Small Wind Power & Turbines market estimated to reach $1,895.0 million by 2019
The global small wind power market was valued at $776.8 million in 2014 and is estimated to reach $1,895.0 million by 2019, at a CAGR of 19.5% during the period under consideration.
Small wind turbines produce clean energy, emission-free power farms for homes and small businesses. Small wind turbines with capacities less than 100 kW have major applications for off-grid setups such as telecommunication towers and domestic uses.
With rapid industrialization and escalated penetration in previously unconnected areas, the global demand for electricity is expected to rise across regions. At a global level, fossil fuels still remain a dominant raw material for electricity generation, with its share being much higher in the emerging markets than the developed ones. However, adverse environmental effects, price volatilities, and economic costs brought about by its usage have continued to push nations into exploring alternative and renewable sources for electricity generation over the past decade.
The small wind power market is expected to be largely driven by favorable support schemes and policies from the government. Policies such as feed-in tariffs, tax credits, net metering, and capital subsidies are being accepted and implemented by an increasing number of countries. These policies aid in the reduction of electricity costs to the consumer and encourage the use of renewable sources for energy generation; small wind turbines in particular for the domestic market.
Cost has been one of the major obstacles to the growth of renewable energy. But, the gradual shift towards reducing fossil fuels consumption for electricity generation has aided cost reduction for wind technology. Rapid progress in technologies for turbine efficiency improvement has enhanced the returns from wind technology, thereby reducing its long-term costs. Moreover, the increasing competition in this highly potent market would ensure that economies of scale assist further decrease in capital costs of this technology.
North America held the largest market share of 44% of the global small wind power market in 2014, followed by the European region with a market share of 37%.
The main types of small wind turbines are horizontal axis wind turbines and vertical axis wind turbines. Northern Power Systems (U.S.), Bergey Wind Power (U.S.), and Xzeres Wind Corp. (U.S.), among others, are some of the key players of the global small wind power market.
The statistics here are given by the report “Global Small Wind Power Market by Type, Application, and Geography – 2019”.
Objective of this study is to analyze the market trends, share, growth & restraining factors and projection supported by market estimates and forecasts of global market.
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