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PUNE, MAHARASHTRA, INDIA, December 20, 2019 /EINPresswire.com/ — Small Wind Turbine Market:
Global environmental concerns to reduce carbon emissions have provided an opportunity to develop renewable energy sources. Political interventions such as country-specific Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs) are currently creating renewable energy demand worldwide which fuels the growth of the small wind turbine market. Through power providers, small wind turbines are connected to grids or they may be off grid. Small wind turbines make use of wind energy to produce emission-free power and find application in rural electrification, roof top facilities, small wind farms, and street lighting.
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The demand for small wind turbines is largely driven by the advancement of global and regional industry technologies and developments. The small wind turbines’ total price varies depending on factors like installation costs and availability of space. An increase in investment in renewable energy sources, strict government regulations that restrict carbon footprint and financial incentives for the adoption of alternative energy sources are projected to drive the growth of the small wind turbine market.
Factors hampering the growth of the small wind turbine market include availability of renewable energy alternatives like solar power and declining subsidies for renewable energy.
Market key player are covered:
Fortis Wind Energy
Evance Wind Turbines
Endurance Wind Power
Kestrel Wind Turbines
Urban Green Energy
The global small wind turbine market is segmented based on type, end-user, grid-type, and power rating. Based on type, the market is classified into the horizontal axis wind turbine and vertical axis wind turbine, with the former leading the segment due to benefits of easy installation and availability of components.
On the basis of end-user/application, the small wind turbine market is divided into commercial, agriculture, residential, industrial, government and educational sectors. Rising electricity prices and government installation incentives are promoting the adoption of small wind turbines among residential users. Based on grid type, the small wind turbine market comprises on-grid and off-grid, with on-grid estimated to exceed US $190 million by 2025. The off-grid segment was valued at over US $35 million in 2016 and is expected to show measured growth up to 2025 due to introduction of innovative technologies that modernize the installed equipment.
On the basis of power rating, the market consists of 50 kW and 51-100 kW capacity range. Increasing demand for renewable and affordable energy around the globe will fuel the market for 51-100 kW capacity range for small wind turbines, which provide flexibility in connection and reliable power.
The small wind turbine market spans regions of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. With over 42% of the small wind turbine market, Europe is the global leader, with Germany and UK holding the maximum share due to the large scale funding they receive. Asia Pacific is estimated to be the 2nd largest market by 2025 because of increasing demand for small wind turbines in residential and commercial applications. The growth in Asia Pacific market region is mainly because of large capacity installations in China, which accounted for 44% of the global capacity in 2015 resulting in reduced cost of small wind turbine units.
Latest industry news
Small wind producers are concentrating on competitively priced innovative products and effective grid connectivity to help grow their share in the small wind turbine market and companies are investing in research and innovation of more efficient wind turbines in an attempt to increase their customer base.
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