Small Wind Power Market Research, 2030
The global small wind power market was valued at $7.4 billion in 2020, and is projected to reach $17.1 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
A small wind system is the power system which is connected to the electric grid through power provider or it can stand alone (off-grid). The small wind electric system is a good choice for rural areas that are not already connected to the electric grid. A wind electric system is made up of a wind turbine mounted on a tower to provide better access to stronger winds. In addition to the turbine and tower, small wind electric systems also require balance-of-system components.
Small wind electric system is one of the most cost-effective home-based renewable energy systems with zero emissions and pollution. In addition, according to U.S. department of energy, small wind electric systems can lower the electricity bills by 50%–90% and help to avoid the high costs of having utility power lines extended to a remote location. Moreover, it also helps uninterruptible power supplies ride through extended utility outages. Furthermore, Small wind electric systems can also be used for a variety of other applications, including water pumping on farms and ranches.
A small wind electric system only works if the following condition are fulfilled:
- There should be enough wind in the surrounding
- Tall towers are allowed in neighborhood or rural area
- There should be enough space
The main characteristics of small wind power system are as follows:
- Small wind power can determine how much electricity is needed or want to produce
- It works economically
The government initiatives, such as incentives and energy-saving certificates by the governments in India, China, Malaysia, and Thailand, are also expected to encourage commercial units to adapt to power generation from small wind turbines during the forecast period. Moreover, With the rising pollution concerns across the world due to industrialization, especially in Asia-Pacific, the regional wind power generation has gained considerable momentum. The region has become one of the largest producers of wind energy, including small wind energy.
The Global small wind power industry is segmented on the basis of type, installation type, application and region. Depending on type, the market is categorized into Horizontal Axis Wind Turbine and Vertical Axis Wind Turbine. On the basis of installation type, it is segregated into On-Grid and Off-Grid. On the basis of Application, it is classified into residential, commercial, and Utility. Region wises it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The global small wind power market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Aeolos Wind Energy Ltd, Bergey Wind Power Co., City Windmills, Eocycle Technologies Inc., Northern Power Systems, Ryse Energy, SD Wind Energy Limited, Shanghai Ghrepower Green Energy Co. Ltd., UNITRON Energy Systems Pvt. Ltd. and Wind Energy Solutions.
By type, the Vertical Axis Wind Turbines segment dominated the Global small wind power market share in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its high efficiency feature.
By installation type, the on-grid segment dominated the Global small wind power market size in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rising environmental concerns and demand from off-grid applications are expected to drive the market
By Application, the commercial segment dominated the Global small wind power market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in industrialization and rapid expansion of infrastructure across the globe.
By region, Asia-pacific dominated the Global small wind power market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to various government initiatives, such as incentives and energy-saving certificates by the governments in India, China, Malaysia, and Thailand, are also expected to encourage commercial units to adapt to power generation from small wind turbines during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the small wind power market growth from 2020 to 2030 to identify the prevailing small wind power market opportunities.
- The Small Wind Power Market Forecast is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the small wind power market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global small wind power market trends, key players, market segments, application areas, and market growth strategies.
IMPACT OF COVID-19 ON THE GLOBAL SMALL WIND POWER MARKET
- Wind power projects can be roughly divided into three phases: planning, construction, and operations/maintenance. Sites suitable for wind farms are generally in sparsely populated areas and rare in cities with large populations. Project developers therefore need to make frequent visits to the project site from the initial planning and development phase in order to explain the project in advance to the local government, landowners and other stakeholders, gain their assent, and move forward with various procedures, including environmental assessments, grid access and FiT program certification. However, when developers are unable to visit project sites due to restrictions on movement (travel) as is the case now, many procedures are delayed which led to highly negative impact on wind turbine market. However, it also turned negative impact to small wind power market.
- The manufacturing of Wind turbine was stopped for a specific period due to high peak of COVID-19 situation, which highly impacted the sales of Wind turbine.
- Wind power project is directly proportional to the demand for wind turbine used in projects. Wind turbine market have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in Wind turbine. However, it also led to decrease in the small wind power market.
- COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to fewer workforces. However, there is a sluggish decline in the global small wind power market due to impact of COVID-19.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using Wind turbine and thereby affecting the global small wind power market.
- According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various industries and vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw types used in Wind turbine. This is expected to decline the growth of the market during the forecast period.
Small Wind Power Market Report Highlights
| Aspects | Details |
 By Type |
|
 By Installation Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | Bergey Wind Power Co, Northern Power Systems, UNITRON Energy Systems Pvt. Ltd, Ryse Energy, City Windmills, Shanghai Ghrepower Green Energy Co. Ltd, Eocycle Technologies Inc., Aeolos Wind Energy, Wind Energy Solutions, SD Wind Energy Limited |
Analyst Review
The global small wind power market has registered a dynamic growth over the past few years owing to drastic growth in urbanization and rise in sustainable& renewable energy demand. In addition, huge investment plans with respect to renewable source of energy to achieve a sustainable energy future led to boost in the demand for small wind power mills across the globe. Moreover, the Department of Energy Wind Energy Technologies U.S. invested in energy science R&D activities that enable the innovations needed to advance U.S. wind systems, reduce the cost of electricity, and accelerate the deployment of wind power. Furthermore, small wind turbines offer the benefits of modern electricity services to households that had no access to electricity, reduce electricity costs on islands and in other remote locations that are dependent on oil-fired generation and enable residents & small businesses to generate their own electricity.
North America will provide more business opportunities for global small wind power in future.
Aeolos Wind Energy Ltd, Bergey Wind Power Co., City Windmills, Eocycle Technologies Inc, Northern Power Systems, Ryse Energy, Sd Wind Energy Limited, Shanghai Ghrepower Green Energy Co. Ltd, Unitron Energy Systems Pvt. Ltd And Wind Energy Solutions are the leading market players active in the small wind power market.
Technological evolution of small wind power, increasing dependency on electricity and rapid expansion of favourable government policies with respect to pollution tend to increase the growth global small wind power market in the next few years.
Rise in urbanization, increase adoption of renewable energy sources are expected to drive the adoption of small wind power.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global small wind power market from 2020 to 2030 to determine the prevailing opportunities.
On-Grid segment holds the maximum share of the global small wind power market.
Residential & commercial users are the major customers of global small wind power market.
Rapid expansion of electricity infrastructure in remote areas, increase in adoption of renewable source of energy are the major driving factor for the market. In addition, Increase in governmental tariffs coupled with clean energy and rising urbanization may create lucrative opportunities for the market.
Agreement, business expansion and product launch are the key growth strategy of global small wind power market players.
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