Small Wind Power Global Market Business Plan, Industry Size Estimation, Manufacturers, Startup Strategy Report To 2023

Small Wind Power market, to grow at 13.88% CAGR of during the forecast period :
Small Wind Power Market to Grow at 13.88% CAGR by 2023 | Global Small Wind Power Market by Grid Connectivity, By Axis and by Region

Small Wind Power Market Highlights:-

The global small wind power market, according to Market Research Future (MRFR), is set to reach the value of USD 8,601.9 Million by 2023. The market will surge at a CAGR of 13.88% during the forecast period (2016-2023). Small wind turbines power remote or off-grid applications such as farms, homes, refuges or beacons. They have high capability to generate power at much lesser price when compared with large wind turbine projects. Few offshore wind projects offer sophisticated, efficient, as well as cost-effective semi-submersible offshore wind solutions.

 

Top Key Players:-

Some of the key players in the global Small Wind Power Market include Shanghai Ghrepower Green Energy Co., Ltd (China), Guangzhou HY Energy Technology Co., Ltd (China), Kingspan Group Plc. (Ireland), Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Ennera Energy and Mobility, S.L. (Spain), Eocycle Technologies Inc. (Canada), XZERES Wind Corporation (U.S.), Endurance Wind Power Inc. (Canada), Aeolos Wind Energy Ltd (U.K.), and City Windmills Holdings PLC (U.K.).

 

Industry News:-

April 2018 – NTR has acquired a Aeolus wind farm of 28MW in Ireland. The wind farm will be added to the USD 68 million NTR Wind 1 fund portfolio and is the last acquisition made by the fund.

 

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Industry Trends:-

August 2018 – Clobotics, manufacturer of intelligent computer vision solutions for the wind power and retail industries, has been funded an additional $11 million (USD) in addition to its Series A round of financing. With the capital, the company will be able to expand its wind power portfolio further in North America.

Thus, growing investments in wind power projects across the globe is a trend gaining momentum all over the world. Investors fund such projects as the innovative technology and continuous product development appeal to them and make them invest in something worthwhile.

 

Drivers and Restraints:-

Increasing focus on renewable source of energy drives the market

The increasing adoption of renewable energy sources around the world affects the market size positively. Stringent government regulations that restrict the growth of carbon footprint along with funding offered to accelerate the adoption of renewable sources of energy is expected to augment the market size in coming years.

Cost-effectiveness of wind energy fuels the demand

Due to the lower cost of Small Wind Turbines, a greater number of consumers are shifting their focus towards the green energy sources. Thus, the low price is one of the major factors triggering the growth of the small wind turbine market.

Fluctuating wind speeds to negatively impact the market growth

Industry experts assert that the market will remain unaffected by the impeding factor like variations in wind speed in the foreseeable future.

 

Small Wind Power Market Segmentation:-

The report states that the global Small Wind Power Market is segmented on the basis of grid connectivity and by axis.

Off-grid connectivity segment rules the global market

Based on grid connectivity, the market is sub-segmented into on-grid and off-grid. Among these, off-grid claimed the largest market share of 63.84% in 2016, with a market value of USD 2,224.9 million. This segment is anticipated to grow at the highest CAGR of 14.06% during the review period. An off-grid system works independently and is not connected to the electricity distribution system, also called stand-alone systems.

On the other hand, the on-grid segment was the second-largest market in 2016, valued at USD 1,260.5 million in 2016; it is estimated to grow at a CAGR of 13.57%. A grid-connected small wind turbine system is an electricity generating small wind turbine system, which is linked to the utility grid. It reduces the consumption of utility-supplied electricity for domestic appliances or bigger loads for business empowerment.

Horizontal axis sub-segment thrives with the largest market share

Axis-wise, the market is segmented on the basis of horizontal axis and vertical axis. Among these segments, the horizontal axis segment captured the largest market share of 65.07% in 2016, with a market value of USD 2,267.9 million. The segment is set to expand at a CAGR of 13.03% during the appraisal period. Horizontal axis wind turbines are primarily used in farm, small village, home and small business. Vertical axis was the second-largest market in 2016 reaching the value of USD 1,217.5 million in 2016.  The segment is presumed to grow at the highest CAGR of 15.37%.

 

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Small Wind Power Market Regional Analysis:-

Based on region, the global small wind power market is segmented into the Americas, Europe, Asia-Pacific (APAC) and the Middle East and Africa.

Europe market flourishes with largest market share

Among all the regions, Europe accounted for the largest market share of 41.32% in 2016, reaching the value of USD 1,440.2 million and is expected to grow at CAGR of 13.98% during the review period. The adoption of small wind power is part of a bigger move from fossil fuels to renewable energy, across the European Union. The government bodies in the region largely support the small wind projects with favorable incentives as part of their carbon emission reduction goals. In the region, the United Kingdom lead the market with 15% of global installed capacity in 2015.

The Americas was the second-largest market valued at USD 1,260.3 million in 2016 on account of the high demand for on grid application of small wind power, particularly in developed economies such as the United States (U.S). The U.S. is the largest market for small wind power in the region. The market size in the region is massive due to the technological and economic potential for renewable energy.

Asia Pacific is also another key revenue generator in the small wind power market. With an increasing demand for energy due to growing population and rising electricity demand, the market is set to surge phenomenally in the region. At present, China has the largest number of small wind project projects that are in the planning and construction phase, followed by Japan. The market in Asia Pacific was valued at USD 525.9 million in 2016 and is bound to reach the value of USD 1,338.1 million by 2023, accompanied by the CAGR of 14.38% percent.

The Middle-East and Africa regions are also growing at a consistent CAGR owing to prominent players investing huge capitals in research and development (R&D) in a bid to develop improved products. This move helps cater to the demand of the market.

 

 

 

 

 

 

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