Small Wind Power Market Research Report- Forecast to 2023

Small Wind Power Market Research Report- Forecast to 2023

ID: MRFR/E&P/3149-CRR | February, 2018 | Region: Global | 99 pages | Cooked Research Reports

Global Small Wind Power Market by Grid Connectivity (On-Grid and Off-Grid), By Axis (Horizontal Axis and Vertical Axis) by Region (Americas, Europe, Asia Pacific and Middle East & Africa) - Global Forecast to 2023. 


Market Scenario


Small wind turbines are used to power remote or off-grid applications such as homes, farms, refuges or beacons. On the basis of region, Europe accounted for the largest market share of 41.32% in 2016, with a market value of USD 1,440.2 million and is projected to grow at CAGR of 13.98% during the forecast period. The small wind power boom is part of a wider move from fossil fuels to renewable energy, across the European Union. European governments and the EU, as a whole, have supported small wind projects with favorable incentives as part of their carbon emission reduction goals. The recorded small wind capacity, installed in Europe has reached over 272.6 MW by the end of 2015. The United Kingdom heads the market, with 15% of global installed capacity in 2015.


Americas was the second-largest market & valued at USD 1,260.3 million in 2016 mainly due to the high demand for on grid application of small wind power, especially in developed nations such as the U.S. According to Department of Energy report 2015 on Wind Energy, 80% of small wind turbines manufactured in the country are being exported to Europe. The U.S. is the largest market for small wind power in Americas. The technological and economic potential for renewable energy to provide a growing share of clean, secure energy for North America over the coming decades, is very large. Asia Pacific is also another major market foe the small wing power. There is an increasing demand for energy because of the growing population and rising electricity demand in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Currently, China has the largest number of small wind project projects under planning and construction phase, which is followed by Japan. The small wind project market in Asia Pacific was valued at USD 525.9 million in 2016, and it is projected to reach USD 1,338.1 million by 2023, at a CAGR of 14.38% percent.


Global Small Wind Power Market Segmentation:


 Small Wind Power Market Segmentation


For the purpose of study, global small wind power market is segmented by grid connectivity and by axis. Based on grid connectivity, the market has been divided into on-grid and off-grid. Off-Grid accounted for the largest market share of 63.84% in 2016, with a market value of USD 2,224.9 million and is projected to grow at the highest CAGR of 14.06% during the forecast period. An off-grid solution is a system that works independently and is not connected to the electricity distribution system. It also called stand-alone systems. On-Grid was the second-largest market in 2016, valued at USD 1,260.5 million in 2016; it is projected to grow at a CAGR of 13.57%. A grid-connected small wind turbine system, or grid-connected system is an electricity generating small wind turbine system that is linked to the utility grid. A grid-connected wind turbine can reduce your consumption of utility-supplied electricity for your domestic appliances or bigger loads for business empowerment.


Based on axis, the market has been divided into horizontal axis and vertical axis. Horizontal axis accounted for the largest market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is projected to grow at a CAGR of 13.03% during the forecast period. The horizontal axis wind turbine, with blades that spin about an axis parallel to wind flow. Horizontal axis wind turbines were, widely, used in farm, small village, home and small business. Vertical axis was the second-largest market in 2016, valued at USD 1,217.5 million in 2016; it is projected to grow at the highest CAGR of 15.37%. The vertical axis turbine, with its axis perpendicular to the wind.


The key players operating in the market adopted various strategies to retain and/or expand their market share. The key strategy followed by most companies within the global small wind power market was that of new product development, and expansion. New product development strategy has widely been adopted to increase the number of product offerings for the customer. For instance, Eocycle Technologies Inc. launched their next generation EO25 wind turbine. The new wind turbine provides a 65% increase in energy production over the similar model from the previous generation. No other small wind turbine in the market can match its efficiency. At 6 m/s, the turbine has a certified capacity factor of 44%, resulting in an annual production of more than 87,000 kWh.


Global small wind power market is expected to reach USD 8,601.9 Million by 2023 at a CAGR of 13.88%. 


Key Players


The key players of global small wind power market are Kingspan Group Plc. (Ireland), Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Ennera Energy and Mobility, S.L. (Spain), Eocycle Technologies Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd (China), Guangzhou HY Energy Technology Co., Ltd (China), XZERES Wind Corporation (U.S.), Endurance Wind Power Inc. (Canada), Aeolos Wind Energy Ltd (U.K.), and City Windmills Holdings PLC (U.K.).

