Small Wind Turbine Market: By Type (Horizontal Axis Wind Turbine and Vertical Axis Wind Turbine), By Application (On-Grid and Off-Grid) And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts To 2031
Global Small Wind Turbine was valued at 0.2 billion in 2021 at a CAGR of 1.3%. The growing demand for renewable energy sources and rapid industrialization have given the worldwide small wind market a much-needed boost.
Small wind turbines include a wide range of models, from micro turbine to home turbines to mini turbines. The power ratings of the wind turbines utilized in this end-use application range from a few watts to thousands of watts. Small wind turbines are those with a diameter of less than 15 meters. Although vertical -axis wind turbines have seen tremendous expansion in the worldwide small wind power industry, conventional wind turbines still account for the majority of small wind turbines. Small wind turbine is being used to power off-grid or distant applications such residences, farms, refuges, and beacons.
Global Small Wind Turbine was valued at 0.2 billion in 2021 at a CAGR of 1.3%. The growing demand for renewable energy sources and rapid industrialization have given the worldwide small wind market a much-needed boost. The global small wind market has also grown as a result of rising energy demand & growing concerns about the environmental implications of fossil-fuel-based power generation.
The market is divided into two types: horizontal axis wind turbine (HAWT) and vertical axis winds turbine (VAWT). The main rotor shaft of a vertical axis wind turbines is positioned vertically. This increases the structural stability of wind turbine, which are typically located near heavily populated areas, lowering the chance of accidents. Apart from domestic applications, VAWTs are often utilized to power street lighting because they are small and attractive. In addition, when compared to horizontal positioning systems, vertical axis wind turbines do not require a directed positioning system. This cuts down on the need for complicated instruments while also lowering the overall cost.
The market is divided into two categories based on application: on-grid and off-grid. Off-Grid had the greatest market share, had the highest market value, and was anticipated to increase at the highest CAGR over the forecast period. An off-grid system is a system that operates independently of the electrical grid and it is not linked to it. Stand-alone systems are another name for it. This is due to growing environmental concerns, and need from off-grid applications is projected to propel the industry forward.
Increasing demand vertical axis wind turbine
The growth of technology and advancements in the regional and global markets drive the small wind turbines industry. The entire cost of a tiny wind turbine is determined by a number of factors, including installation costs, space availability, and so on. The small wind turbines market is divided into two categories based on technology: HAWT (Horizontal-Axis Wind Turbine) & VAWT (Vertical-Axis Wind Turbine). The HAWT technology is relatively old and readily available. The VAWT technology sector dominates the market, with a much bigger share than the HAWTs technology section. Furthermore, during the projected period, the VWAT technology sector is expected to increase at a high rate.
Rising consumer knowledge
Due to increased consumer knowledge about the usage of renewable energy sources, the worldwide small wind turbine market has seen enormous prospects all around the world. Furthermore, the worldwide small wind turbine market is growing due to a rise in need for renewable energy sources along with fast industrialization. Furthermore, the market has seen significant expansion in recent years, due to rising energy demand and raising concerns regarding the environmental implications of fossil-fuel-based power generation. Furthermore, government agencies have increased their spending in improving electricity generation by incorporating renewable energy sources, such as wind energy, which has aided market growth.
Raw material price volatility
The pandemic outbreak slowed the expansion of the small winds turbine sector and functioned as a major brake on the market. The production process was slowed, and numerous modest wind power projects were postponed as a result of the lockdown. During this time, worldwide energy consumption declined, stifling the modest wind power market's expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Small Wind Turbine market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific led the wind power generating industry, and this trend is projected to continue in the future years. The market for tiny wind turbines, particularly off-grid & residential-scale small winds turbines, has enormous potential in the region. Asia-Pacific accounted for highest percent of global wind power generation, totaling 514.3 terawatt-hours. China's government has encouraged the implementation of small winds power (SWP) technology, and this is one of the very few rising economies to do so aggressively.
COVID-19 has impeded market growth by lowering energy consumption in countries, limiting economic growth in nearly all major economies, and altering supply networks. Increased environmental concerns and demand from off grid applications are expected to propel the industry forward. Technological improvements that have decreased the cost of producing wind turbines and enhanced their efficiency have also supported the growth of the small wind turbine market. However, the increased usage of alternative energy sources for small-scale renewable development, such as solar energy & small-scale bioenergy facilities, is expected to hinder market growth during the projected period.
Market size value in 2021
Revenue forecast in 2031
CAGR of 1.3% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, Application and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Aeolos Wind Energy Ltd, Bergey Wind Power Co., City Windmills Holdings PLC, Fortis Wind, SD Wind Energy, Kliux Energies, Northern Power Systems Inc., Shanghai Ghrepower Green Energy Co. Ltd, Xzeres Wind Corp., Ryse Energy and Other Prominent Players.
Global Small Wind Turbine was valued at 0.2 billion in 2021 at a CAGR of 1.3%.
Small wind turbines include a wide range of models, from micro turbine to home turbines to mini turbines. The power ratings of the wind turbines utilized in this end-use application range from a few watts to thousands of watts.
VWAT and Off grid segments accounted for the largest Small Wind Turbine market share.
Key players: Aeolos Wind Energy Ltd, Bergey Wind Power Co., City Windmills Holdings PLC, Fortis Wind, SD Wind Energy, Kliux Energies, Northern Power Systems Inc., Shanghai Ghrepower Green Energy Co. Ltd, Xzeres Wind Corp., Ryse Energy are the key players in the Small Wind Turbine market.
The market is being driven by the Increasing Technology and advancements and Increasing Consumer knowledge is also likely to drive the market demand in the forecasted period, i.e., 2021-2031.
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