NEW YORK, April 24, 2018 (GLOBE NEWSWIRE) -- The global small wind (SW) market is expected to witness a CAGR of 12.5%, and is projected to reach USD 910 million by 2024 owing to an increase in awareness about renewable sources of energy, in order to minimize the carbon emissions globally. Small wind plays a major role as a part of diversified and distributed energy production. Moreover, government policy framework favoring renewable energy production is likely to fuel the demand.
Small wind market is expected to show an increase in the coming years due to the cost effectiveness of the wind energy and the technological innovations. The prices of the small wind are economic and vary due to the factors such as installation, space and many others. Due to lower cost of small wind, the consumers are shifting their focus towards green energy sources.
Off grid application segment is expected to account for the highest the market share in the coming years
Off grid application segment is expected to account for the largest market share of the market. The demand can be attributed to the conventional harnessing methods of energy for electrification. However, due to initiatives taken by the government to launch the grid, connectivity might drop a little. Manufacturers are largely contributing towards the growth of the market by investing. For instance, the 2009 American Recovery and Reinvestment Act, which is responsible for the expansion of the federal investment tax credit (ITC) for small wind turbines allowing customer to take some percentage of the total cost of the small wind system as a tax credit. This helped companies with capital to increase and meet the production, lower cost and even acquire competitors.
Small Wind Market – Regional insight
Asia-Pacific held the largest regional market share and the trend is likely to continue over the years to come. Nations across this region are adopting small wind plants to tackle the energy shortage problem, which will positively impact the growth in this region. High cost of electricity and adoption of green initiative by developed countries such as Canada, UK and the US is projected to spur the growth in this market during the forecast period.
The report segments small wind market on the basis of axis type, grid connection, application, and region. To view a summary of this report, go to the link provided below: https://www.energiasmarketresearch.com/global-small-wind-market-outlook/
Key findings from the report
- The global small wind market is likely to reach USD 910 million by 2024 on account of increasing awareness towards renewable energy sources. Vertical axis wind turbines is expected to grow at a high CAGR rate owing to its innovative design and special features.
- Off-grid setting of SW plants held the major market share in 2017 and is likely to exhibit the fastest CAGR over the forecast period.
- Asia-Pacific held the largest share of the market and is expected to continue its dominance over the forecast period owing to rise in demand for controlling carbon emissions
- Some of the key players operating in the market include City Windmills; Enervate Energy AG; Eocycle; Shanghai Ghrepower Green Energy Co., Ltd.; Kingspan Group; Superwind GmbH; Northern Power Systems; Zkenergy Technology Co., Ltd.; Xzeres Wind Corp; Kliux Energies among others.
By Axis Type
- Horizontal Axis
- Vertical Axis
By Grid Connection
- On-Grid
- Off-Grid
By Application
- Domestic
- Small-scale industries
- Commercial
By Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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