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TABLE OF CONTENTS

2.1 Definition 16

2.2 Scope of the Study 16

2.3 List of Assumptions 16

2.4 Market Structure 17

2.5 Key Takeaways 17

2.6 Key Buying Criteria 18

3.1 Research Process 20

3.2 Primary Research 20

3.3 Secondary Research 20

3.4 Market Size Estimation 21

3.5 Forecast Model 21

4.1 Introduction 23

4.2 Drivers 24

4.2.1 Rising Investment into development of clean energy 24

4.2.2 Favourable Government Initiatives and Policies 25

4.2.3 Adoption of small winds in several commercial applications & rural households 26

4.3 Restraint 27

4.3.1 High Initial Cost 27

4.4 Opportunity 28

4.5 Challenge 28

4.5.1 Fluctuation in raw material prices 28

5.1 Porter’s Five Forces Analysis 30

5.1.1 Threat Of new entrants 30

5.1.2 Bargaining power of suppliers 30

5.1.3 Threat of substitutes 30

5.1.4 Bargaining power of buyers 31

5.1.5 Rivalry 31

5.2 Supply Chain Analysis 31

6.1 Overview 34

6.2 Favourable Government Incentives & Policies 35

6.3 Small Wind installed Capacity, 2014-2023 (MW) 37

6.4 Small Wind Power Installed Capacity, By Major Country, 2016 (KW) 37

6.5 Key Projects 38

7.1 Overview 40

7.1.1 On-Grid 40

7.1.2 Off-Grid 40

8.1 Overview 43

8.1.1 Horizontal Axis 43

8.1.2 Vertical Axis 43

9.1 Introduction 46

9.2 Americas 48

9.2.1 U.S. 52

9.2.2 Canada 54

9.2.3 Rest of Americas 55

9.3 Europe 57

9.3.1 U.K. 61

9.3.2 Germany 62

9.3.3 Italy 63

9.3.4 Ukraine 64

9.3.5 Spain 65

9.3.6 Rest of Europe 66

9.4 Asia Pacific 68

9.4.1 China 72

9.4.2 Japan 74

9.4.3 India 75

9.4.4 Rest of Asia Pacific 76

9.5 The Middle East & Africa 78

10.1 Competitive Landscape 83

11.1 Kingspan Group Plc. 85

11.1.1 Company Overview 85

11.1.2 Financials 85

11.1.3 Products 85

11.1.4 Strategy 85

11.1.5 Key Achievements 85

11.2 Northern Power Systems Corp. 86

11.2.1 Company Overview 86

11.2.2 Financials 86

11.2.3 Products 86

11.2.4 Strategy 86

11.2.5 Key Achievements 86

11.3 City windmills 87

11.3.1 Company Overview 87

11.3.2 Financials 87

11.3.3 Products 87

11.3.4 Strategy 87

11.3.5 Key Achievements 87

11.4 Bergey Wind Power Co. Inc. 88

11.4.1 Company Overview 88

11.4.2 Financials 88

11.4.3 Products 88

11.4.4 Strategy 88

11.4.5 Key Achievements 88

11.5 Ennera Energy 89

11.5.1 Company Overview 89

11.5.2 Financials 89

11.5.3 Products 89

11.5.4 Strategy 89

11.5.5 Key Achievements 89

11.6 Eocycle Technologies Inc. 90

11.6.1 Company Overview 90

11.6.2 Financials 90

11.6.3 Products 90

11.6.4 Strategy 90

11.6.5 Key Achievements 90

11.7 XZERES Wind Corporation 91

11.7.1 Company Overview 91

11.7.2 Financials 91

11.7.3 Products 91

11.7.4 Strategy 91

11.7.5 Key Achievements 91

11.8 Aeolos Wind Energy Ltd 92

11.8.1 Company Overview 92

11.8.2 Financials 92

11.8.3 Products 92

11.8.4 Strategy 92

11.8.5 Key Achievements 92

11.9 Ghrepower 93

11.9.1 Company Overview 93

11.9.2 Financials 93

11.9.3 Products 93

11.9.4 Strategy 93

11.9.5 Key Achievements 93

11.10 HY Energy 94

11.10.1 Company Overview 94

11.10.2 Financials 94

11.10.3 Products 94

11.10.4 Strategy 94

11.10.5 Key Achievements 94

11.11 Endurance Wind Power Inc 95

11.11.1 Company Overview 95

11.11.2 Financials 95

11.11.3 Products 95

11.11.4 Strategy 95

11.11.5 Key Achievements 95

12.1 Conclusion 97

13.1 References 99

TABLE 1 LIST OF ASSUMPTIONS 16

TABLE 2 FAVOURABLE GOVERNMENT INCENTIVES & POLICIES BY MAJOR COUNTRIES 35

TABLE 3 GLOBAL SMALL WIND INSTALLED CAPACITY, 2014-2023 (MW) 37

TABLE 4 SMALL WIND POWER INSTALLED CAPACITY, BY MAJOR COUNTRY, 2016 (KW) 37

TABLE 5 GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 41

TABLE 6 GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 44

TABLE 7 GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY REGION, 2014-2023 (USD MILLION) 47

TABLE 8 AMERICAS: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY COUNTRY, 2014-2023(USD MILLION) 50

TABLE 9 AMERICAS: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 51

TABLE 10 AMERICAS: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 52

TABLE 11 U.S.: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 53

TABLE 12 U.S.: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 53

TABLE 13 CANADA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 54

TABLE 14 CANADA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 55

TABLE 15 REST OF AMERICAS: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 55

TABLE 16 REST OF AMERICAS: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 56

