The global small wind market is expected to reach $1.79 billion by 2025, according to a new report by Grand View Research, Inc. Increasing awareness about renewable energy along with government regulations is further propelling the market growth.
Increasing global population coupled with rising energy deficit are some of the factors anticipated to positively influence the small wind market. In addition, the gradual reduction in per kilowatt prices along with affordable installation prices of wind turbines for electricity demand will favor the business growth.
Stringent government regulations are encouraging grid connectivity to reduce the burden on the use of non-renewable sources for electricity generation. Numerous financial and economic benefits including Feed-in-Tariffs (FiT), Production Tax Credit (PTC), Investment Tax Credit (ITC) among others are expected to augment the small wind market growth over the forecast period.
The off-grid application segment of the small wind market is expected to account for 59.58% of the global market share in 2025. The demand for off-grid wind turbines can be attributed to the long standing conventional methods of harnessing this energy for electrification, however, this segment is set to witness a decline due to the government initiatives launched to boost grid connectivity. Such regulatory initiatives will boost the on-grid segment of the small wind market over the forecast period.
Horizontal axis wind turbines (HAWT) are the preferred axis type in the global small wind market given the ease in installation coupled with affordable pricing. However, the Vertical Axis Wind Turbine (VAWT) is fast gaining consumers’ attention and is expected to grow at a higher rate over the forecast period.
Europe was the leading region due to changing perceptions towards the adoption of renewable energy. Large scale investments along with high consumer awareness is predicted to drive the small wind market by 2025. The abundant availability of onshore and offshore regions for wind turbine installation options is augmenting the growth of the regional market over the forecast period.
Browse full research report with TOC on “Small Wind Market Analysis, By Application (Off grid, On grid), By Axis Type (Horizontal Axis, Vertical Axis), By Region (North America, Europe, Asia Pacific, South & Central America and MEA) And Segment Forecasts, 2014 – 2025” at:http://www.grandviewresearch.com/industry-analysis/small-wind-market
Further key findings from the report suggest:
- The small wind market is anticipated to witness growth at over 17.2% from 2017 to 2025 on account of increasing awareness about towards emission free renewable energy. Vertical axis wind turbines will grow at the fastest rate in terms of revenue, registering a CAGR of 18.7%, during the forecast period owing to its innovative design and energy efficiency.
- Europe small wind market is predicted to witness substantial growth and was valued at $228.0 million in 2016 owing to rising demand control the region’s carbon footprint.
- Key participants of the small wind market include City Windmills, Envergate, Dibu Wind, Kingspan Wind, Superwind, Kliux Energies, and Bergey Windpower among others. These companies are focused on increasing their global presence using product modernization and design innovation strategies.