Global Small Wind Turbine Market (2021 to 2026) – Growth, Trends, COVID-19 Impact, and Forecasts – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Small Wind Turbine Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The small wind turbine market is in a declining phase and is expected to decline at a CAGR of less than 1% during the forecast period of 2021 to 2026, reaching a value of USD 187.2 million down by 2026 from USD 191.53 million, in 2019.
Companies Mentioned
- Aeolos Wind Energy Ltd
- Bergey Wind Power Co.
- City Windmills Holdings PLC
- Fortis Wind
- SD Wind Energy
- Kliux Energies
- Northern Power Systems Inc.
- Shanghai Ghrepower Green Energy Co. Ltd
- Xzeres Wind Corp.
- Ryse Energy
Key Market Trends
Vertical Axis Wind Turbine to Witness Moderate Growth
- Small Wind turbines offer the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
- Vertical axis wind turbines have the main rotor shaft arranged vertically. This gives higher structural stability to the wind turbines, which are generally placed nearby the densely populated area and reduce the risk of accidents.
- The vertical axis wind turbines (VAWTs) are becoming popular, especially in the residential sector. Although VAWTs are not as common as horizontal axis wind turbines (HAWT) due to lesser efficiency, VAWTs are quite suitable for deployment at residential sites. Apart from residential use, the VAWTs are also used to power street lights, as they are relatively compact and visually appealing.
- Additionally, the vertical axis wind turbines eliminate the requirement of a directional positioning system, as compared to the horizontal positioning system. Which reduces the requirement of complex instruments while also, reducing the overall cost.
- With the technological advancements and the wind turbine manufacturing costs declining significantly, in recent years, the adoption of vertical axis wind turbines is expected to increase in the coming years.
Asia-Pacific to Witness Moderate Growth
- Asia-Pacific has dominated the wind power generation market in 2019 and is expected to continue its dominance in the coming years as well. The region holds vast potential for the expansion of the small wind turbine market, notably in the form of off-grid and residential-scale small wind turbines.
- Asia-Pacific accounted for over 36% of global wind energy generation, amounting to 514.3 terawatt-hours in 2019. The government of China has been encouraging the deployment of small wind power (SWP) technologies, since the early 1980s, and it is one of the few emerging economies to actively develop in this sector.
- Moreover, 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.
- One such policy is the “National Wind-Solar Hybrid Policy” introduced by the Indian Ministry of New and Renewable Energy (MNRE) in 2018. This policy essentially aims at establishing a structure based on which large-scale wind-solar hybrid power projects can be promoted.
- 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
- Therefore, Asia-Pacific is expected to continue to dominate the market due to an increase in demand for energy in the region.
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Investment Opportunities
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Axis Type
5.1.1 Horizontal Axis Wind Turbine
5.1.2 Vertical Axis Wind Turbine
5.2 Application
5.2.1 On-grid
5.2.2 Off-grid
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/5vcl0q
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