Small Wind Power Market – Overview
The need to reduce dependency on traditional energy sources that are harmful to the environment have led to the discovery of new energy alternatives. Market reports linked to the energy and power sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this market. The industry for Small Wind Power Market is expected to expand by an 18 % CAGR in the forecast period.
Rising levels of population around the world have prompted more investments in the small wind power sector. The energy resources are also being diversified to meet the new applications as well as population requirements. Off-grid applications are developing more rapidly as they are in high demand, especially in rural areas, due to the scarcity of electricity supply in those geographies. With the upswing in demand for small wind power technology, the market is poised for exceptional growth in the period from 2017 to 2023.
The industry for Small Wind Power Market has been segmented on the basis of grid connectivity, axis and region. The Grid Connectivity segment of the industry includes On-Grid and Off-Grid. The Axis segment of the market comprises of Horizontal Axis and Vertical Axis. Finally on the basis of region the industry is divided into Americas, Europe, Asia Pacific and Middle East & Africa.
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Detailed Regional Analysis
The Americas were the second biggest market for Small Wind Power & were valued at USD 1,260.3 million in 2016 primarily because of the high demand for on grid application of Small Wind Power, particularly in advanced nations such as the U.S. The U.S. is a major market for Small Wind Power in the Americas region. The technological and economic possibilities for renewable energy to deliver a rising segment of clean, secure energy for North America in the coming decades, is very high. The Asia Pacific region is also another main market for the small wing power segment. There is a growing demand for energy because of the rising population levels and growing electricity demand in the region. Furthermore, the swiftly growing economies in this region are also among the countries which have high pollution levels. Presently, China has the biggest quantity of small wind project projects which are in the planning and construction phase, followed by Japan. The small wind project market in the Asia Pacific region was appraised to be worth USD 525.9 million in 2016 and is expected to expand at an admirable pace in the forecast period.
Global Competitive Analysis
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. The rising affinity for diversification in the market, has indirectly enabled the players to utilize the many prospects available. This specific trend has enabled portfolio improvements along with the affinity for diversification in the sector, which has helped the market competitors tremendously in this industry. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available.
The major contenders in the Small Wind Power Industry globally are Bergey Windpower Co. Inc. (U.S), Kingspan Group PLC (Ireland), Northern Power Systems Inc. (U.S), Wind Energy Solutions (Netherlands), Xzeres Wind Corporation (U.S), Guangzhou HY Energy Technology Limited Corp. (China) and Eocycle Technologies Inc. (Canada) to name a few.
Mar 2018 the National Renewable Energy Laboratory has given Primus Wind Power a crucial third-party certification for its very small Air40 model wind turbine. Primus had participated in the DOE’S Competitiveness Improvement Project, which is a program meant at aiding the small, distributed wind market. The program assesses applications and offers financial aid to the winners, along with access to the government’s wind technology experts to assist in improving the small turbines. The certification states that the company’s microturbine has gone through thorough performance testing by a group of experts. Their Air40 model weighs in at less than 20 pounds, and is capable of churning out up to 200 watts of energy which is sufficient to power a small laptop computer or a couple of light bulbs.
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