04 Jun 2019 San Francisco; The global small wind market is expected to reach USD 1.79 billion by 2025, according to a new report by Grand View Research, Inc. Increasing awareness about renewable energy along with government regulations to control growing carbon footprint is further propelling the market growth.
Increasing global population coupled with rising energy deficit are some of the factors anticipated to positively influence the small wind market. In addition, the gradual reduction in per kilowatt prices along with affordable installation prices of wind turbines for electricity demand will favor the business growth.
Stringent government regulations are encouraging grid connectivity to reduce the burden on use of non-renewable sources for electricity generation. Numerous financial and economic benefits including Feed-in-Tariffs (FiT), Production Tax Credit (PTC), Investment Tax Credit (ITC) among others are expected to augment the small wind market growth over the forecast period.
The off-grid application segment of the small wind market is expected to account for 59.58% of the global market share in 2025. The demand for off-grid wind turbines can be attributed to the long standing conventional methods of harnessing this energy for electrification, however, this segment is set to witness a decline due to the government initiatives launched to boost grid connectivity. Such regulatory initiatives will boost the on-grid segment of the small wind market over the forecast period.
Horizontal axis wind turbines (HAWT) are the preferred axis type in the global small wind market given the ease in installation coupled with affordable pricing. However, the Vertical Axis Wind Turbine (VAWT) is fast gaining consumers’ attention and is expected to grow at a higher rate over the forecast period.
Europe was the leading region due to changing perceptions towards adoption of renewable energy. Large scale investments along with high consumer awareness is predicted to drive the small wind market by 2025. The abundant availability of onshore and offshore regions for wind turbine installation options is augmenting the growth of the regional market over the forecast period.
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www.grandviewresearch.com/industry-analysis/small-wind-market
Further key findings from the report suggest:
Grand View Research has segmented the global small wind market on the basis of product and region:
Application Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
Axis Type Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)