Small Wind Turbine Market - Segmented by Axis Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Small wind turbines are connected to grid through the power providers or it can stand alone (off-grid). Its features, such as low cost, low maintenance, ease of installation in a short period and in a little space without the need for any additional infrastructure makes it a better choice for dependable alternative energy sources. The major applications of small wind turbine include rural electrification, small wind farms, roof top installations, and street light power. Increasing investments on renewable energy sources, stringent government regulations to restrict carbon footprints and financial incentives to increase the adoption of alternative energy sources is expected to drive the small wind turbine market during the forecast period, 2018 to 2023.
Declining Cost of Small Wind Power Driving the Small Wind Turbine Market
Technological advancements and improved siting techniques have influenced the cost of wind energy over time. For example, in the United Kingdom, the average installed cost in 2014 for a range of 1.5-15 kW was 4,354 GBP/kW and 3,436 GBP for 15-100 kW range. This represented a 10.6% cost decline from 2011 or an annual average decrease of 2.7%. A cumulative total of 990,000 small wind turbine units were installed globally, in 2015. The change in the total installed capacity, globally, in 2014-15 has accounted for 5%. This trend is expected to continue with the decline in the cost of small wind turbine installation. Also, increase in the global carbon emissions and depletion of conventional sources, like oil and gas has compelled many countries to go for alternative energy sources. Increasing investments and clean energy incentives schemes for development of renewable energy are expected to be one of the major factors driving the small wind turbine market.
Europe is one of the Largest Small Wind Turbine Market
Europe has emerged as one of the largest small wind turbine markets in the recent years. Increasing preference towards the adoption of small wind turbines for generation of electricity and presence of onshore and offshore regions with good wind speeds for installations of small wind turbines in this region is expected to drive the market during the forecast period. The changes in the Feed-in scheme introduced in the United Kingdom in November 2012 had a significant impact on the market during the last five years. 2,237 small wind turbine units were installed in 2014, a substantial increase with only 500 units installed during 2013. Italy has become the most important small wind market worldwide, especially for the range of less than 50 kW. Germany, Canada, Japan, and Argentina are all medium-sized markets with the total number of small wind turbines between 7000 and 14500 units in 2015.
China - A Huge Market Potential
China’s small wind turbine installed capacity accounted for 44% of the global capacity in 2015. China is continuously leading the market in terms of installed units. The change in the total number of installed units in China during the period 2013-14 was more than 300%. This massive increase in the total number of units installed in this region augmented by the decline in the cost of SWT units. The Chinese market represents more than 50% of the world market in terms of total installed units and more than 90% of the new installations in 2015. This trend in the total number of units installed is expected to continue, which, in turn, is expected to improve the SWT market.
Key Developments in the Market
- May 2107 - Semtive introduced NEMOI, one of the world’s most efficient, safe, and affordable wind turbines for residential, commercial, and industrial generation of power. NEMOI is equipped with a highly reliable, environment-friendly, and noiseless turbine system
Major Players - Northern Power Systems Inc, Bergey Wind Power Co, Kingspan Group Plc, Xzeres Wind Corp., Shanghai Ghrepower Green Energy Co., Ltd., Endurance Wind Power Inc, City Windmills Holdings PLC, Kliux Energies, Fortis Wind, Aeolos Wind Energy Ltd, among others.
Reasons to Purchase the Report
- Current and future small wind turbine market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identifying the latest developments, market share, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook