New York, US, April 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Small Wind Power Market Information by Grid Connectivity, Axis, Capacity and Region - Forecast till 2030", Between 2022 and 2030, the Small Wind Power Market will expand at a pace of 14.82 percent, from USD 4.9 billion in 2021 to USD 14.80 billion in 2030.
Small Wind Power Market Overview
The power system known as a small wind system is one that is either completely independent or connected to the electric grid through a power supplier (off-grid). For remote locations that are not yet wired into the electric grid, the tiny wind electric system is an excellent option. In order to better access stronger winds, wind turbines are typically positioned atop towers in wind electric systems. Little wind power systems need balance-of-system components in addition to the tower and turbine.
A small wind electric system is one of the most affordable home-based renewable energy systems with no emissions or pollutants. The U.S. Department of Energy further claims that small wind electric systems can reduce electricity prices by 50% to 90% and assist avoid the expensive expenses associated with extending utility power lines to rural locations. Moreover, it aids uninterruptible power supply in surviving lengthy electricity disruptions. In addition, small wind electric systems may be utilized for a number of other tasks, such as water pumping on farms and ranches.
Market Competitive Landscape:
The affluent firms in the small wind power market are
- Northern Power Systems Corp. (U.S.)
- Kingspan Group Plc. (Ireland)
- Bergey Wind Power Co. Inc. (U.S.)
- L. (Spain)
- Ennera Energy and Mobility
- Eocycle Technologies Inc. (Canada)
- Guangzhou HY Energy Technology Co. Ltd (China)
- Shanghai Ghrepower Green Energy Co. Ltd (China)
- Endurance Wind Power Inc. (Canada)
- XZERES Wind Corporation (U.S.)
- City Windmills Holdings PLC (U.K.)
- Aeolos Wind Energy Ltd (U.K.)
- Among others.
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Small Wind Power Market USP Covered:
Market Drivers:
Small wind power market throughout the projection period, it is anticipated that government measures, such as subsidies and energy-saving certifications by the governments of India, China, Malaysia, and Thailand, would push commercial units to adapt to power generation from tiny wind turbines. Additionally, the production of wind energy in the region has accelerated significantly as a result of the growing environmental issues caused by industrialization worldwide, particularly in Asia-Pacific. One of the biggest providers of wind energy, especially minor wind energy, is the area.
Manufacturing locally to cut operating costs is one of the main business methods manufacturers use in the worldwide small wind power market to benefit customers and increase the market sector. The tiny wind energy sector has recently offered some of the most notable advantages.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 14.80 billion |
| CAGR during 2022-2030 | 14.82% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Grid Connectivity, Axis, Capacity, and Region |
| Key Market Opportunities | Favorable Government Initiatives and Policies |
| Key Market Dynamics | Reduce the installation and production cost Rising investment into the development of clean energy |
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Market Restraints:
Because of its affordable prices and convenient access to parts, solar energy is seen as a threat to wind energy and is growing in popularity. Despite this, it is projected that rising awareness would spur corporate growth in both established regions—such as Europe and North America—and developing ones, such as Asia Pacific.
Small Wind Power Market COVID 19 Analysis
Because of lockdowns, company closures, and travel restrictions, the pandemic epidemic has had an impact on the economics and businesses of many different countries. One of the key sectors dealing with significant disruptions in the global construction industry. These disruptions include supply chain breakdowns, decreased production and employee numbers, terminations of technology events, product distribution, and advertising, office closures because of curfews and lockdowns, and a decline in product sales.
With its prevalence and significant raw material suppliers, China is one of the world's leading industrial centers. The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide small wind power market. The most recent pandemic outbreak began in Wuhan (a Chinese province) in the year 2019, and it quickly spread around the world. These elements disrupt the global market trend and growth of the small wind power industry.
Some oil and gas projects had been put on hold or delayed as a result of the COVID-19 outbreak because of travel restrictions, supply chain problems, and low crude oil prices. Due to many limitations put in place as a result of the epidemic, decreased oil demand in April 2020 caused a fall in crude oil prices. However, the market began to show indications of revival in early 2021 as a result of the nations' economic recovery.
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Small Wind Power Market Segmentation
By Grid Connectivity
The small windmill On-grid and off-grid are two segments depending on grid connectivity. In 2021, the revenue from small wind power was dominated by the off-grid sector. Off-grid and smaller in size, tiny wind power plants are common. Customers may totally self-sustain their energy demands, which is one of the benefits of off-grid connectivity. There are several possible uses for tiny off-grid wind power systems. Houses, farms, ranches, logging camps, and other types of buildings may all get electricity from the system.
By Axis
Axis-based segmentation of the small wind power market involves both a horizontal and vertical axis. Because of its high efficiency and low installation and maintenance costs, the horizontal axis segment led the market in 2021 and is anticipated to develop at a quicker rate over the forecast period of 2022–2030. Apart from unconventional solutions including one- and two-bladed designs, the conventional three-bladed layout commands 99% of the market share of all operating horizontal axis small wind power. Three blades is the fewest number that makes it easier to regulate centrifugal body forces, which helps the market expand.
By Capacity
The Small Wind Power Market has been divided into three categories, with respect to capacity: 2 kW and less, 2 kW to 5 kW, and 5 kW and over. The market was led by the 5 kW to 10 kW capacity sector in 2021, and it is anticipated that this segment would expand at the fastest rate from 2022 to 2030. Using a power provider or freestanding, also known as off-grid, installation, a modest wind power system with a capacity of between 5 kW and 10 kW may be linked to the electrical grid. As a result, wind power systems are an efficient option, especially in distant areas without access to electrical networks.
Small Wind Power Market Regional Insights
In 2021, the small wind power market in Europe was valued at USD 2.15 billion. Over the research period, the market is anticipated to rise at a high CAGR. The largest market share in Europe was held by Germany and the U.K., who practically controlled the industry thanks to the massive amounts of financing they collectively received. To take advantage of the present industrial development and to use their locations as a competitive advantage, several firms have established regional offices and production facilities in these nations.
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When it comes to volume and revenue in 2021, the North American market was second. 9.2% of the country's utility-scale power is produced by wind energy, according to a study on wind energy from the US Energy Information Administration from 2021.
Moreover, the small wind power market is predicted to develop at the quickest rate in Asia Pacific, recording considerable increases during the projection period. Due to rapidly dwindling supplies, the area is currently experiencing a significant energy crisis, which is predicted to worsen in the near future. Affordable renewable energy sources are being considered the future of the energy industry in this critical circumstance. Government programs like incentives and energy-saving certificates from governments in India, China, Malaysia, and Thailand are also expected to encourage commercial buildings to adapt to power generation from small wind turbines during the forecast period, contributing to the market's phenomenal growth.
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