Small Wind Turbine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The small wind turbine market was valued at USD 277.4 million in 2020, and it is anticipated to reach USD 309 million by 2027, at a CAGR of 1.19% during 2022-2027. The COVID-19 pandemic did not have any major impact on the market during 2020. Factors such as lower CAPEX requirements, rising environmental concerns, and demand from off-grid applications are expected to drive the market. Also, advancements in technology leading to wind turbine manufacturing cost reduction and increase in efficiency have been major factors for the growth of the small wind turbine market. However, the increasing adoption of alternative energy sources for small-scale renewable development, such as rooftop solar and small-scale bioenergy facilities, is expected to hinder the growth of the market during the forecast period.
Key HighlightsThe small wind turbine market is moderately fragmented. Some of the major players operating in the market include Northern Power Systems Srl, Bergey Wind Power Co., SD Wind Energy, Aeolos Wind Energy Ltd, and Ryse Energy, among others.
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