Small Wind Power Market Forecasts to 2028 – Global Analysis By Axis (Vertical Axis Wind Turbines, Horizontal Axis Wind Turbines and Other), Application (Utility, Commercial, Residential and Other Applications), Installation and By Geography

Small Wind Power Market Forecasts to 2028 – Global Analysis By Axis (Vertical Axis Wind Turbines, Horizontal Axis Wind Turbines and Other), Application (Utility, Commercial, Residential and Other Applications), Installation and By Geography

According to Stratistics MRC, the Global Small Wind Power Market is accounted for $1.22 billion in 2022 and is expected to reach $2.31 billion by 2028 growing at a CAGR of 11.22% during the forecast period. A small wind system is the power system which is connected to the electric grid through power provider or it can stand alone (off-grid). It is a good choice for rural areas that are not already connected to the electric grid. It is made up of a wind turbine mounted on a tower to provide better access to stronger winds. In addition to the turbine and tower, they also require balance-of-system components. It is one of the most cost-effective home-based renewable energy systems with zero emissions and pollution.

According to the Energy Information Administration report on Wind Energy, 9.2% of total utility-scale electricity energy is generated by wind energy through worldwide in the forecast period.

Market Dynamics:

Driver:

Adoption of small wind energy in rural households

Small wind energy is an adaptive and flexible option for generating sustainable electricity. They are popular in farmhouses, remote and rural areas, telecommunication towers, houses, and tall buildings, operating as standalone or grid-connected units. They are located close to areas where there is a requirement for energy and operates at larger counterparts with easy installation which is anticipating the market growth.

Restraint:

High capital cost

The installation costs vary greatly depending on local zoning, permitting, utility interconnection costs, high experimental costs, and time requirements. Difficulties in maintenance, lack of skilled technicians, unavailability of a comprehensive resource mapping, and lack of policy frameworks in certain countries hinder the growing capacity of the small wind power market size.

Opportunity:

Favourable government initiatives and policies

Many countries have adopted comprehensive policy frameworks to support renewable energy, leading to a rapid scale-up of these technologies. The federal government currently offers several tax incentives for wind projects. The government even decreased the electricity rate which is anticipating to witness the market growth at a rapid pace.

Threat:

Adoption and implementation of alternative renewable resources

The adoption and implementation of alternative renewable resources for energy consumption can be a bigger constrain in the small wind power market growth. Solar energy remains the powerhouse of growth in the renewable sector. The easy availability of other options such as rooftop solar systems, bio-energy facilities, and many others can challenge the growing capacity of the market.

Covid-19 Impact

The covid 19 pandemics have affected the global offshore wind market by increasing the delays in the projects. The disruption in the global trading has restricted the construction of the projects further leads towards increasing CAPEX for the projects. The government of these markets is willing to increase the volume and target of the offshore market which will ultimately lead towards the maximum offshore installation. The global market is predicted to witness a higher growth rate after post-pandemic.

The on-grid segment is expected to be the largest during the forecast period

The on-grid is estimated to have a lucrative growth, due to the government initiatives towards enhancing grid connectivity in the small wind sector. Various financial and economic benefits are offered by regulators including Production Tax Credits, Investment Tax Credits, and Feed-in Tariffs which will augment the market of small wind growth during the forecast period.

The vertical axis wind turbines segment is expected to have the highest CAGR during the forecast period

The vertical axis wind turbines segment is anticipated to witness the fastest CAGR growth during the forecast period, due to affordable pricing coupled with numerous environmental benefits offered by the design. It is ease in installation coupled with easy availability of components. It leads a large margin owing to the design being traditionally available which is exponentially growing the market.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to various government initiatives, such as incentives and energy-saving certificates by the governments in this region and they are also encouraging commercial units to adapt to power generation from small wind turbines during the forecast period which is expanding the market share.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to increasing reliance on a renewable energy source that is cheap to harness and carbon-emission which has gained huge significance in the European markets. Due to the low feed-in tariff and high electricity prices the scheme of feed-in tariffs is designed to promote the take-up of domestic-scale generation in this region.

Key players in the market

Some of the key players profiled in the Small Wind Power Market include Kliux Energies, Bergey Windpower Co, GE Renewable Energy, Envergate Energy AG, Shanghai Zhiyuan Green Energy Co., Ltd, superwind GmbH, EOCYCLE Technologies, Northern Power Systems, Kingspan Group, XZERES Corporation, SD Wind Energy, City Windmills Ltd, Ennera Energy, Aeolos Wind Energy Ltd, HY Energy Co Ltd, ZK Energy Science & Technology CO Ltd, Unitron Energy Systems Pvt Ltd, RYSE Energy

Key Developments:

In May 2021, GE Renewable Energy and Toshiba announced their strategic partnership agreement on an offshore wind project in Japan.

In August 2018, four key players which include Vermont Electric Cooperative (VEC), Viridity Energy Solutions, Inc., Northern Power Systems, Inc., and WEG Electric Corp collaborated to design new solutions to match the intensifying consumer demand.

Axis Covered:
• Vertical Axis Wind Turbines
• Horizontal Axis Wind Turbines
• Other Axis

Installations Covered:
• On Grid
• Off Grid
• Other Installations

Applications Covered:
• Utility
• Commercial
• Residential
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements