The global Small Wind Market is expected to cross USD 1.79 billion by 2025. Small wind turbines find regular use in developed and developing economies and are basically used in rural areas across the domestic and international market. Small wind turbines are specifically used to power business institutions, schools, colleges, farms, and various other entities.
Overall, the small wind turbines are developed to cater to domestic and international market. Currently, the market trends incorporate energy needs to be driven by rural to urban migration, rise in per capita income, manufacture of energy based products, and worldwide growth in energy services.
Small Wind industry is driven by factors such as rise in consciousness about renewable energy coupled with government regulation due to increasing carbon footprint and rise in global population. Surge in energy crisis, increase in fuel costs, and high dependence on non-renewable energy sources is likely to create favorable market conditions for small wind market in the near future.
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“Mode of Installation” segment for small wind industry comprises on-grid and off-grid. Off-grid applications are expected to account for a significant growth during the forecast period due to rise in demand for off-grid application from the medium and large enterprises. Application segment consists of small-scale industries, domestic and commercial. Small-scale and commercial industries are likely to gain a significant CAGR in the forecast period owing to wide availability and affordability.
Type segmentation for small wind market is inclusive of horizontal axis wind turbine and vertical axis wind turbine. Vertical axis wind turbine is expected to account for a significant growth during the forecast period due to preference of installation. Geographical segmentation for small wind industry includes North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific market is expected to gain a significant CAGR in the forecast period due to increase in support by government for installation of wind turbines, rise in investment for wind energy projects and lowing of taxes to encourage the use of wind turbines at large.
North American market is likely to gain a positive traction in the forthcoming period due to rise in environmental awareness and stringent rules by government over usage of resources. Middle East and African countries have already taken positive initiatives towards this concern and is likely to create a remarkable CAGR in the following years. The key players in the small wind market include Bergey Power Systems Inc, Bergey Wind Power Co, Kingspan Group Plc, Endurance Wind Power Plc, ZKEnergy Technology Co Ltd., and Xzeres Wind Corporation.
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Application Outlook (Volume, Megawatts, 2014 – 2025) (Revenue, USD Million, 2014 – 2025)
• On Grid
• Off Grid
Axis Type Outlook (Volume, Megawatts, 2014 – 2025) (Revenue, USD Million, 2014 – 2025)
• Horizontal Axis Wind Turbines
• Vertical Axis Wind Turbines
Regional Outlook (Volume, Megawatts, 2014 – 2025) (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South Korea
• South & Central America
• Middle East and Africa
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