Small Wind Power Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Small Wind Power Market Research Report, Grid Connectivity, Axis and Region - Forecast till 2027” the market is projected to be worth USD 14.5 Billion by 2027, registering a CAGR of 14.82% during the forecast period (2021 - 2027), The market was valued at USD 6.11 billion in 2020.
The outbreak of the COVID-19 has affected the growth of the small wind power market value and worked as a key restraint for the market. The government-imposed lockdown has restricted the production process and delayed several small wind power projects industry projects. During the outbreak the global consumption of energy decreased that hampered the small wind power market eventually. The growing concern for environmental issues resulted in the adoption of renewable resources of energy utilization that helps the market in reaching its optimum level. The outbreak has adversely impacted the market growth for the decrease in the consumption of energy in countries across the globe, the slowdown in the economic growth of almost every major economy, and supply chain disruption.
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Key companies profiled in the global small wind power industry report include-
- Northern Power Systems Inc. (U.S)
- Kingspan Group PLC (Ireland)
- Xzeres Wind Corporation (U.S)
- Wind Energy Solutions (Netherlands)
- Bergey Windpower Co. Inc. (U.S)
- Guangzhou HY Energy Technology Limited Corp. (China)
- Eocycle Technologies Inc. (Canada)
- Endurance Wind Power Inc. (Canada)
- Shanghai Ghrepower Green Energy Co. Ltd. (China) and
- ZKEnergy Science Technology Co. Ltd. (China)
The global small window power market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, more.
Alluring Features that Spur Market Growth
As per the new MRFR report, numerous factors are propelling the global small wind power market share.
Small Wind Power Market Drivers/Small Wind Power Market Trends
Increasing Demand for Reliable and Clean Energy to Boost Market Growth
The increasing need for reliable and clean energy for reducing the global carbon emissions and for maintaining ecological balance by generating electricity through renewable resources is predicted to impact the global small wind power market value in the forecast period.
Besides, an increasing awareness among consumers regarding the use of renewable energy sources, rapid industrialization, and growing demand for energy are also adding market growth.
Increase in Government Investments to Offer Robust Opportunities
The increasing investments by government agencies for improving electricity generation by integrating renewable sources of energy like wind energy will offer robust opportunities for the market in the forecast period.
Inconsistent Yielding of Constant Output to act as Market Restraint
The inconsistent yielding of constant power output may act as a market restraint over the forecast period.
High Initial Costs to act as Market Challenge
The rise in concerns related to the high initial costs of small wind turbines may act as a market challenge in the forecast period.
Browse In-depth Market Research Report (125 pages) on Small Wind Power
- By grid connectivity
By grid connectivity, the off-grid segment will lead the market over the forecast period at a high CAGR. An off-grid solution is a system which works independently and is not connected to the electricity distribution system. This is known as stand-alone systems.
- By axis
By axis, the horizontal axis will dominate the market over the forecast period at a high CAGR. Horizontal axis means the rotating axis of wind turbines are parallel or horizontal with the ground. In case of large scale wind application, horizontal axis wind turbines are almost all you will ever see. In small and residential wind applications however vertical axis turbines have their place. The perks of horizontal wind are that this is capable of producing more electricity from a given amount of wind. Such factors will boost the market for horizontal axis wind turbine in small wind power market over the forecast period.
Europe to Lead Small Wind Power Market
Europe is predicted to lead the small wind power market in the forecast period. The small wind power market is an effective means of shifting from the fossil fuel-based electricity industry towards the renewable resources-based electricity industry. The wind capacities help small wind power market trends in Europe to excel globally. The European government and the European Union have taken several initiatives and projects with the small wind power industry. The small wind power projects are offered with certain incentives for supporting the wind power systems which will help in meeting the carbon reduction target in the future. The UK and Germany have the utmost market share for the large scale funding received by both countries cumulatively. Several manufacturers have set up regional offices together with production facilities in such countries for capitalizing on the present boom in the industry as well leverage their positions to become market leaders.
Segmentation of Market covered in the research:
Information by Grid Connectivity (On-Grid and Off-Grid), By Axis (Horizontal Axis and Vertical Axis) by Region (Americas, Europe, Asia Pacific and Middle East Africa)
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