According to Custom Market Insights (CMI), the small wind power market size was estimated at USD 6.11 Billion in 2021 and expected to reach USD 18.42 Billion by 2030, with an estimated growth of 15% CAGR from 2022 to 2030.
Small wind power is manufactured from a distinctive set of tools built within the wind energy industry. The small wind powers are used to produce energy for small-scale use like small industries, households, individual or small customers, road signalization, advertisement systems, farms, and weather stations.
It also provides an alternative solution for various distant electrical uses as separate applications and in a mixture with other energy conversion technologies. Small wind electric systems represent one of the most cost-effective home-based renewable energy systems with zero emissions, lower the electricity bills by 50%–90%, and aid in avoiding the high costs of having utility power lines extended to a remote location.
It also assists in uninterruptible power supply rides with the help of extended utility outages. Also, small wind electric systems are commonly used for several other applications and in water pumping on farms and ranches. The market revenue has significantly grown due to depleting resources and energy shortcomings. After the emergence of covid19, the small wind power market has shown significant growth in its revenue. The global report for small wind power provides regional insights, opportunities, limitations, and market revenue statistics.
Browse the full “Small Wind Power Market Size, Trends and Insights By Type (Vertical Axis Wind Turbine, Horizontal Axis Wind Turbine), By Installation Type (On Grid, Off Grid), By Application (Residential, Commercial, Utility), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/small-wind-power-market/
The global market value for small wind power has shown significant growth in recent years. With the emergence of industrialization and increasing demand for renewable source production, small wind power has provided a huge impact on the market at the global level. The global energy crisis and the depletion of non-renewable resources drive market growth.
The small wind power market growth is also supplemented by the rapid usage of fossil fuels that are used as a medium to generate electricity but have a role in environmental pollution. Government incentives and initiatives to generate power through wind turbines across remote places also serve as market drivers. In addition, government agencies provide funds to multiple organizations for turbine set-up through such initiatives. The wind turbines have been installed in remote villages.
As energy and resource depletion is a major issue worldwide, various government initiatives across India, China, Thailand, and Malaysia are also installing wind turbines for generating electrical energy using small wind power turbines. The growth rate is also expected to rise during the forecast period.
However, advancements in technological aspects and alternative sources can be major restraining factors for the small wind power market. The requirement of huge capital expenditure, huge installment costs, and land requirements, along with environmental and social concerns, can be a hindrance to the small wind power market growth.
Due to their significant growth in market value, multiple strategic partnerships have been signed on a global scale. For instance, GE Renewable Energy and Toshiba are now global partners in the offshore wind project. Several key players have also announced the implementation of strategic designs to meet customer standards. New projects have been launched to foster the growth of the small wind power market. In January 2021, the Metric Limited of Seneca took the initiative to build an intergraded inverter.
The merging and acquisition were to ensure better performance on an industrial level. The WEG took over the Northern Power Systems to enhance their production and industrial growth. These factors together are boosting the market growth, thus, creating lucrative opportunities for the market.
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The market is divided into North America, Europe, Asia Pacific, and LAMEA. The Europe region is expected to be in a dominant position in the small wind power market in 2021. The global domination is attributed to Germany and the UK, which contributed to the large market share, and provided funds. The regional office set-up took place globally, boosted production, and leveraged its position in the current market.
The Asia-Pacific region is projected to witness a high CAGR during the forecast period. India and China are expected regions for maximum installation of regional offices and small wind power set-up.
Various key players have been identified from the secondary research. Multiple small companies play a significant role as operators in the small wind power market which leads to their growth at the global level.
- Southwest Wind power
- Northern Power Systems (U.S)
- High Energy Technology
- ZK Energy
- GE Wind
- BegeyWindPower Inc. (U.S.)
- Shanghai Grehpower Green Energy Co. Ltd. (China)
- Kingspan Group (Ireland)
- Endurance Wind Power Inc. (Canada)
- City Windmills Holdings PLC (U.K.)
- Ennera Energy and Mobility
- Guangzhou HY Energy Technology Co. Ltd (China)
- Matric Limited
- Dong Energy
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