Small Wind Power Market Size and Global Market Research Report 2023
The world economy continues to experience intense growth and restructuring. Natural resources are diminishing at alarming rates and irretrievable destruction is being done to the environment. Fossil fuels remain in high demand as their accessibility decreases and the environmental concerns rise. It is projected that the small wind power market will grow at a promising pace in the forecast period. Small wind power is among the cleaner power generation technologies, and it has the least negative impact on the environment. Small wind turbines have the capacity up to 100 KW. These turbines have numerous applications in residential, commercial, providers, farms, and small industrial facilities.
Global small wind power market is expected to reach USD 8,601.9 million by 2023.
One of the major drivers for the growth of small wind power market, is the government initiatives and policies, which play a major role. In Japan and EU countries, policies such as feed-in tariffs, net metering, tax credits, and capital subsidies are the key energy policies geared precisely towards small wind. The small wind power sector has been promoted, particularly from the growing global trend of feed-in tariffs (FITs). For instance, Denmark is preparing for the Introduction of a feed-in tariff (FIT) for small wind turbines. The planned remuneration is 0.33 euros per Kilowatthour (kWh) for units up to 10 Kilowatt (kW) and 0.20 euros/kWh for up to 25 kW. Such supportive policies, will allow the small wind sector to grow substantially.
Market Segmentation
For the purpose of study, small wind power market has been segmented into grid connectivity, axis, and region. On the basis of grid connectivity, Off-Grid accounted for the largest market share and is projected to have the highest CAGR of 14.06% during the forecast period. An off-grid solution works individually and is not coupled with the electricity distribution system. On the basis of axis, Horizontal Axis accounted for the largest market share and is projected to have a CAGR of 13.03% during the forecast period. Vertical axis turbines are primarily powered by wind coming from all directions. These turbines are largely applied for urban and low noisy area.
Key Players Some of the key players of global small wind power market are Kingspan Group Plc. (Ireland), Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Ennera Energy and Mobility, S.L. (Spain), and Eocycle Technologies Inc. (Canada). Shanghai Ghrepower Green Energy Co., Ltd (China), Guangzhou HY Energy Technology Co., Ltd (China), XZERES Wind Corporation (U.S.), Endurance Wind Power Inc. (Canada), Aeolos Wind Energy Ltd (U.K.), and City Windmills Holdings PLC (U.K.) are among others.
Objective of Global Small Wind Power Market Analysis & Forecast, from 2017 to 2023
- To provide detailed analysis of the market structure, along with forecast of the various segments and sub-segments included in global small wind power market (for the next five to ten years), with the analysis of its development and demand in the market
• To identify high growth regions and countries
• To study regional and country-specific demand and forecast for global small wind power market
• To cover the key segments of grid connectivity, axis, and region.
• To finalize unit breakdown for all different classifications required for forecasting, considering various factors
• To identify forecast demand for all probable segments for all the regions, and to collect the historical figure, data through primary and annual reports to derive the regional and country level market size
• To identify historical trends to forecast and estimate the future value data
Key Findings
- Global small wind power market is expected to reach USD 8,601.9 million by 2023.
• By grid connectivity, Off-Grid accounted for the largest market share of 63.84% in 2016, with a market value of USD 2,224.9 million and is projected to have the highest CAGR of 14.06% during the forecast period.
• By Axis, Horizontal Axis accounted for the largest market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is projected to have a CAGR of 13.03% during the forecast period.
• Based on region. Europe accounted for the largest market share of 41.32% in 2016, with a market value of USD 1,440.2 million and is projected to have a CAGR of 13.98% during the forecast period.
Regional and Country Analysis of Global Small Wind Power Market Estimation and Forecast
Geographically, the global small wind power market has been divided into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region holds the largest market share in small wind power market. In European Union, the small wind power boom is part of a wider move from fossil fuels to renewable energy. European governments have supported small wind projects with positive incentives as part of their carbon emission reduction goals. The recorded small wind capacity, installed in Europe had been above 272.6 MW by the end of 2015. U.K. leads the market, with 15% of global installed capacity, in 2015.
Americas is the second largest market for the small wind power in 2016. According to Department of Energy report 2015 on Wind Energy, 80% of small wind turbines that are manufactured in the country are being exported to Europe. U.S. is the largest market in Americas region for small wind power. In terms of installed capacity, it was the second largest country, across the globe, with installed capacity of 230.4 MW with total cumulative units installed of 160,995, by the end of 2015.
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