Small Wind Power Market

Small wind turbines are used throughout the developed and developing world and are primarily used in rural or remote settings in domestic and international markets. Small wind turbines can be used to power communities, businesses, schools, clinics, single households, farms and a variety of equipment. The small wind power market is driven by various factors such as rising investment towards development of clean energy, government initiatives and policies, and adoption of small winds in several commercial applications & rural households. The small wind power market has various constraints that hinder the growth of the market such as high initial cost.

The global small wind power market is expected to grow at 13.88% CAGR during the forecast period. In 2016, the market was led by Europe, with a share of 41.32%, followed by Americas with share of 36.16%.

The small wind power market has been segmented based on grid connectivity, and axis. On the basis of grid connectivity, Off-Grid accounted for the largest market share of 63.84% in 2016, with a market value of USD 2,224.9 million. It is projected to grow at the highest CAGR of 14.06% during the forecast period. Based on axis, Horizontal Axis accounted for the largest market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is projected to grow at CAGR of 13.03% during the forecast period. Vertical Axis was the second-largest market in 2016, valued at USD 1,217.5 million in 2016; it is projected to grow at the highest CAGR of 15.37%.

Market synopsis

Market Size

• 2016: USD 3,485.4 Million

• 2023: USD 8,601.9 Million

CAGR

• 13.88%

Key Geographies

• Europe: 41.32%

• Americas: 36.16%

• Asia-Pacific: 15.09%

• Middle East & Africa: 7.43%

Key Leading Countries

• China

• U.S.

• U.K.

• Italy

• Germany

Key Market Drivers • Rising Investment towards development of clean energy

• Government Initiatives and Policies

• Adoption of small winds in several commercial applications & rural households

Key Market Restraint • High Initial Cost

Key Market Opportunity

• Ongoing development of small wind energy

Key Vendors

• Kingspan Group Plc. (Ireland)

• Northern Power Systems Corp. (U.S.)

• Bergey Wind Power Co. Inc. (U.S.)

• Ennera Energy and Mobility, S.L. (Spain)

• Eocycle Technologies Inc.