Small Wind Turbine Market Size
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.
Market Highlights
Global Small Wind Turbine market is expected to project a notable CAGR of 1.3% in 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. 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.
Global Small Wind Turbine Market: Segments
Vertical axis winds turbine segment to grow with the highest CAGR during 2021-31
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.
Off-grid segment to grow with the highest CAGR during 2021-31
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.
Market Dynamics
Drivers
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.
Restraint
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.
Global Small Wind Turbine Market:
Key Players
- Aeolos Wind Energy Ltd
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- 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
- Other Prominent Players
Global Small Wind Turbine Market: Regions
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.
Impact of Covid-19 on Small Wind Turbine Market
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.
Global Small Wind Turbine is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Small Wind Turbine Market report also contains analysis on:
Small Wind Turbine Market Segments:
- By Type
- Horizontal Axis Wind Turbine
- Vertical Axis Wind Turbine
- By Application
- On-Grid
- Off-Grid
- Small Wind Turbine Market Dynamics
- Small Wind Turbine Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Small Wind Turbine Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market size value in 2021 |
0.2 billion |
|
Revenue forecast in 2031 |
0.3 billion |
|
Growth Rate |
CAGR of 1.3% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Type, Application and Region |
|
Regional scope |
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. |
Frequently Asked Questions (FAQ):
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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