Global Small Wind Power Market Overview
Market Research Future (MRFR), in its research report, asserts that the global Small Wind Power Market 2020 is thriving and slated to grow exponentially over the review period, recording a substantial market valuation of USD 8.9 billion by 2023 and a healthy 13.88% CAGR in the review period.
The global small wind power market is likely to bank upon its negligible carbon emissions. Environmental concerns are poised to drive the growth of the market in the forthcoming years. The depleting sources of energy, coupled with the rising need for power & energy, are anticipated to motivate the proliferation of the small wind power market over the next couple of years.
Leading Players Analyzed in the Small Wind Power Market are:
The prominent market players operating in the global market, as identified by MRFR, are Northern Power Systems Corp. (U.S.), Kingspan Group Plc. (Ireland), Bergey Wind Power Co. Inc. (U.S.), Eocycle Technologies Inc. (Canada), Ennera Energy and Mobility, S.L. (Spain), Shanghai Ghrepower Green Energy Co., Ltd (China), XZERES Wind Corporation (U.S.), Guangzhou H.Y. Energy Technology Co., Ltd (China), Aeolos Wind Energy Ltd (U.K.), Endurance Wind Power Inc. (Canada), and City Windmills Holdings PLC (U.K.).
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Drivers and Restraints
Owing to an upsurge in customer understanding of the use of renewable energy sources, the global small wind power industry has anticipated tremendous opportunities around the world. Also, the increasing demand for renewable energy sources coupled with rapid industrialization is boosting the growth of the global small-wind energy market. The industry is expected to see substantial growth in the global small wind power market due to a rise in energy demand and an increase in concerns about the environmental impacts of fossil-fuel power generation. The increasing focus of government agencies through high investment to develop electricity generation by incorporating renewable energy sources, such as wind energy, has also boosted the growth of the global small-scale wind industry. Growth in this sector can be due to the growing demand for clean and sustainable energy to minimize global carbon emissions and preserve ecological balance through renewable energy generation. The inconsistent yield of constant power output, however, can impede the demand for small wind power.
For the study, the global Small Wind Power Industry is bifurcated by grid connectivity and by axis. Based on grid connectivity, the small wind power market has been bifurcated into on-grid and off-grid. Off-Grid assessed at the largest market share of 63.84% in 2016, with a market share of USD 2.2 billion and is anticipated to rise at the highest CAGR of 14.06% during the forecast period. On-Grid was the second-largest market in 2016, recorded a value of USD 1,260.5 million in 2016, and is estimated to rise at a CAGR of 13.57%.
Based on the axis, the market has been divided into the horizontal axis and vertical axis. The horizontal axis accounted for the largest market share of 65.07% in 2016, with a market share of USD 2,267.9 million and is projected to grow at a CAGR of 13.03% during the forecast period. The vertical axis was the second-largest market in 2016, recorded a USD 1,217.5 million in 2016; it is estimated to grow at the highest CAGR of 15.37%.
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
Asia-Pacific dominated the segment of wind power generation in 2018 and is expected to continue to dominate in the coming years. The area has tremendous potential for expanding the market for small wind turbines, especially in the form of off-grid and suburban, small wind turbines. Inefficiencies in power grid infrastructure, shortages in power supply, and the scalability of decentralized technology pave the way for regional deployment, especially in China and India. The regional wind power generation has gained substantial momentum due to the growing pollution concerns around the world due to industrialization, particularly in Asia-Pacific. Also, numerous policy programs, such as incentives and policy energy-saving certificates in India, China, Malaysia, and Thailand, are projected to enable commercial units to adapt during the forecast period to the power generation from small wind turbines.
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