Small Wind Power Market to Expand $8,601.9 Million | Market Split By Grid Connectivity, By Axis and by Region 2023
Global Small Wind Power Market by Grid Connectivity (On-Grid and Off-Grid), By Axis (Horizontal Axis and Vertical Axis) by Region (Americas, Europe, Asia Pacific and Middle East & Africa) – Global Forecast to 2023.
Pune, India – January 12, 2019 /MarketersMedia/ —
Market Research Future Published a Half-Cooked Research Report on Small Wind Power Market Research Report.
Small Wind Power Market – Overview
The emphasis on alternate energy sources is growing each day and the small wind power market is also benefitting hugely from this development. Market reports related to the energy and power industry have been offered by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is anticipated to achieve revenues worth USD 8,601.9 Million by 2023 while progressing at a CAGR of 13.88%.
As a part of the transition from fossil fuels to clean energy sources, the demand for small wind power market is rising at a substantial rate. The growth of the market stems particularly from the strict adherence to carbon emission reduction goals which has been undertaken by government authorities. Currently, the market is expected to gain significant growth from power remote or off-grid applications which will provide an increased boost for the market development in the forecast period.
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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.
Detailed Regional Analysis
The regional analysis of the market observes that the European region is responsible for the major market share of 41.32% in 2016, with a market value of USD 1,440.2 million and is anticipated to grow at CAGR of 13.98% through the forecast period. The small wind power popularity is part of a broader move from fossil fuels to renewable energy, across the European Union. European governments and the EU, as a whole, have backed small wind projects with favorable incentives as part of their carbon emission reduction goals.
Americas was the second largest market & valued at USD 1,260.3 million in 2016 mostly owing to the high demand for on-grid application of small wind power, particularly in advanced nations such as the U.S. The technological and economic capacity for renewable energy to provide an increasing share of clean, secure energy for is very large for the North American region. The Asia Pacific is also another main market for small wind power. There is a growing demand for energy because of the rising population and expanding electricity demand in the region.
The framework for growth plans also has inspired the market for potential new entrants. The market competitors are making considerable adjustments to minimalize the incidence of competitive disadvantage. The leadership trends in the market are reinforcing the level of growth that can be realized in the present market scenario. The market is also well equipped to meet the challenges and keep up with the dynamic growth trends effectively. The alterations seen in terms of strategy execution and creation are modifying the development pace of the market.
The noteworthy contenders in the small wind power market are Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Kingspan Group Plc. (Ireland), Ennera Energy and Mobility, S.L. (Spain), Aeolos Wind Energy Ltd (U.K.), Shanghai Ghrepower Green Energy Co., Ltd (China), Eocycle Technologies Inc. (Canada), Guangzhou HY Energy Technology Co., Ltd (China), XZERES Wind Corporation (U.S.), Endurance Wind Power Inc. (Canada), and City Windmills Holdings PLC (U.K.).
Global Small Wind Power Market Segmentation:
For the purpose of study, global small wind power market is segmented by grid connectivity and by axis. Based on grid connectivity, the market has been divided into on-grid and off-grid. Off-Grid accounted for the largest market share of 63.84% in 2016, with a market value of USD 2,224.9 million and is projected to grow at the highest CAGR of 14.06% during the forecast period. An off-grid solution is a system that works independently and is not connected to the electricity distribution system. It also called stand-alone systems. On-Grid was the second-largest market in 2016, valued at USD 1,260.5 million in 2016; it is projected to grow at a CAGR of 13.57%. A grid-connected small wind turbine system, or grid-connected system is an electricity generating small wind turbine system that is linked to the utility grid. A grid-connected wind turbine can reduce your consumption of utility-supplied electricity for your domestic appliances or bigger loads for business empowerment.
Based on axis, the market has been divided into horizontal axis and vertical axis. Horizontal axis accounted for the largest market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is projected to grow at a CAGR of 13.03% during the forecast period. The horizontal axis wind turbine, with blades that spin about an axis parallel to wind flow. Horizontal axis wind turbines were, widely, used in farm, small village, home and small business.
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