San Francisco, 14 September 2018: The global small wind market is expected to reach USD 1.79 billion
by 2025, according to a new report by Grand View Research, Inc. Increasing
awareness about renewable energy along with government regulations to control
growing carbon footprint is further propelling the market growth.
Increasing
global population coupled with rising energy deficit are some of the factors
anticipated to positively influence the small wind market. In addition, the
gradual reduction in per kilowatt prices along with affordable installation
prices of wind turbines for electricity demand will favor the business growth.
Stringent
government regulations are encouraging grid connectivity to reduce the burden
on use of non-renewable sources for electricity generation. Numerous financial
and economic benefits including Feed-in-Tariffs (FiT), Production Tax Credit
(PTC), Investment Tax Credit (ITC) among others are expected to augment the
small wind market growth over the forecast period.
The
off-grid application segment of the small wind market is expected to account
for 59.58% of the global market share in 2025. The demand for off-grid wind
turbines can be attributed to the long standing conventional methods of
harnessing this energy for electrification, however, this segment is set to
witness a decline due to the government initiatives launched to boost grid
connectivity. Such regulatory initiatives will boost the on-grid segment of the
small wind market over the forecast period.
Horizontal
axis wind turbines (HAWT) are the preferred axis type in the global small wind
market given the ease in installation coupled with affordable pricing. However,
the Vertical Axis Wind Turbine (VAWT) is fast gaining consumers’ attention and
is expected to grow at a higher rate over the forecast period.
Europe
was the leading region due to changing perceptions towards adoption of
renewable energy. Large scale investments along with high consumer awareness is
predicted to drive the small wind market by 2025. The abundant availability of
onshore and offshore regions for wind turbine installation options is
augmenting the growth of the regional market over the forecast period.
Access
Research Report of Small Wind Market@ www.grandviewresearch.com/industry-analysis/small-wind-market
Further key findings
from the report suggest:
· The
small wind market is anticipated to witness growth at over 14.3% from 2017
to 2025 on account of increasing awareness about towards emission free
renewable energy. Vertical axis wind turbines will grow at the fastest rate in
terms of revenue, registering a CAGR of 18.7%, during the forecast period owing
to its innovative design and energy efficiency.
· Europe
small wind market is predicted to witness substantial growth and was valued at
USD 228.0 million in 2016 owing to rising demand control the region’s carbon
footprint.
· Key
participants of the small wind market include City Windmills, Envergate, Dibu
Wind, Kingspan Wind, Superwind, Kliux Energies, and Bergey Windpower among
others. These companies are focused on increasing their global presence using
product modernization and design innovation strategies.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/renewable-energy
Grand
View Research has segmented the global small wind market on the basis of
product and region:
Application Outlook (Volume, Megawatts,
2014 - 2025) (Revenue, USD Million, 2014 - 2025)
·
On
Grid
·
Off
Grid
Axis Type Outlook (Volume,
Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
·
Horizontal
Axis Wind Turbines
·
Vertical
Axis Wind Turbines
Regional Outlook (Volume, Megawatts, 2014 -
2025) (Revenue, USD Million, 2014 - 2025)
·
North
America
o U.S.
o Canada
·
Europe
o UK
o Germany
o Italy
·
Asia
Pacific
o China
o India
o Japan
o South Korea
·
South
& Central America
o Brazil
·
Middle East and Africa
Access Press Release of Small Wind Market@ www.grandviewresearch.com/press-release/global-small-wind-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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