The key strategy followed by most companies within the global small wind power market was that of new product development, and expansion. New product development strategy has widely been adopted to increase the number of product offerings for the customer. For instance, Eocycle Technologies Inc. launched their next generation EO25 wind turbine. The new wind turbine provides a 65% increase in energy production over the similar model from the previous generation. No other small wind turbine in the market can match its efficiency. At 6 m/s, the turbine has a certified capacity factor of 44%, resulting in an annual production of more than 87,000 kWh.
Small Wind Power Market– Overview
The emphasis on alternate energy sources is growing each day and the small wind power market is also benefitting hugely from this development. Market reports related to the energy and power industry have been offered by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is anticipated to achieve revenues worth USD 8,601.9 Million by 2023 while progressing at a CAGR of 13.88%.
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As a part of the transition from fossil fuels to clean energy sources, the demand for small wind power market is rising at a substantial rate. The growth of the market stems particularly from the strict adherence to carbon emission reduction goals which has been undertaken by government authorities. Currently, the market is expected to gain significant growth from power remote or off-grid applications which will provide an increased boost for the market development in the forecast period.
The small wind power market is segmented on the basis of grid connectivity and axis. On the basis of grid connectivity, the market has been divided into off-grid and on-grid. The off-grid is responsible for the major market portion of 63.84% in 2016, with a market value of USD 2,224.9 million and is expected to develop at the highest CAGR of 14.06% through the forecast period. On the basis of axis, the small wind power market has been divided into horizontal axis and vertical axis. The horizontal axis is responsible for the major market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is likely to grow at a CAGR of 13.03% through the forecast period.
Detailed Regional Analysis
The regional analysis of the market observes that the European region is responsible for the major market share of 41.32% in 2016, with a market value of USD 1,440.2 million and is anticipated to grow at CAGR of 13.98% through the forecast period. The small wind power popularity is part of a broader move from fossil fuels to renewable energy, across the European Union. European governments and the EU, as a whole, have backed small wind projects with favorable incentives as part of their carbon emission reduction goals. Americas was the second largest market & valued at USD 1,260.3 million in 2016 mostly owing to the high demand for on-grid application of small wind power, particularly in advanced nations such as the U.S. The technological and economic capacity for renewable energy to provide an increasing share of clean, secure energy for is very large for the North American region. The Asia Pacific is also another main market for small wind power. There is a growing demand for energy because of the rising population and expanding electricity demand in the region. Furthermore, these quickly increasing economies in this region are also the top polluters globally. Presently, China has the largest number of small wind project projects under the planning and construction phase, which is trailed by Japan.
The framework for growth plans also has inspired the market for potential new entrants. The market competitors are making considerable adjustments to minimalize the incidence of competitive disadvantage. The leadership trends in the market are reinforcing the level of growth that can be realized in the present market scenario. The market is also well equipped to meet the challenges and keep up with the dynamic growth trends effectively. The alterations seen in terms of strategy execution and creation are modifying the development pace of the market. The plan formulation process in the market has become meaningfully easier in which deviations are well accounted for; this approach surges the overall success of these plans in the market. The evolution patterns are revised in tandem to the customer likings to realize abundant growth, and in the long run, viability.
The noteworthy contenders in the small wind power market are Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Kingspan Group Plc. (Ireland), Ennera Energy and Mobility, S.L. (Spain), Aeolos Wind Energy Ltd (U.K.), Shanghai Ghrepower Green Energy Co., Ltd (China), Eocycle Technologies Inc. (Canada), Guangzhou HY Energy Technology Co., Ltd (China), XZERES Wind Corporation (U.S.), Endurance Wind Power Inc. (Canada), and City Windmills Holdings PLC (U.K.).
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