Global Vertical Axis Wind Turbine Market 2018-2022
About Vertical Axis Wind Turbine
Vertical axis wind turbines are types of wind turbines where the main rotor shaft runs vertically. They are not required to be pointed into the wind. These wind turbines have the capability to catch wind from all directions.
Technavio’s analysts forecast the global vertical axis wind turbine market to grow at a CAGR of 14.98% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global vertical axis wind turbine market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of vertical axis wind turbine.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Vertical Axis Wind Turbine Market 2018-2022
Technavio recognizes the following companies as the key players in the global vertical axis wind turbine market: ArborWind, Envergate Energy, Oy Windside Production, Royall Power (a company of Ark Alloy), SAWT, and V-Air Wind Technologies
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is adoption of hybrid street lighting system. 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 of the major drivers for this market is Rising 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 was over $300 billion.
Further, the report states that one of the major factors hindering the growth of this market is Competition from alternate sources of energy. Wind energy faces competition from other sources of energy, such as fossil fuels, solar, and hydropower. Though the installation of wind energy systems cost lesser than solar PV systems, the competition in the emerging markets, such as Chile and Mexico are high. In addition, in windy places, such as Argentina, prices of solar PV are reducing sufficiently enough to compete with wind energy prices.
ArborWind, Envergate Energy, Oy Windside Production, Royall Power (a company of Ark Alloy), SAWT, and V-Air Wind Technologies