Press release
Small Wind Market Set to Soar to USD 21.37 Billion by 2032, Driven by Off-Grid Installations
Small Wind Market
The global Small Wind Market is poised for significant expansion, with projections indicating a growth from USD 10.68 billion in 2024 to approximately USD 21.37 billion by 2032, reflecting a robust Compound Annual Growth Rate (CAGR) of 9.05% during the forecast period . This surge is driven by escalating demand for decentralized renewable energy solutions, particularly in off-grid and rural areas.
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Competitive Landscape
The market is characterized by the presence of several key players focusing on technological advancements and strategic partnerships to enhance their market share. Companies such as Northern Power Systems, Bergey Windpower, and Kingspan Group are at the forefront, investing in research and development to produce efficient and cost-effective small wind turbines.
Regional Highlights
United States: Growth and Consolidation
In the United States, the small wind market is experiencing steady growth, bolstered by federal and state incentives promoting renewable energy adoption. Recent developments include the proposed offshore wind projects in the Gulf of Mexico by Hecate Energy and Invenergy, aiming to construct wind farms with capacities of up to 2,500 megawatts . These initiatives signify a trend towards consolidation and expansion in the renewable sector.
Asia Pacific: Opportunity and Trends
The Asia Pacific region is witnessing significant opportunities in the small wind market, driven by countries like China and Japan. China continues to lead in wind power capacity, contributing 43% of global capacity . In Japan, government-backed incentives are fueling the adoption of small wind systems to enhance energy self-sufficiency and reduce carbon footprints.
Europe: Trends and Updation
Europe holds a substantial share of the global small wind market, accounting for over 38.5% of the revenue in 2024 . Germany, in particular, is focusing on decentralized power generation, with government initiatives supporting small wind systems. Technological advancements and supportive policies are contributing to the market's growth in the region.
Middle East and Africa: Emerging Opportunities
The Middle East and Africa are emerging as potential markets for small wind energy solutions. The need for off-grid energy solutions in remote areas presents significant opportunities for market players. While specific mergers and acquisitions are limited, the region's focus on renewable energy adoption indicates a promising future for small wind technologies.
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Recent Developments
OEG, a UK-based offshore wind service provider, has been acquired by US private equity firm Apollo in a deal valued at over $1 billion. This acquisition aims to support OEG's growth through energy transition, including a focus on small wind services .
Shell has announced a strategic shift, reducing investments in offshore wind and splitting its power division, reflecting a broader industry trend of reassessing renewable energy investments.
Small Wind Market Segmentation:
by Type
Horizontal Axis Wind Turbine
Vertical Axis Wind Turbine
by Installation Type
On-Grid
Off-Grid
by Application
Domestic
Small-Scale Industries
Commercial
According to Installation Type, it is projected that in 2032, the small wind industry's off-grid installation segment will hold 60.11 percent of the global market share. Though this market is expected to see a decrease as a result of government measures to improve grid connectivity, the demand for off-grid wind turbines can be ascribed to the long-standing customary means of binding this energy for electrification. Over the course of the projected period, such regulatory actions will strengthen the small wind market's on-grid segment. To increase their market share, the major companies in the small wind industry employ a variety of tactics, including partnerships, joint ventures, agreements, contracts, and expansions.
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Competitive Edge:
1. Northern Power Systems Corp. (U.S.)
2. Bergey Wind Power Co. Inc. (U.S.)
3. XZERES Wind Corporation (U.S.)
4. Eocycle Technologies Inc. (Canada)
5. Endurance Wind Power Inc. (Canada)
6. Kingspan Group Plc. (Ireland)
7. City Windmills Holdings PLC (U.K.)
8. Aeolos Wind Energy Ltd (U.K.)
9. S.L. (Spain)
10.Ennera Energy and Mobility (Spain)
11.ENVERGATE ENERGY AG (Switzerland)
12.Guangzhou HY Energy Technology Co. Ltd (China)
13.Shanghai Ghrepower Green Energy Co. Ltd (China)
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