Small Wind Power Market Synopsis:
The efforts directed towards the assurance of energy security by the governments has led to a boom in the renewable industry. This, in turn, is anticipated to increase the adoption rate of small wind power for energy generation. This MARKET Research Future (MRFR)’s observation suggests that the global small wind power market is expected to register 13.88% CAGR across the forecast period and reach a valuation of USD 8,601.9 Mn.
The global small wind power market is likely to bank upon its negligible carbon emissions. Environmental concerns are poised to drive the growth of the market in the forthcoming years. The depleting sources of energy, coupled with the rising need for power & energy, are anticipated to motivate the proliferation of the small wind power market over the next couple of years.
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Global Small Wind Power Industry Segmentation:
On the basis of grid connectivity, the small wind power market is divided into on-grid and off-grid. The off-grid segment held the maximum market share in 2016, accounting for 63.84% share. It was valued at USD 2,224.9 Mn and is anticipated to reach a decent valuation by the end of the assessment period. The off-grid segment is expected to register 14.06% cross the assessment segment. On the other hand, the on-grid segment is poised to mark 13.57% CAGR during the evaluation segment.
Based on the axis, the small wind power market has been bifurcated into horizontal axis and vertical axis. Among these, the horizontal axis segment was valued at USD 2,267.9 Mn in 2016 capturing a market share of 65.07%. The segment is anticipated to maintain a strong holding of the market place over the next couple of years, expanding at a CAGR of 13.03%. The vertical axis segment, on the other hand, was valued at USD 1,217.5 Mn and is poised to mark 15.37% CAGR during the review period.
Regional Analysis:
The global small wind power market, on the basis of region, has been segmented into Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
These regions have been further analyzed on the basis of countries. Europe accounted for the largest share of the market, 41.32% share, and is likely to maintain it over the next couple of years. It is estimated to expand at 13.98% CAGR during the forecast period. The region has been investing in the generation of renewable energy. It is projected to lead the small wind power market in the region in the foreseeable future. Asia Pacific is anticipated to mark 14.38% CAGR across the forecast period. China is likely to lead the global market in terms of market share among all other countries. It is expected to contribute to the expansion of the small wind power market in the upcoming years.
Competitive Dashboard:
Kingspan Group Plc. (Ireland), Bergey Wind Power Co. Inc. (U.S.), Northern Power Systems Corp. (U.S.), Ennera Energy and Mobility, S.L. (Spain), Shanghai Ghrepower Green Energy Co., Ltd (China), Eocycle Technologies Inc. (Canada), Aeolos Wind Energy Ltd (U.K.), Guangzhou HY Energy Technology Co., Ltd (China), Endurance Wind Power Inc. (Canada), XZERES Wind Corporation (U.S.), and City Windmills Holdings PLC (U.K.) are few of the major players of the global small wind power market. These players are anticipated to invest in advanced technologies and regional expansion to capture market shares. This report suggests that the global small wind power market is poised to witness intense competition in the years to come.
Industry News:
In October 2019, the Australian Capital Territory (ACT) has been announced to be the first-ever Australian state to attain 100% net renewable electricity.
In October 2019, around twenty of the universities in the United Kingdom has struck a deal worth £50 Mn for the purchase of renewable energy from the British wind farms.
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