Small Wind Turbines Market Analysis
According to the recent study conducted by Market Research Future (MRFR), the Small Wind Turbines Market is poised to grow at CAGR of 13.88% during the forecast period (2017-2023) and surpass a valuation of USD 8,600 Mn. Small wind turbines are increasingly used for powering off-grid or remote applications such as home, refuges, farms etc. A tremendous emphasis is being placed on shifting to renewable energy sourced, which reflecting favourably in the global small wind power market.
Governments around the world are implementing policies that allows a smoother transition form fossil fuel to renewable energy. This is mainly owing to the growing concerns over CO2 emission and environmental depletion form extensive fossil fuel mining. The aforementioned factors are propelling the global small wind power market.
Small Wind Turbines Market: Segmental Analysis
An in-depth segmental analysis of the small wind power market based on grid connectivity and axis is available in MRFR’s report
On the basis of grid connectivity, the market has been segmented into off-grid and on-grid. In 2016, the off-grid segment commanded for the majority share of the market and surpassed a valuation of USD 2,200 Mn. The segment is expected to exhibit a CAGR of 14.06% during the assessment period. Whereas, the on-grid segment was valued at USD 1,260.5 Mn in 2016 and in anticipated to expected at 13.57% CAGR during the forecast period.
On the basis of axis, the market has been segmented into vertical axis and horizontal axis. In 2016, the horizontal axis segment commanded 65.07% market share and stood at a valuation of USD 2,267.9 Mn. During the forecast period, the segment is expected to exhibit a healthy CAGR of 13.03%. The vertical axis was valued at USD 1,217.5 Mn in 2016 and is expected to surge at a CAGR of 15.37% during the assessment period.
Global Small Wind Turbines Market: Regional Analysis
The regions that are covered in MRFR’s report include North America, Europe, Asia Pacific (APAC), Africa, the Middle East and Latin America.
Wind renewable energy industry has grown exponentially in Europe, which put the region in the pole position. In 2016, Europe commanded for 41.32% share of the market and was valued at USD 1,440.2 Mn. The Europe small wind power market is set to expand at 13.98% CAGR during the forecast period. This is growth is expected to be supported by EU’s increased efforts to shift towards sustainable energy resources. Introduction of favourable policies is driving the adoption of small wind power in several European countries. In 2016, North America and Latin America collectively accounted for the second largest market share. Demand for small wind power in countries such as the U.S, Canada, Mexico, Brazil among others has continued to grow in recent years. Asia Pacific is third in the pecking order. In 2016, the APAC small wind power market reached valuation of USD 525.9 Mn and this figure is expected to expand to more than USD 1,300 Mn by the year 2023, reflecting an impressive growth rate.
Competitive Landscape
Guangzhou HY Energy Technology Co., Ltd (China), Kingspan Group Plc. (Ireland), Bergey Wind Power Co. Inc. (U.S.), Eocycle Technologies Inc. (Canada), Endurance Wind Power Inc. (Canada), City Windmills Holdings PLC (U.K.), Northern Power Systems Corp. (U.S.), Shanghai Ghrepower Green Energy Co., Ltd (China), Aeolos Wind Energy Ltd (U.K.), XZERES Wind Corporation (U.S.), and Ennera Energy and Mobility, S.L. (Spain) are some of the companies mentioned in the report.
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