Small Wind Market is anticipated to rise at 8.8% over 2022-2030, driven by the global energy crisis with depleting non-renewable resources
The small wind market is valued at USD 8.46 billion in 2022 and is projected to reach a value of USD 16.61 billion in 2030 expanding at a CAGR of 8.8% over the forecast period of 2022-2030.
Small wind market– Overview
A small wind system is defined as the power system that is connected to the electric grid through power provider as it can stand alone, that is, off-grid.
The small wind electric system is also defined as a good choice for rural areas, which are not already connected to the electric grid. The wind electric system is usually made up of a wind turbine that is mounted on a tower to provide better access to stronger winds.
Additionally, to the turbine and tower, small wind electric systems have required balance-of-system components and is one of the most cost-effective home-based renewable energy systems with zero emissions and pollution.
A small wind electric system will only work if the conditions are fulfilled that includes, there should be enough wind in the surrounding, and tall towers are allowed in neighbourhood or rural area, and that there should be enough space.
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Key market trends- Growth determinants and challenges
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth is the global energy crisis that is coupled with depleting non-renewable resources for electricity generation over the forecast period.
Also, the rising popularity of solar energy is taken as a threat to the wind energy because of its competitive pricing as well as easy availability of the components.
Additionally, the strict government rules and regulations towards the restriction of the growth of carbon footprints along with financial benefits that are offered to augment the adoption of renewable sources have also anticipated the market growth.
Segmental analysis of the Small Wind Power Market
Based on Application
• On-grid
• Off-grid
The on-grid segment has dominated the market growth over the forecast period because of the government initiatives towards the enhancement of grid connectivity in the small wind sector.
Based on Axis Type
• Horizontal Axis Wind Turbines
• Vertical Axis Wind Turbines
The horizontal axis wind turbines segment has dominated the market growth over the forecast period. This is because of the design that is being traditionally available over the past two centuries.
Europe is anticipated to amplify at a considerable CAGR
The small wind market is segmented into five main regions namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these, Europe has dominated the market over the forecast period. This is because of the large-scale funding that is received by the major countries cumulatively. Also, the numerous manufacturers have set up regional offices along with production facilities in the countries in order to capitalize on the current boom in the industry as well as leverage their positions to become market leaders.
Competitive Landscape
Some of the prominent companies operating in the market are Envergate Energy AG; Kingspan Group; Kliux Energies; superwind GmbH; Bergey Windpower Co.; EOCYCLE; Shanghai Zhiyuan Green Energy Co. Ltd.; Northern Power Systems; and XZERES Corp.
Major questions answered in this report
• what is the growth rate of the small wind market?
• What are the primary growth determinants of the market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?
Key takeaways from the report
• The small wind market is projected to expand at a CAGR of 8.8% over the forecast period.
• The global energy crisis that is coupled with depleting non-renewable resources for electricity generation is aiding market progression.
• The horizontal axis wind turbines segment is poised to expand significantly over the forecast period.
• Europe has dominated the regional market sphere over the forecast period.
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