The global environmental concerns for reducing the carbon emissions has provided an opportunity for development of sources of renewable energy. The policy interventions such as Nationally Determined Contributions (NDCs) by countries and Sustainable Development Goals (SDGs) are presently creating a demand for renewable energy, globally.
The rate of expansion of renewable capacity installations varies substantially across the regions, and developing nations and developed regions contribute significantly toward renewable capacity installations. At the national, state, and local levels, government policy plays an important role in the renewable energy developments; however, the uncertainty in the policies in the different geographies has created challenges for the renewable capacity additions. One such type of renewable energy generation is from small wind turbine, which requires less maintenance and easy to install as per the end-use convenience. The demand of the small wind turbine in future depends on the technology and its cost, enactment of supportive policies and economic incentives, prices of the fossil fuels, investor interest, consumer awareness, quality assurance from developers or manufacturers, permitting processes and regulations, and wind evaluation tools.
The small wind turbine market is largely driven by the advancement of technology and innovations in the global and regional market. The total price of the small wind turbine varies based on many factors such as cost of installation, space availability, and others. Based on technology, the small wind turbine market is classified into HAWT (Horizontal Axis Wind Turbine) and VAWT (Vertical Axis Wind Turbine). The HAWT technology is quite old and available conveniently. The HAWT technology segment hold a significantly larger share of the market than the VAWT technology segment. Moreover, the VWAT technology segment is estimated to expand at a significant growth rate during the forecast period.
Based on type, the small wind turbine market can be segregated into on-grid or off grid mode. Demand for on-grid mode the demand for small wind turbines is varies by government policies and economic and financial benefits offered by the regulators or the grid regulating companies. The off grid mode small wind turbine is utilized as the backup power, now day’s new and advanced technologies are being introduced to the small wind turbine business with an aim to modernize the installed equipment. Off-grid mode and small wind turbines are also helpful to the rural and residential electrification, backup power for telecommunication stations, off-shore generation, and hybrid systems with diesel and solar.
Based on power rating, the small wind turbine market can be categorized into up to 50 kW and 51-100 kW capacity range. Increasing demand for clean and affordable energy all over the globe would propel the demand for small wind turbine of 51-100 kW capacity range. The industrialized countries further have a motivated renewable capacity addition targets and policies to increase overall generation in the forecast period. Some of the other advantages include connection flexibility they have ability to deliver reliable power. These factors are expected to boost the demand for 51-100 kW capacity range small wind turbines during the forecast period.
Based on application, the small wind turbine market can be segregated into industrial, commercial and residential. Commercial and residential segments are expected to remain highly attractive during the forecast period. Several residential areas such as apartments, individual house, farmhouses utilize small wind turbines.
In terms of region, the small wind turbines market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is projected to lead the market during the forecast period, followed by Europe. This dominance in the market by Asia Pacific is primarily due to the large capacity installations in China. The small wind turbine market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the increase in demand for small wind turbines in residential and commercial applications.
Key companies operating in the global small wind turbine market include ergycon, Kingspan Environmental, Braun wind turbinen, Xzeres Corp., Shangai Ghrepower Green Energy Co. Ltd., EOCYCLE, and Guangzhou HY Energy Technology Limited Corp.
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The following regional segments are covered comprehensively:
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- Asia Pacific
- Latin America
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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