater penetration into the wind power market.

What is the global wind power market size?

Based on component, The market is bifurcated into turbine, support structure, electrical infrastructure and others. The wind power market size amounted to USD 118.1 billion, USD 146.5 billion and USD 174.5 billion in 2022, 2023 and 2024 respectively.

How will technology impact the wind power market?

The adoption of more cost efficient and higher energy producing designs and larger wind turbines is leading to a greater penetration into the wind power market. Furthermore, innovations in materials, aerodynamics, and digitalization will enhance the performance, thereby driving the market landscape.

Can wind power production participate in the regulating power market?

Wind power production can participate in the regulating power market. However, to make the regulating power market feasible for balancing wind production, the TSOs need to do as much of the balancing as possible using the regulating power market instead of the more expensive secondary reserve market.

Does wind power need balancing?

In most countries markets for electricity are divided into wholesale markets on which electricity is traded before the operation hour, and real-time balancing markets to handle the deviations from the wholesale trading. So far, wind power has been sold only on the wholesale market and has been known to increase the need for balancing.

How does wind power affect balancing the electricity system?

The studies found that high penetration of wind power increases the demand for and the cost of balancing the electricity system. Traditionally, wind turbines are seen as passive producers of electricity that are producing when the wind is blowing, regardless of the demand for electricity in the system.