Small Wind Market Is Expected To Reach $1.79 Billion By 2025: Grand View Research, Inc.
The global small wind market is expected to reach USD 1.79
billion by 2025, according to a new report by Grand View Research, Inc.
Increasing awareness about renewable energy along with government regulations
to control growing carbon footprint is further propelling the market growth.
Increasing global population coupled with rising
energy deficit are some of the factors anticipated to positively influence the
small wind market. In addition, the gradual reduction in per kilowatt prices
along with affordable installation prices of wind turbines for electricity
demand will favor the business growth.
Stringent government regulations are encouraging grid
connectivity to reduce the burden on use of non-renewable sources for
electricity generation. Numerous financial and economic benefits including
Feed-in-Tariffs (FiT), Production Tax Credit (PTC), Investment Tax Credit (ITC)
among others are expected to augment the small wind market growth over the
forecast period.
The off-grid application segment of the small wind
market is expected to account for 59.58% of the global market share in 2025.
The demand for off-grid wind turbines can be attributed to the long standing
conventional methods of harnessing this energy for electrification, however,
this segment is set to witness a decline due to the government initiatives
launched to boost grid connectivity. Such regulatory initiatives will boost the
on-grid segment of the small wind market over the forecast period.
Horizontal axis wind turbines (HAWT) are the preferred
axis type in the global small wind market given the ease in installation
coupled with affordable pricing. However, the Vertical Axis Wind Turbine (VAWT)
is fast gaining consumers’ attention and is expected to grow at a higher rate
over the forecast period.
Europe was the leading region due to changing
perceptions towards adoption of renewable energy. Large scale investments along
with high consumer awareness is predicted to drive the small wind market by
2025. The abundant availability of onshore and offshore regions for wind
turbine installation options is augmenting the growth of the regional market
over the forecast period.
Access
Full Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/small-wind-market
Further
key findings from the study suggest:
- The small wind market is anticipated to witness
growth at over 14.3% from 2017 to 2025 on account of increasing
awareness about towards emission free renewable energy. Vertical axis wind
turbines will grow at the fastest rate in terms of revenue, registering a
CAGR of 18.7%, during the forecast period owing to its innovative design
and energy efficiency.
- Europe small wind market is predicted to witness
substantial growth and was valued at USD 228.0 million in 2016 owing to
rising demand control the region’s carbon footprint.
- Key participants of the small wind market include
City Windmills, Envergate, Dibu Wind, Kingspan Wind, Superwind, Kliux
Energies, and Bergey Windpower among others. These companies are focused
on increasing their global presence using product modernization and design
innovation strategies.
Browse more reports of this category
by Grand View Research:
http://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the
global small wind market on the basis of product and region:
Application Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD
Million, 2014 - 2025)
- On Grid
- Off Grid
AxisT ype Outlook (Volume, Megawatts, 2014 - 2025) (Revenue,
USD Million, 2014 - 2025)
- Horizontal Axis Wind Turbines
- Vertical Axis Wind Turbines
Regional Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million,
2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- South & Central America
- Brazil
- Middle East and Africa
Access press release by Grand View
Research: http://www.grandviewresearch.com/press-release/global-small-wind-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com
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