TABLE 17 EUROPE: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY COUNTRY, 2014-2023 (USD MILLION) 59

TABLE 18 EUROPE: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 60

TABLE 19 EUROPE: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 60

TABLE 20 U.K.: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 61

TABLE 21 U.K.: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 61

TABLE 22 GERMANY: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 62

TABLE 23 GERMANY: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 63

TABLE 24 ITALY: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 63

TABLE 25 ITALY: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 64

TABLE 26 UKRAINE: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 65

TABLE 27 UKRAINE: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 65

TABLE 28 SPAIN: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 66

TABLE 29 SPAIN: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 66

TABLE 30 REST OF EUROPE:: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 67

TABLE 31 REST OF EUROPE:: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 67

TABLE 32 ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY COUNTRY, 2014-2023 (USD MILLION) 70

TABLE 33 ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 71

TABLE 34 ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 72

TABLE 35 CHINA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 73

TABLE 36 CHINA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 73

TABLE 37 JAPAN: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 74

TABLE 38 JAPAN: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 74

TABLE 39 INDIA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 75

TABLE 40 INDIA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 76

TABLE 41 REST OF ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 76

TABLE 42 REST OF ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 77

TABLE 43 MIDDLE EAST & AFRICA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 80

TABLE 44 MIDDLE EAST & AFRICA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 80



FIGURE 1 GLOBAL SMALL WIND POWER MARKET: MARKET STRUCTURE 17

FIGURE 2 KEY TAKEAWAYS OF THE SMALL WIND POWER MARKET 17

FIGURE 3 KEY BUYING CRITERIA OF SMALL WIND POWER 18

FIGURE 4 RESEARCH PROCESS OF MRFR 20

FIGURE 5 TOP DOWN & BOTTOM UP APPROACH 21

FIGURE 6 DROC ANALYSIS: GLOBAL SMALL WIND POWER MARKET 23

FIGURE 7 PORTER’S FIVE FORCES ANALYSIS: SMALL WIND POWER MARKET 30

FIGURE 8 SUPPLY CHAIN ANALYSIS: SMALL WIND POWER MARKET 31

FIGURE 9 GLOBAL SMALL WIND INSTALLED CAPACITY, 2014-2023 (MW) 37

FIGURE 10 GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 40

FIGURE 11 GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY GRID CONNECTIVITY, 2014-2023 (USD MILLION) 41

FIGURE 12 GLOBAL SMALL WIND POWER MARKET SHARE, BY AXIS, 2016 (%) 43

FIGURE 13 GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY AXIS, 2014-2023 (USD MILLION) 44

FIGURE 14 GLOBAL SMALL WIND POWER MARKET SHARE, BY REGION, 2016 (%) 46

FIGURE 15 GLOBAL SMALL WIND POWER MARKET, BY REGION, 2017-2023 46

FIGURE 16 AMERICAS SMALL WIND POWER MARKET PESTLE ANALYSIS 49

FIGURE 17 AMERICAS: GLOBAL SMALL WIND POWER MARKET SHARE, BY COUNTRY, 2016 (%) 50

FIGURE 18 AMERICAS: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 51

FIGURE 19 U.S.: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 52

FIGURE 20 CANADA: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 54

FIGURE 21 REST OF AMERICAS: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 55

FIGURE 22 EUROPE SMALL WIND POWER MARKET PESTL ANALYSIS, BY COUNTRY 58

FIGURE 23 EUROPE: GLOBAL SMALL WIND POWER MARKET SHARE, BY COUNTRY, 2016 (%) 59

FIGURE 24 EUROPE: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 60

FIGURE 25 U.K.: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 61

FIGURE 26 GERMANY: GLOBAL SMALL WIND POWER MARKET SHRAE, BY GRID CONNECTIVITY, 2016 (%) 62

FIGURE 27 ITALY: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 63

FIGURE 28 UKRAINE: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 64

FIGURE 29 SPAIN: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 65

FIGURE 30 REST OF EUROPE: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 66

FIGURE 31 ASIA PACIFIC SMALL WIND POWER MARKET PESTL ANALYSIS, BY COUNTRY 69

FIGURE 32 ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET SHARE, BY COUNTRY, 2016 (%) 70

FIGURE 33 ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 71

FIGURE 34 CHINA: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 72

FIGURE 35 JAPAN: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 74

FIGURE 36 INDIA: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 75

FIGURE 37 REST OF ASIA PACIFIC: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 76

FIGURE 38 MIDDLE EAST & AFRICA SMALL WIND POWER MARKET PESTL ANALYSIS, BY REGION 79

FIGURE 39 MIDDLE EAST & AFRICA: GLOBAL SMALL WIND POWER MARKET VALUE ANALYSIS, BY COUNTRY, 2014-2023 (USD MILLION) 80

FIGURE 40 MIDDLE EAST & AFRICA: GLOBAL SMALL WIND POWER MARKET SHARE, BY GRID CONNECTIVITY, 2016 (%) 80

FIGURE 41 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS IN GLOBAL SMALL WIND POWER MARKET, 2014-2016, (% SHARE) 83