The small wind power market worldwide is reaching unprecedented heights and driving the global economy towards maximum growth. By 2023, the market value is estimated to attain USD 8,601.9 million, and the cumulative annual growth rate (CAGR) prediction is 13.88 percent for the forecast period.
The small wind turbines are upwind machines that convert wind energy into electrical energy with the help of blades, rotors, and generators. The small wind power market provides facilities to generate electricity at the micro-level and is widely used in homes, beacons, and farms. The extensive range of global environmental issues has increased the need for changes in the overutilization of non-renewable resources. For many years, fossil fuels are used for generating electricity, and now the world is in a state where non-renewable resources are depleting to a greater extent. The only way to resolve the global concern is the utilization of renewable resources for electricity production. The developments in the small wind power market allow having remote electricity generation for lesser consumption.
Europe has major control over the global small wind power market share, around 41.32 percent in 2016 with a market valuation of USD 1440.2 million. The growth rate is expected to reach around 13.98 percent in the forecast period. The small wind power market is an effective way to shift from the fossil fuel-based electricity industry towards the renewable resources-based electricity industry. The small wind capacity noted in 2015 was about 272.6 MW. The wind capacities help the small wind power market trends in Europe to excel globally. The European Union and the European government have taken several initiatives and projects with the small wind power industry. The small wind power projects are provided with certain incentives to support the wind power systems that will help to meet the carbon reduction target in the future.
In the global small wind power market, America has a greater demand for on-grid small wind power applications, which makes its small wind power market value around USD 1260.3 million in the year 2016. A Department of Energy report in 2015 explains that almost 80 percent of the small wind power systems manufactured in America are exported to Europe. However, the economic and technological potential of the area can help in accessing cleaner, secure energy in the upcoming years. The growing population in the Asia Pacific region increased the electric consumption in the region, and the advent of a small wind power market can meet energy requirements in the next many years.
The report highlights the market potential of the small wind power industry by the end of 2023. It explains the impact of the COVID19 pandemic on the small wind power market growth and describes market dynamics that assist its growth. It provides insights on the small wind power market segmentation and covers analysis on certain regions in which the market will forecast years.
The small wind power market growth is adversely affected by the COVID19 pandemic. Several sectors all around the world faced difficulty in performing working practices which led to severe financial losses. The global economy took a downturn during the pandemic and will take several years to stand again. The lockdown measures restricted the operational work of industries and created a breakage in the supply chain. During the COVID19 pandemic outbreak, many countries' energy consumption rates decreased. The entire small wind power market growth depends on the amount of energy consumed all over the world.
The small wind power industry relies on the demand for energy, and the energy requirement is not going to end sooner. The small wind power market maintained a steady growth even in severe circumstances. The increased adoption of renewable resources energy will drive market growth in the near future.
The rising concern of utilizing renewable resources for electric generation will act as a major driving force for the small wind power market. The demand for more and more off-grid applications has increased the growth of the small wind power market to a greater extent. Off-grid systems are independent equipment that is not connected to any distribution systems of electricity. These systems are helpful for installation in private spaces and utilization of energy more efficiently. The small wind power industry provides the facility of on-grid systems which are connected to a utility grid that is useful in providing electricity for domestic appliances and business purposes.
The small wind power market trends are continuously changing and developing, which drives the market with full momentum. The recent developments in the small wind power industry have resulted in reduced costs and increased energy efficiency. All these features are capable of raising the small wind power market growth in the forecast period.
The small wind power market outlook represents that the market is numerous opportunities of small wind power systems will raise the market growth possibilities. It will help to reach the expected market value within the forecast period. The technological advancements in the small wind power industry will reduce the installation and production cost, which will increase the demand for implementing small wind power systems. The small wind power market provides more energy-efficient methods, which a major factor for market growth. The global concern rising for the adoption of renewable resources for a carbon-free world has increased the small wind power market value many times.
The outbreak of the COVID19 pandemic impacted the growth of the small wind power market value and worked as a prime restraint for the market. The lockdown measures restricted the production process and delayed several small wind power industry projects. During the pandemic, the global consumption of energy decreased, which hampered the small wind power market growth eventually. However, the rising concern for environmental issues results in the adoption of renewable resources for energy utilization which helps the market to reach its optimum level.
The adoption and implementation of alternative renewable resources for energy consumption can be a bigger constrain in the small wind power market growth. The easy availability of other options like rooftop solar systems, bio-energy facilities, and many others can hinder the growing capacity of the small wind power market size. The new development and expansion methods will help to reduce the challenges of the market.
The small wind power market revenue is increasing exponentially over the past few years and is expected to rise to unprecedented heights. The off-grid connectivity market share in 2016 was around 63.84 percent which was way more than the on-grid connectivity market share. The small wind power market analysis suggests that the market possesses extreme potential in both off-grid and on-grid connectivity systems. By the end of 2023, the small wind power market value will achieve greater revenue than the many previous years.
The small wind power market fragmented on the basis of grid and axis. The market segmentation on the basis of grid connectivity includes on-grid and off-grid connectivity. The on-grid connectivity systems are connected with utility systems and are majorly used for domestic appliances and business purposes. The off-grid connectivity systems are independent equipment without any connection with distribution systems. Small wind power market segments on the basis of axis comprise of the horizontal and vertical axis. On the horizontal axis, wind turbine blades remain parallel to the wind flow, whereas, on the vertical axis, the blades remain perpendicular to wind flow. The horizontal axis and off-grid systems have the largest market share as compared to other systems.
The small wind power market analysis is carried out in certain geographical regions, which includes Europe, North America, and Asia Pacific regions. Europe has the largest small wind power market share, around 41.32 percent in 2016, and is expected to expand its market size within the forecast period. The European Union and Government initiatives to support carbon reduction methods increased the small wind power market size in Europe. The North American small wind power market share is the second-largest market with a valuation of USD 1260.3 million in the year 2016. The technological and economic potential will help to increase the growth of the small wind power market size in North America. The Asia Pacific region has the most population, which requires immense energy. So, the region has a brighter future in the global small wind power market.
Competitive Landscape of the small wind power market
The major players in the global small wind power market are:
Frequently Asked Questions (FAQ) :
A CAGR of 13.88% is predicted to shape the market in the approaching period.
The income generation level of USD 8,601.9 Million is expected from the market by 2023
The European region is expected to utilize a CAGR of 13.98% in the forthcoming period.
The segments of grid connectivity, axis, and region are projected to create a favorable comprehension of the market.
The need for a reliable level of energy generation is forecasted to be gained by the market in the approaching period.
The on-grid and off-grid segments are created on the basis of types.
The UK is expected to contribute in a major way to market expansion in the forecast period.