Global Prediction of Wind Energy Market Strategy for Electricity Generation

Global warming and increasing electricity consumption trends in many parts of the world pose a serious challenge to most countries from a climate change and energy security perspective. Wind power is the only one that offers a mature technique, as well as promising commercial prospects, and is now generally applied in large-scale electricity generation. Continued technological improvements will assist to boost the on-shore and off-shore wind farms' ability by improving micro turbine, enhancing reliability with predictive maintenance models. At the same time, as global and regional markets for wind power technologies grow, economies of scale are being reaped in manufacturing. With increased market scale, opportunities to improve the efficiency of supply chains arise. Technological improvements and cost reductions have led wind energy to become one of the most competitive options for new generation capacity. Wind energy still has significant potential for cost reduction. Indeed, by 2025, the global weighted average levelized cost of electricity (LCOE) of onshore and offshore wind could see declines of 26 and 35%, respectively. This chapter aims to provide an overview of the world wind energy market, current and forecasting development globally of wind energy, and LCOE historical growth Ffor wind energy.