The small wind turbines are expected to observe promising growth during the forecast period of 2021-2031 due to advancements in renewable technologies. In addition, small wind turbines are efficient and cost-effective. These factors will invite extensive growth for the small wind turbines market. The growing demand for environment-friendly and off-grid applications is anticipated to serve as a vital growth factor for the small wind turbines market.
Based on material, the small wind turbines market can be segmented into horizontal and vertical axis wind turbines. The small wind turbines can be segmented into on-grid and off-grid based on application. Among all the material forms, vertical axis wind turbines are the most prominently used in residential sectors. They decrease energy loss and are affordable. This factor will contribute significantly to the growth of small wind turbines.
The report on the small wind turbines by Transparency Market Research (TMR) has various aspects that make the stakeholder aware of the existing competitive scenario. Furthermore, the report includes the regional landscape, industrial insights, and the latest trend significantly helping the CXOs and stakeholders. The COVID-19 pandemic effect has also been included in the report.
The small wind turbines market is fragmented. Many domestic and international players are involved in intense competition for garnering considerable revenues. The players invest in research and development activities for devising new formulations and upgrades that help in boosting the revenues of the players. For instance, Diffuse Energy’s micro wind technology offers a renewable energy solution by reducing emissions for off-grid telecommunications. The advanced manufacturing of small wind turbines using injection molding carbon fiber is cost-effective. The additional solar panel used to connect the batteries is one of the most acceptable advances in the industry. These factors ultimately contribute to the growth of the small wind turbines market.
Mergers, acquisitions, joint ventures, and partnerships are essential for the overall growth of the small wind turbines market. The players indulge in these activities to increase their influence across the market, eventually accelerating the growth prospects. Some well-entrenched players in the small wind turbines market are Ryse Energy, Xzeres Wind Corp., Bergey Wind Power Company., Kliux Energies, and Fortis Wind Energy.
The onset of the COVID-19 pandemic has adversely impacted the small wind turbines market. The economic slowdown due to the lockdowns imposed in various countries coupled with disruption in the supply chain led to a short-term decline in growth. Nevertheless, the situation is improving due to the relaxations provided by the government bodies of numerous countries.
The rising disposable income and expanding urbanization have a positive impact on small wind turbines. Growing urbanization and industrialization has led to an increase in construction and industrial activities in many regions worldwide. As insulation is used in these sectors, the demand is estimated to increase at a rapid pace. Small wind turbines effectively reduce the electricity costs in remote locations and enable the residents to generate electricity on their own. The small wind turbines offer the same benefits as provided by the electricity services even on islands. These aspects may open new doors of opportunity for the small wind turbines market.
The Asia Pacific’s small wind turbines market is estimated to witness a dominating stance during the forecast period of 2021-2031. The growing consumer awareness and robust economic growth are expected to bring extensive growth opportunities for the small wind turbines in the Asia Pacific. Furthermore, rapid industrialization and urbanization in the Asia Pacific have a massive impact on the growth of the small wind turbines market, especially in the off-grid vertical. The active deployment of SWP (Small Wind Power) in developing economies may prove to be a game-changer for the small wind turbines market.