Small Wind Power Market Overview:
Global Small Wind Power Market size was valued at $3,805 million in 2015 and is expected to reach $8,874 million by 2022, registering a CAGR of 13.2% during the forecast period. Small wind turbines comprises a wide range of wind turbines ranging from micro turbines, to residential turbines and mini turbines. The wind turbines used in these end use applications have power ratings ranging from a few watts to thousand watts. Small wind turbines include wind turbines up to 15 meters in diameter. Although vertical axis wind turbines have witnessed rapid growth in the global small wind power market, most of the small wind turbines are conventional horizontal axis wind turbines.
The report segments the global small wind power market based on type, installation type, application, and geography. Based on type, the global market is categorized into horizontal and vertical axis wind turbine. Based on installation type, the market is bifurcated into on-grid and off-grid. On the basis of application, the market is divided into domestic, small-scale industries, and others. The commercial segment is projected to register a significant CAGR during the forecast period. Geographically, the global small wind power market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Small Wind Power Industry Segmentation
The global small wind power market has witnessed tremendous opportunities across the globe, owing to increase in awareness among consumers about the use of renewable energy sources. Moreover, increase in demand for renewable sources for energy generation coupled with rapid industrialization boost the growth of the global small wind power market. In addition, the market witnessed significant growth in the recent years, owing to the rise in demand for energy and increase in concerns about the environmental impacts of power generation using fossil fuels. Furthermore, increase in investments by government agencies to improve electricity generation by integrating renewable sources of energy, such as wind energy, has supplemented the market growth.
Top Investment Pockets
The commercial segment offers maximum market potential in the global small wind power market, owing to rapid developments and advancements in the technologies adopted in the deployment and installation of small wind turbines. Moreover, rise in the electricity costs as well as increase in inclination of consumers toward efficient and environment friendly energy sources boost the overall demand for small wind power in the commercial application. The use of small wind turbines in domestic application has witnessed major developments, owing to constant growth in per capita disposable incomes and rise in demand for efficient energy solutions. The small-scale industries segment is expected to register a CAGR of 11.9% during the forecast period. Moreover, domestic and commercial applications promise market growth for small wind power. However, rise in concerns related to the high initial costs of small wind turbines may affect the overall market growth in the developed and the developing countries, but investments in R&D in new production alternatives are expected tender opportunities for growth in the future.
Global Small Wind Market Top Investment Pockets
The global small wind power market is segmented on the basis of type, installation type, application, and geography. Based on application, the market is classified into domestic, commercial, and small-scale industries. The commercial application segment dominated the global market in 2014, and is anticipated to maintain its dominance throughout the forecast period. The small-scale industries segment is anticipated to grow at a significant CAGR of 11.9% during the forecast period.
Small Wind Power Market Share, By Application, 2015 (%)
The global small wind power market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for more than 46% share of the total revenue in 2015, followed by North America and Europe. Developing countries in the Asia-Pacific region are anticipated to register steady growth rates due to increase in developments in commercial applications. Moreover, rise in investments by governments in the deployment of renewable sources of energy is another key aspect that fuels the growth of the Asia-Pacific region in the market.
Prominent players have invested huge capitals in R&D activities to develop advanced products to cater to the requirements of the market. The key players operating in the industry include Northern Power Systems Inc., Bergey Wind Power Co., Kingspan Group Plc., Xzeres Wind Corp., Unitron Energy, Sun and Wind Renewables Private Limited, Fortis Wind Energy, Aeolos Wind Energy Co. Ltd., Qingdao Windwings Wind Turbine Co. Ltd., and Greenergy Technology Co.
The other players in the value chain (profiles not included in the report) include Trueskill Energen Pvt. Ltd., Buildmet Technologies Pvt. Ltd., Advanced Bolting Solutions Ltd., Helix Wind Corp., AE Wind Systems, Auxin Solar Inc., Sauer Energy Inc., Wingen 2000, WINPhase Energy Inc., Hefei Wind Wing Energy Technology Co., Ltd., Quingdao Greef New Energy Equipment Co. Ltd., and Willgain Power Industry Co. Ltd.
- The report provides an extensive analysis of the current and future trend of the global small wind power market.
- It offers comprehensive analysis of key regions North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
- It includes the qualitative and quantitative analysis of the current market for the period of 2014-2022 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided in the report.
- Extensive analysis is conducted by following key product positioning, and by monitoring the top competitors within the market framework.
- Extensive qualitative insights on the potential and niche segments or regions is also presented in the report.
- It furnishes key insights on strategic analysis of various companies as well as the value chain analysis of small wind power.
Small Wind Power Market Key Segments:
- Horizontal Axis Wind Turbine
- Vertical Axis Wind Turbine
By Installation Type
- Small-Scale Industries
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA