|Small Wind Power Market by Type (Horizontal Axis Wind Turbine and Vertical Axis Wind Turbine), Installation Type (On-Grid and Off-Grid), and Application (Domestic, Small-Scale Industries and Commercial) – Global Opportunity Analysis and Industry Forecast, 2014 – 2022|
|Small wind turbines comprises a wide range of wind turbines ranging from micro turbines, to residential turbines and mini turbines. The wind turbines used in these end use applications have power ratings ranging from a few watts to thousand watts. Small wind turbines include wind turbines up to 15 meters in diameter. Such wind turbines may have power ratings ranging from 50kW to 100 kW. A small wind power system can be easily connected to the electric grid by using a power provider as well as standalone, also known as off grid. This makes small wind electric systems a feasible option, especially in rural areas, which are not connected to electric grids. Although vertical axis wind turbines have witnessed rapid growth in the global small wind power market, most of the small wind turbines are conventional horizontal axis wind turbines. The global small wind power market is projected to reach $8,874 million by 2022 from $3,805 million in 2015, growing at a CAGR of 13.2% from 2016 to 2022
The global small wind power market has witnessed tremendous opportunities across the globe, owing to increase in awareness among consumers about the use of renewable energy sources. Moreover, increase in demand for renewable sources for energy generation coupled with rapid industrialization boosts the growth of the global small wind power market. In addition, the global market witnessed significant growth in the recent years, owing to the rise in demand for energy and increase in concerns about the environmental impacts of power generation using fossil fuels. Furthermore, increase in investments by government agencies to improve electricity generation by integrating renewable sources of energy, such as wind energy, has supplemented the market growth. Furthermore, this increasingly popular and simple technology has enabled individuals to generate their own power, reduce overall energy expenditures, and protect the environment. However, rapid fluctuations in the prices of raw materials coupled with high cost of carbon fiber, a raw material required for manufacturing wind mill blades and turbines, are anticipated to hamper the market growth.
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The global small wind power market is analyzed on the basis of type, application, and geography. Based on type, the market is segmented into horizontal and vertical axis wind turbine. The application areas of the market are broadly classified into on grid and off grid. The market is analyzed based on four regions, which include North America, Latin America, Europe, Asia-Pacific, and LAMEA.
The major players in the global small wind power market have adopted various strategies such as mergers & acquisitions with the local and established players. They have focused on developing new products such as lightweight wind mill blades as well as small-sized wind turbines. The key players profiled in the report include:
Northern Power Systems Inc.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current market trends and opportunities in the global small wind power market.
KEY MARKET SEGMENTS
Horizontal Axis Wind Turbine
Other players in the value chain (profiles not included in the report) include:
Trueskill Energen Pvt. Ltd.
*The above list of companies is not profiled in the report, and can be added based on client interest.
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Kritarth Arun (Marketing & Sales)