Global Small Wind Power Market Scenario
The
global small wind power market has perceived remarkable opportunities across
the world, 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. It is expected that the market is going to
witness a significant growth of the global small wind power market, due to rise
in demand for energy and increase in concerns about the environmental impacts
of power generation using fossil fuels. Also, the growing attention of
government agencies through high investments to improve electricity generation
by integrating renewable sources of energy, such as wind energy, has boosted
the global small wind power market growth.
The
global Small
Wind Power Market Size to witness a humongous growth during 2016-2023,
with a growth rate of more than 18%. The small wind power is segmented into by
type, horizontal axis wind turbine and vertical axis wind turbine, also it is segmented
by application as, on-grid and off-grid.
Segmental Analysis
The small wind power market is segmented on the basis
of grid connectivity and axis. On the basis of grid connectivity, the market
has been divided into off-grid and on-grid. The off-grid is responsible for the
major market portion of 63.84% in 2016, with a market value of USD 2,224.9
million and is expected to develop at the highest CAGR of 14.06% through the
forecast period. On the basis of axis, the small wind power market has been divided
into horizontal axis and vertical axis. The horizontal axis is responsible for
the major market share of 65.07% in 2016, with a market value of USD 2,267.9
million and is likely to grow at a CAGR of 13.03% through the forecast period.
North-American small wind power market is
expected to grow at the highest CAGR.
The
small wind power market in the North-American region is currently leading and
is followed by Asia-Pacific and Europe market. It is expected that
North-America will grow at the highest CAGR, owing to the growing attention of
the consumers and government agencies initiative to promote small wind power in
countries such as U.S and Canada, where there has been a substantial investment
towards the growth of non-conventional electricity generation. These factors
will drive the market for small wind power market in North American region
during the forecast period.
Leading Players
The
key players of global small wind power market are Northern Power Systems Inc.
(U.S), Kingspan Group PLC (Ireland), Xzeres Wind Corporation (U.S), Wind Energy
Solutions (Netherlands), Bergey Windpower Co. Inc. (U.S), Guangzhou HY Energy
Technology Limited Corp. (China), Eocycle Technologies Inc. (Canada), Endurance
Wind Power Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd. (China) and
ZKEnergy Science & Technology Co., Ltd. (China).
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