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Small Wind Market Worth 1.89 Billion USD by 2019
The report "Small Wind Market by Type (Horizontal Axis Wind Turbine, Vertical Axis Wind Turbine), by Application (On-Grid, Off-Grid), by Geography (Asia-Pacific, North America, Europe) - Global Trends and Forecast to 2019" published by MarketsandMarkets, The Small Wind Power Market is projected to grow at a CAGR of 19.5% from 2014 to 2019 to reach USD 1.89 Billion by 2019.
Browse 79 Tables and 53 Figures spread through 102 Pages and in-depth TOC on "Small Wind Market"
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The market report defines and segments the global small wind power market with analysis and forecasting of the global revenues for small wind power. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
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The segmentation considered for this report on small wind power market is based on the type, application, and region. The market has been segmented on the basis of type into horizontal axis wind turbine and vertical axis wind turbine. On the basis of application, the market has been segmented into on-grid and off-grid. The off-grid segment accounted for the largest share of the global small wind power market in 2014.
Small wind turbines with a capacity rating of less than or equal to 100 kW are designed to produce clean energy, emission-free power farms for homes and small businesses. Small wind turbines include all plants where the swept rotor area is smaller than 200 square meters at 350 W/m2. These small wind turbines find application in off-grid setups such as telecommunication towers and domestic uses. Small wind power is expected to become an important source of renewable energy to reduce reliance on fossil fuels.
Growing environmental concerns, coupled with economic advantages, have led governments across the world to support the renewable energy industry, thereby expanding the small wind power market. The capital costs involved in setting up a functional wind power project still remain high, but the gradual shift towards reducing reliance on fossil fuel consumption for electricity has aided cost reduction for wind technology.
The small wind power market is projected to grow at a CAGR of 19.5% from 2014 to 2019 to reach USD 1.89 Billion by 2019. The demand for small wind power has escalated due to rapid industrialization and development of infrastructure in unconnected areas. The rise in wind energy generation initiatives offers an attractive opportunity to the wind turbine manufacturers. The North American region accounted for the largest market share in the small wind power market in 2014; this is owing to the high demand for on-grid applications of small wind, especially in developed nations such as the U.S. In the European region, the demand for small wind for off-grid applications, from most of the Western European countries, is expected to grow at a high rate in coming years.
Leading players in the small wind power market include Northern Power Systems Inc. (U.S.), Bergey Wind Power Co. (U.S.), Kingspan Group Plc. (Netherlands), Shanghai Ghrepower Green Energy Co. Ltd. (China), Endurance Wind Power Inc. (Canada), ZKEnergy Technology Co., Ltd. (China), and Xzeres Wind Corp. (U.K.). One of the major developments observed in the small wind power market is new product development. It is essential for the manufacturers to continually invest in research and development activities and come up with innovative solutions to adhere to the standards set by government for small wind power. Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand of small wind power in key emerging markets. These strategies have aided companies to create a large customer and partner base in key markets.
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News Release: Small Wind Market Worth 1.89 Billion USD by 2019
Submitted on: January 11, 2017 02:22:58 PM
Submitted by: andraw
On behalf of: www.prnewswire.com/news-releases/small-wind-market-worth-189-billion-usd-by-2019-522807541.html