Global Small Wind Turbine Market 2018-2022
About Small Wind Turbine
Small wind turbines have a capacity rating of less than or equal to 100 kW. Wind turbines in this category range in size from smaller than 1 kW for off-grid applications to 100 kW turbines.
Technavio’s analysts forecast the global small wind turbine market to grow at a CAGR of 12.49% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global small wind turbine market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Small Wind Turbine Market 2018-2022
Technavio recognizes the following companies as the key players in the global small wind turbine market: ArborWind, City Windmills, Envergate Energy, Kingspan, Oy Windside Production, and Shanghai Ghrepower Green Energy.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is adoption of hybrid street lighting systems. Street lighting is provided by local power utilities, and a considerable amount of money is being spent to light up streets and public places to ensure visibility during the night and keep pedestrians safe. This leads to increased energy bills for local municipalities that use off-grid systems. A standalone renewable system from a single source of renewable is insufficient due to the intermittent nature of the energy source.”
According to the report, one driver in the market is increasing investments in renewable energy. A positive consequence of reduced carbon emissions is the growth in clean energy technology. The transition from fossil fuels and conventional sources of energy to renewable sources, such as wind and solar, is the key to achieving social, economic, and environmental development. As per the IEA, in 2016, global investments in renewable energy were over $300 billion.
Further, the report states that one challenge in the market is declining cost of solar PV modules. One big obstacle that vertical axis wind turbine systems face is the need to compete with well-established power sources such as solar power. Solar-based, off-grid projects are one of the oldest systems used to provide power to remote communities. Off-grid solar power systems can be used as standalone systems in off-grid applications where they are combined with energy storage systems.
ArborWind, City Windmills, Envergate Energy, Kingspan, Oy Windside Production, and Shanghai Ghrepower Green Energy.