Small Wind Turbine Market - Growth, Trends And Forecast (2020 - 2025)
The small wind turbine market is expected to grow at a CAGR of around 1% during the forecast period of 2020 – 2025. Factors such as rising environmental concerns and high cost of grid expansion are expected to be major drivers driving the market. Also, advancement in technology leading to wind turbine manufacturing cost reduction and increase in efficiency have also been a major factor for the growth of small wind turbine market. However, the increasing adoption of alternate energy sources, such as gas-based power and solar power, are likely to hinder the market growth.
- Vertical axis wind turbine is the fastest growing type for small wind market, owing to increasing popularity of the same in residential sector, especially in emerging markets, such as China, Brazil, and India.
- The emerging markets in Africa and South America offer a robust business opportunity for the small wind power business as countries, including Brazil, South Africa, Chile, etc., are on the cusp of development, and there is an increased demand for electricity, which is expected to provide market opportunities for small wind turbine in the coming years.
- Asia Pacific is expected to dominate the market growth with majority of the demand coming from the countries such as the China and India. Asia Pacific accounts for over 36% of global wind energy generation, amounting to 460.5 Terawatt-hours in 2018. The government of China has been encouraging the deployment of small wind power (SWP) technologies, since the early 1980s, and is one of the few emerging economy to actively develop in this sector.
Key Market Trends
Vertical Axis Wind Turbine to Grow at the Fastest Rate
- Small Wind turbines offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
- Vertical axis wind turbines have the main rotor shaft arranged vertically. This gives higher structural stability to the wind turbine, which are generally placed nearby the densely populated area and reduces the risk of accidents.
- Additionally, the vertical axis wind turbines eliminates the requirement of directional positioning system compared to the horizontal positioning system.
- With the technological upgradations and the wind turbine manufacturing costs dropping significantly, in recent years, the adoption of vertical wind turbine is increasing considerably.
Asia Pacific to Dominate the Market
- Asia-Pacific has dominated the wind power generation segment in 2018 and is expected to continue its dominance in the coming years as well. The region holds vast potential for the expansion of small wind turbine market, notably in the form of off-grid and residential small wind turbine.
- In 2017, Chinese small wind manufacturers reported sales of 41.7 MW in capacity. A total of 27.7 MW of small wind turbines were sold in China, while 14 MW were exported.
- Inefficiencies in the power grid infrastructure, power supply shortages, and the scalability of decentralized technology pave way for the deployment in the region, particularly in China and India.
- With the rising pollution concerns across the world due to industrialization, especially in Asia-Pacific, the regional wind power generation has gained considerable momentum.
- Moreover, various government initiatives, such as incentives and energy saving certificates by the governments in India, China, Malaysia, and Thailand, are also expected to encourage commercial units to adapt to power generation from small wind turbines during the forecast period.
The small wind power market is fragmented with a lot of active players. Some of the major companies are Northern Power Systems Inc., Bergey Wind Power Co., Kingspan Group Plc., Xzeres Wind Corp., and Endurance Wind Power Inc., among others
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- 1 INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
- 2 EXECUTIVE SUMMARY
- 3 RESEARCH METHODOLOGY
- 4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Investment Opportunities
- 4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Supply Chain Analysis
- 4.8 Porter's Five Forces Analysis
- 4.8.1 Bargaining Power of Suppliers
- 4.8.2 Bargaining Power of Consumers
- 4.8.3 Threat of New Entrants
- 4.8.4 Threat of Substitutes Products and Services
- 4.8.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 Axis Type
- 5.1.1 Horizontal Axis Wind Turbine
- 5.1.2 Vertical Axis Wind Turbine
- 5.2 Application
- 5.2.1 On-grid
- 5.2.2 Off-grid
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
- 6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Aeolos Wind Energy Ltd
- 6.3.2 Bergey Wind Power Co.
- 6.3.3 C & F Green Energy
- 6.3.4 City Windmills Holdings PLC
- 6.3.5 Endurance Wind Power Inc.
- 6.3.6 Fortis Wind
- 6.3.7 Kingspan Group Plc.
- 6.3.8 Kliux Energies
- 6.3.9 Northern Power Systems Inc.
- 6.3.10 Shanghai Ghrepower Green Energy Co., Ltd.
- 6.3.11 Xzeres Wind Corp.
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS