Small Wind Power Market Analysis
According to
the recent study conducted by Market Research Future (MRFR), the global Small
Wind Power Market is poised to grow at CAGR of 13.88% during the
forecast period (2017-2023) and surpass a valuation of USD 8,600 Mn. Small wind
turbines are increasingly used for powering off-grid or remote applications
such as home, refuges, farms etc. A tremendous emphasis is being placed on
shifting to renewable energy sourced, which reflecting favourably in the global
small wind power market.
Governments
around the world are implementing policies that allows a smoother transition
form fossil fuel to renewable energy. This is mainly owing to the growing
concerns over CO2 emission and environmental depletion form extensive fossil
fuel mining. The aforementioned factors are propelling the global small wind
power market.
Global Small Wind Power Market: Segmental Analysis
An in-depth
segmental analysis of the market based on grid connectivity and axis is
available in MRFR’s report
On the basis
of grid connectivity, the market has been segmented into off-grid and on-grid. In 2016, the off-grid segment commanded for
the majority share of the market and surpassed a valuation of USD 2,200 Mn. The
segment is expected to exhibit a CAGR of 14.06% during the assessment period. Whereas,
the on-grid segment was valued at USD 1,260.5 Mn in 2016 and in anticipated to
expected at 13.57% CAGR during the forecast period.
On the basis
of axis, the market has been segmented into vertical axis and horizontal axis. In
2016, the horizontal axis segment commanded 65.07% market share and stood at a
valuation of USD 2,267.9 Mn. During the forecast period, the segment is
expected to exhibit a healthy CAGR of 13.03%. The vertical axis was valued at USD 1,217.5 Mn
in 2016 and is expected to surge at a CAGR of 15.37% during the assessment
period.
Global Small Wind Power Market: Regional Analysis
The regions
that are covered in MRFR’s report include North America, Europe, Asia Pacific
(APAC), Africa, the Middle East and Latin America.
Wind renewable
energy industry has grown exponentially in Europe, which put the region in the
pole position. In 2016, Europe commanded for 41.32% share of the market and was
valued at USD 1,440.2 Mn. The Europe small wind power market is set to expand
at 13.98% CAGR during the forecast period. This is growth is expected to be
supported by EU’s increased efforts to shift towards sustainable energy
resources. Introduction of favourable policies is driving the adoption of small
wind power in several European countries. In 2016, North America and Latin
America collectively accounted for the second largest market share. Demand for
small wind power in countries such as the U.S, Canada, Mexico, Brazil among
others has continued to grow in recent years. Asia Pacific is third in the
pecking order. In 2016, the APAC small wind power market reached valuation of
USD 525.9 Mn and this figure is expected to expand to more than USD 1,300 Mn by
the year 2023, reflecting an impressive growth rate.
Global Small Wind Power Market: Competitive
Landscape
Guangzhou HY
Energy Technology Co., Ltd (China), Kingspan Group Plc. (Ireland), Bergey Wind
Power Co. Inc. (U.S.), Eocycle Technologies Inc. (Canada), Endurance Wind Power
Inc. (Canada), City Windmills Holdings PLC (U.K.), Northern Power Systems Corp.
(U.S.), Shanghai Ghrepower Green Energy Co., Ltd (China), Aeolos Wind Energy
Ltd (U.K.), XZERES Wind Corporation (U.S.), and Ennera Energy and Mobility,
S.L. (Spain) are some of the companies mentioned in the report.
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