According to the recent study conducted by Market Research Future (MRFR), the global small wind power market is poised to grow at CAGR of 13.88% during the forecast period (2017-2023) and surpass a valuation of USD 8,600 Mn. Small wind turbines are increasingly used for powering off-grid or remote applications such as home, refuges, farms etc. A tremendous emphasis is being placed on shifting to renewable energy sourced, which reflecting favourably in the global small wind power market.
Small wind turbines are increasingly used for powering off-grid or remote applications such as home, refuges, farms etc. A tremendous emphasis is being placed on shifting to renewable energy sourced, which reflecting favourably in the global small wind power market.
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Enhancements noticed in the technological and economic potential of the small wind power market are contributing to an increase in the entry of competitors who are aiming to transform the market considerably. The accelerated innovation pace considerably bolsters the market in the market with regards to the product offering. The rising emphasis on the microgeneration of energy is expected to create profitable avenues for the development of small wind power market in the forecast period.
Guangzhou HY Energy Technology Co., Ltd (China), Kingspan Group Plc. (Ireland), Bergey Wind Power Co. Inc. (U.S.), Eocycle Technologies Inc. (Canada), Endurance Wind Power Inc. (Canada), City Windmills Holdings PLC (U.K.), Northern Power Systems Corp. (U.S.), Shanghai Ghrepower Green Energy Co., Ltd (China), Aeolos Wind Energy Ltd (U.K.), XZERES Wind Corporation (U.S.), and Ennera Energy and Mobility, S.L. (Spain) are some of the companies mentioned in the report.
Small Wind Power Market Segmental Analysis
The segmentation of the small wind power market is carried out on the basis of grid connectivity and axis.
By grid connectivity, the small wind power market has been segmented into off-grid and on-grid.
On the basis of axis, the market for small wind power has been segmented into vertical axis and horizontal axis.
The regions considered in the small wind power market are the Americas, Europe, the Middle East & Africa and the Asia Pacific.
The regions that are covered in MRFR’s report include North America, Europe, Asia Pacific (APAC), Africa, the Middle East and Latin America.
The regional analysis of the small wind power market observes that the European region is expected to be responsible for the largest market share. The small wind power growth is part of a broader change from fossil fuels to renewable energy, throughout the European Union. The European governments and the EU, as a whole, have reinforced small wind projects with promising enticements as part of their carbon emission saving objectives.
The Americas region is the next principal market chiefly due to the high demand for on-grid application of small wind power, mostly in advanced nations such as the U.S. The U.S. is the chief market for small wind power in the Americas region. The economic and technological potential for renewable energy to deliver a rising share of clean, secure energy for the North American region over the coming decades, which is very large.
The Asia Pacific region is also another chief market for small wind power. There is also a growing demand observed for energy due to the rising population and increasing electricity demand in the region as these rapidly growing economies are also the top polluters in the world. At present, China has a major number of small wind project projects under the planning and construction phase, which is trailed by Japan.
Tech giant Amazon reportedly found renewed interest in the renewables industry. The company has announced that it will purchase power from three future wind projects, which are to be set up in Europe and the U.S.
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