The global small wind market is expected to reach USD 1.79
billion by 2025, according to a new report by Grand View Research, Inc.
Increasing awareness about renewable energy along with government regulations
to control growing carbon footprint 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 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 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.
U.S. small wind market
revenue, by axis type, 2014 - 2025, (USD Million)
Browse full research report on
Small Wind Market
Further key findings from the
report suggest:
- The small
wind market is anticipated to witness growth at over 14.3% 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
USD 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.
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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