Small wind power market predicted to grow USD 1,338.1 million by 2023.

Market Highlights

Americas was the second-largest market & valued at USD 1,260.3 million in 2016 mainly due to the high demand for on grid application of small wind power, especially in developed nations such as the U.S. According to Department of Energy report 2015 on Wind Energy, 80% of small wind turbines manufactured in the country are being exported to Europe. The U.S. is the largest market for small wind power in Americas. The technological and economic potential for renewable energy to provide a growing share of clean, secure energy for North America over the coming decades, is very large. Asia Pacific is also another major market foe the small wing power. There is an increasing demand for energy because of the growing population and rising electricity demand in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Currently, China has the largest number of small wind project projects under planning and construction phase, which is followed by Japan. The small wind project market in Asia Pacific was valued at USD 525.9 million in 2016, and it is projected to reach USD 1,338.1 million by 2023, at a CAGR of 14.38% percent.

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Market Research Analysis

Horizontal axis wind turbine is expected to grow at the highest CAGR.

Horizontal axis wind turbine dominate the majority of the wind industry. Horizontal axis means the rotating axis of the wind turbine is horizontal, or parallel with the ground. In large scale wind application, horizontal axis wind turbines are almost all you will ever see. However, in small wind and residential wind applications, vertical axis turbines have their place. The advantage of horizontal wind is that it is able to produce more electricity from a given amount of wind. These factors will drive the market for horizontal axis wind turbine in small wind power market during the forecast period.

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Scope of the Report

This study provides an overview of the global small wind power market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global small wind power market by its type, by application and by region.

By Type

Horizontal axis wind turbine
Vertical axis wind turbine
By Application

On-Grid
Off-Grid
By Regions

North America
Asia Pacific
Europe
Rest of the World
Asia-Pacific
ROW
Key Players

The key players of global small wind power market are Northern Power Systems Inc. (U.S), Kingspan Group PLC (Ireland), Xzeres Wind Corporation (U.S), Wind Energy Solutions (Netherlands), Bergey Windpower Co. Inc. (U.S), Guangzhou HY Energy Technology Limited Corp. (China), Eocycle Technologies Inc. (Canada), Endurance Wind Power Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd. (China) and ZKEnergy Science & Technology Co., Ltd. (China).

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This release was published on openPR.