Small Wind power Market is expected to reach USD 8,601.9 Million at a CAGR of 13.88% by 2023

Market Highlights
The Global Small Wind Power Market has perceived remarkable opportunities across the world, owing to increase in awareness among consumers about the use of renewable energy sources. Moreover, increase in demand for renewable sources for energy generation coupled with rapid industrialization boost the growth of the global small wind power market. It is expected that the market is going to witness a significant growth of the global small wind power market, due to rise in demand for energy and increase in concerns about the environmental impacts of power generation using fossil fuels. Also, the growing attention of government agencies through high investments to improve electricity generation by integrating renewable sources of energy, such as wind energy, has boosted the global small wind power market growth. Global Small Wind power Market is expected to reach USD 8,601.9 Million at a CAGR of 13.88% by 2023.

Increasing consumer awareness towards the use of renewable energy sources has predominantly fostered the global Small Wind Power market growth generating the vast pool of market opportunities across the world. Additionally, augmented demand for renewable sources for energy generation coupled with the burgeoning industrialization fuels growth of the global Small Wind Power market. The Small Wind Power market is also fascinating the government bodies worldwide owing to the cost effective output; encouraging them to invest significantly to improve electricity generation by integrating renewable sources of energy, such as wind energy. Government offers funds and soft loans, for small private wind farms from 100KW to 500KW that have accelerated depreciation and power purchase scheme; this further boosts the global Small Wind Power market growth. Other factors that provide impetus to the Small Wind Power market growth include the rising demand for energy and increase in concerns about the environmental impacts of power generation using fossil fuels coupled with the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources.

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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).

Industry/ Innovation/ Related News
November 20, 2017 – CGE Energy (US) unveiled its WIND-e20 by making further advancements in multiple aspects of the development of their flagship, a vertical-axis wind turbine. The 105-foot WIND-e20 generates clean power on-site and is the world’s only turbine that can be installed, maintained and removed without a crane and its blades even collapse in storms all feats that help clear barriers for sustainable energy. The proposed legislation would reinstate the renewable energy tax credit for small wind energy projects, proposed tax reform legislation were released just earlier Nov.2017 providing for massive alterations to tax law.

December 07, 2017 - During the Intersolar India Exhibition and Conference at the Bombay Exhibition Centre, Mumbai, revealed were the India’s planned growth in to the field of renewable energy stating that the India is at the vanguard of the world’s rapid transformation to smart energy. The Ministry of New and Renewable Energy is driving clean energy at an unprecedented rate, while India’s energy consumption is set to double over the next 6-7 years. The Government of India has set itself a highly ambitious task of having installed 175 GW of green energy by 2022. The target includes 60 GW from wind and 100 GW from solar, whereas the latter is split into 60 GW ground-mounted and 40 GW of rooftop. This news further estimates the growth of small wind power market in India

Strategies
The key players operating in the market adopted various strategies to retain and/or expand their market share. The key strategy followed by most companies within the global small wind power market was that of new product development, and expansion. New product development strategy has widely been adopted to increase the number of product offerings for the customer. For instance, Eocycle Technologies Inc. launched their next generation EO25 wind turbine. The new wind turbine provides a 65% increase in energy production over the similar model from the previous generation. No other small wind turbine in the market can match its efficiency. At 6 m/s, the turbine has a certified capacity factor of 44%, resulting in an annual production of more than 87,000 kWh.

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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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