What Are The Key Drivers Of Global Small Wind Power Market?

Global Small Wind Power Market Overview:

Small Wind Power Market share is projected to be worth USD 14.5 Billion by 2030, registering a CAGR of 14.82% during the forecast period.

Small wind power or micro wind turbines are used in generating power in small amounts. They can be installed in multiple locations owing to its compact size. Emergence of distributed wind power as a viable solution for organizations unwilling to invest in large wind turbines can bode well for the market. The global small wind power market report on MRFR outlines various growth drivers, opportunities, and hurdles to be faced by leaders for the forecast period (2021-2027). The COVID-19 outbreak and its aftereffects on industry prospects make a major portion of the report.

FAQ’s:

  1. What is “Small Wind Power” Market?
  2. Who are the Top Market manufacturers?
  3. Which are the most Business Regions across the globe?
  4. How big is the “Small Wind Power” Market in upcoming Years?
  5. What are the Latest developments/industry updates in the “Small Wind Power” Market? 

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Report Attribute

Details

Forecast Period

2022 - 2030

Market Growth value

14.82 % CAGR

Revenue forecast in 2022-2030

USD 14.5 billion

Base year for estimation

2021

Historical data

2019 – 2020

Unit

USD Billion, CAGR (2022 – 2030)

Segmentation

By Application, By End-Use, and By Region

Market Scope

Renewable Energy Generation to Drive Market Growth

The inclination towards renewable energy generation as well as its utilization for distribution of electricity can lead to higher investments in small wind turbines. Huge demand for off-grid installations and rise of high-rise and skyscraper offices are viable for small wind manufacturers. Stringent regulations for curbing carbon footprints can bode well for the market in the coming years. This is facilitated by growing awareness levels in North America, Europe, and Asia-Pacific.

Self-sufficiency Among Enterprises to Spur Market Demand

Small wind power installations can provide backup in all climates and be setup in proximity of offices. Private home owners or commercial property developers will be interested in small wind turbines due to its ability to be self-sufficient amid rising electricity prices and hike in tariffs.

Solar Energy to be a Major Threat to Industry Growth

The popularity of solar energy and investments in solar parks could pose a major threat to the small wind power market. Dipping prices of photovoltaic panels and higher incentives given by governments can hamper market growth.

COVID-19 Impact

The COVID-19 outbreak has severely affected the small wind power market growth owing to lack of demand and economic downturn faced by various nations. Investments towards strengthening the healthcare infrastructure had led to financial packages being shifted away from small wind power. However, the control over infection rates globally and reopening of businesses due to ease in lockdown restrictions can bode well for the market.

Shrouded Turbines to be Highly Effective

Shrouded turbines are likely to maximize efficiency of wind blade rotations and negate blade tip losses. Recently, Halo Energy has developed static shrouds to be placed around turbine blades to increase the extraction capacity of turbines. These turbines can produce twice the amount of energy as compared to non-shrouded ones. It is likely to target telecom manufacturers installing towers in off-grid locations to reach remote areas.

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Segmentation Analysis

On-grid Connectivity Segment to Command Higher Market Share

The market is segmented by grid connectivity into on-grid and off-grid connectivity. The on-grid connectivity segment is set to command a huge market share as the systems are connected with utility systems and used for powering domestic appliances and small business units. On the other hand, the off-grid connectivity systems are independent equipment without any connection with distribution systems.

Horizontal Axis to Register Huge Growth

The small wind power market is segmented on the basis of axis into horizontal and vertical axis. On the horizontal axis, wind turbine blades remain parallel to the wind flow and generate energy with the highest efficiency. They can operate at higher wind speed due to receiving wind at great speeds.

Regional Analysis

Europe to Lead in Small Wind Power Market

Europe can be viable market for small wind power owing to sustainable goals of countries and commitment to lower carbon emission levels. Germany and the U.K. can lead in market share in the region owing to dedicated allocated of funds. Presence of key manufacturers in the region looking to capitalize on the renewable energy boom can augur favorably for the market.

APAC to Possess Huge Potential for Global Market

Asia-Pacific (APAC) is expected to create huge demand for small wind power owing to awareness of benefits of renewable energy sources and emergence of various small and medium enterprises.

Competitive Analysis

XZERES Wind Corporation (U.S.), Bergey Wind Power Co. Inc. (U.S.), Aeolos Wind Energy Ltd (U.K.), City Windmills Holdings PLC (U.K.), S.L. (Spain), Guangzhou HY Energy Technology Co., Ltd (China), Ennera Energy and Mobility, Eocycle Technologies Inc. (Canada), Northern Power Systems Corp. (U.S.), Endurance Wind Power Inc. (Canada), Kingspan Group Plc. (Ireland), and Shanghai Ghrepower Green Energy Co., Ltd (China) are prominent players of the global small wind power market. Partnerships, joint ventures, contracts, and expansions are strategies being pursued by players in order to compete with large wind turbine makers.

Industry Update

The Australian Renewable Energy Agency (ARENA) has dispensed funding to the tune of USD 341,990 to Diffuse Energy, a startup dealing in micro wind turbines. The startup will install the turbines on off-grid telecommunication towers to generate energy and reduce its reliance on diesel gensets.

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