Rapid Industrialization Lifting Small Wind Power Market Trends around the Globe
Small wind farms, a renewable source of energy, is the concept of producing clean & emission-free energy with capacities less than 100 kW majorly applicable for off-grid setups like small business unit, telecommunication towers and domestic uses.
According to the market research the global market of small wind power tends to enrol market size of $1,895.0 million by 2019, at a growth rate of 19.5%.
Large scale industrialization, demand for electricity supply, and adverse environmental effects of fossil fuel along with price volatilities, and economic costs are the reason behind the growth of small wind power market. Additionally, government policies such as economic policy created to promote active investment; tax credits, net metering, and capital subsidies are being implemented by an increasing number of countries.
International Energy Agency (IEA) has predicted that wind energy generation will contribute nearly 25% of all electricity generation in coming years making it as a fastest-growing segment of renewable energy.
Cost has been one of the major obstacles to the growth of renewable energy. But, the gradual shift towards reducing fossil fuels consumption, progress in technologies for turbine efficiency helping in reducing long-term costs has boosted the adoption of small wind power generation.
Geographically, North America accounted for the largest market shares of 44% of the global small wind power market, followed by the Europe with shares of 37%.
Northern Power Systems, Kingspan Group Plc., Bergey Wind Power Co., Xzeres Wind Corp., and Wind Energy Solutions are some of the companies actively operating in Small Wind Power Market. They collectively accounted for nearly 40% of revenue generators of overall small wind power market.
Companies also focusing on strategies like mergers & acquisitions and innovations to mark their presence in global market of small wind energy generation. Xzeres acquired Southwest Windpower, Northern Power Systems developed a new 3.3 MW wind turbine in collaboration with its Brazilian partner, WEG Industries are the well-known examples.
Statistics are given by the report ‘Small Wind Market Report by Type, Application, Geography – 2019’
This report focuses on market share analysis and revenue forecast of this market on the basis of type, application and geography of small wind power market.
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