Market overview
The Small Wind Power Market will account for USD 14.5 billion by 2030 with a CAGRof 14.82% during the forecast period. In 2020, the market registered USD 6.11 billion. The market will reach a great height of growth in the forecast period. A small wind system is a power system that is connected to the electric grid through a power provider. It is also called off-grid in rural areas where the electric grid there the small wind electric system is a perfect choice. It comprises a wind turbine mounted on a tower to provide better access to stronger winds. The electric system also requires balance-off system components. The small wind electric systems are zero-emission and have no pollution. It is one of the most Cost-effective renewable energy resources present in the world. It is a home-based energy system.
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The use of this system can lower the electricity bills. It is also helpful in uninterruptible power supplies riding through extended utility outages. It can be used for several applications, such as water pumping on ranches and farms. COVID 19 made the market face many troubles, and markets faced difficulty and went through financial losses. The market is marinating growth in the pandemic period. The growing concerns about using renewable resources to generate electricity will drive the market growth in the forecast period. The market is continuously increasing and will focus on the market’s growth. Technological installation in the small wind power industry will reduce the production and installation cost. The increasing concern for adopting renewable resources for a carbon-free environment will increase the wind power market. The growth was restricted by the COVID 19 pandemic. The consumption of energy decreased during the pandemic, hampering market growth in the forecast period. The rising environmental net concern will have a fortunate growth effect on the market.
Market segmentation
The Small Wind Power Market is segmented by grid connectivity and by AxisAxis. By the Grid Connectivity, the market is categorized into On-Grid and Off-Grid. Off-grid holds the largest CAGR and accounts for high market value, and will grow in the forecast period. The segment has high growth due to its independence as the system works independently and is not connected to the electricity distribution system. It is also called a stand-alone system. By Axis, the Small Wind Power Market is fragmented into Horizontal Axis and Vertical Axis. All the segments will have a positive impact on the market.
Regional analysis
Based on the regional analysis, the market is analyzed in North America, Europe, Asia Pacific, and the other part of the world. Europe dominated the market with over 40%. UK and Germany held the maximum CAGR for the Small Wind Power Market. Europe dominated as the region received large-scale funding received by the countries. Many manufacturers have set up regional offices with production facilities in these countries. Other regions also have a growing effect on the Small Wind Power Market.
Key Players
The major companies in the small wind power market are XZERES Wind Corporation (U.S.), Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Ennera Energy and Mobility, S.L. (Spain), Kingspan Group Plc. (Ireland), Eocycle Technologies Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd (ChinaGuangzhou HY Energy Technology Co., Ltd (China), ), Endurance Wind Power Inc. (Canada), Aeolos Wind Energy Ltd (U.K.), and City Windmills Holdings PLC (U.K.).
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Industry news
Recent years have seen companies like GE, Vestas and Siemens Gamesa Renewable Energy announced plans to develop huge wind turbines.
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