Small Wind Power Market | Technological Developments, Growing Demand, Carbon Reduction Agreements and others conspire to drive a the Market Growth

Small Wind Power Market
Global Small Wind Power Market by Grid Connectivity (On-Grid and Off-Grid), By Axis (Horizontal Axis and Vertical Axis) by Region (Americas, Europe, Asia Pacific and Middle East & Africa) – Global Forecast to 2023

Market Scenario:

Small Wind Turbines Power Systems range from less than 1000 Watt to 10 kW and power remote or off-grid applications. The Global Small Wind Power Market is projected to grow at a CAGR of 13.88 % during the forecast period of 2016 to 2023.

Drivers

Simplicity of construction, excellent safety records, growing functionality such as auto-shut down in case of discrepancies in operation parameters, developments in complimentary technologies such as energy storage devices, lightweight materials, and quieter turbines with a noise level of 50 dB for a 10 kW turbine are the prime drivers of the market. Regulatory factors such as Government support for renewable energy including compulsory acquisition agreements are fueling the market.

Economic drivers include alternative to large investments needed to serve energy demands from inaccessible regions such as islands, competitive as compared to solar PV or bio-fuel, growing demand for clean renewable energy, lower installation and maintenance cost than large turbines and others. Technological development especially targeting efficiency is the smartest strategy adopted by key players. For example, the EO25 wind turbine of Eocycle Technologies Inc. provides a 65 % increase in energy production over the previous models.

Restraints

Technical constraints such as dependence on minimum average wind speeds, variability of output owing to wind speeds fluctuations, lack of wind speed and distribution profiles, power reducing effects of large objects in the vicinity such as buildings, trees and others are hampering the market.  The high dependence on installation sites and wind speed, reduction of serenity of sites, restrictions on turbines installation and permit in many countries, safety and installation requirements, bird deaths due to turbine blades, and others are other restraints constraining the market.

Economic constraints include the higher cost per kW energy as compared to large turbines, and tariffs variations in countries.

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Regional Analysis:

Europe accounts for the largest share of the Small Wind Power Market with a share of 41.32 % in 2016, reflecting USD 1,440.2 million with an anticipated grow projection at a 13.98 % CAGR during the review period. The support from the governments and the EU, as part of their carbon emission reduction goals has resulted in over 272.6 MW installed capacity by the end of 2015.

Americas led by the U.S. holds a market value of USD 1,260.3 million in 2016 owing to the U.S. being a large exporter of small wind turbines with 80 % of Small Wind Turbines exported to feed the demands of European nations.

Asia Pacific is anticipated to be the fastest growing market, with China having the largest number of small wind project projects followed by Japan and India. The Asia Pacific small wind project market was estimated to grow to USD 1,338.1 million, at a CAGR of 14.38 %.

Segmentation:

Based on the Grid connectivity, the market has been segmented by on-grid and off-grid. The off-grid accounts for the largest market share of 63.84 % in 2016, representing a market value of USD 2,224.9 million and growing at a CAGR of 14.06 % during the review period. The on-grid segment was valued at USD 1,260.5 million in 2016 and is anticipated to grow at a CAGR of 13.57 %.

Based on the Axis, the market has been segmented by horizontal axis and vertical axis. Horizontal axis holds a market share of 65.07%, valued at USD 2,267.9 million in 2016, and which is estimated to grow at a CAGR of 13.03 %. Vertical axis accounted for USD 1,217.5 million in 2016 and which is estimated to grow at a CAGR of 15.37 % during the forecast period.

Dominant Players:

The leading vendors of Global Small Wind Power Market are Kingspan Group Plc. (Ireland), XZERES Wind Corporation (U.S.), City Windmills Holdings PLC (U.K.) Northern Power Systems Corp. (U.S.), Eocycle Technologies Inc. (Canada), Guangzhou HY Energy Technology Co., Ltd (China), Bergey Wind Power Co. Inc. (U.S.), Endurance Wind Power Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd (China), Ennera Energy and Mobility, S.L. (Spain), Aeolos Wind Energy Ltd (U.K.), and others.

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