Small Wind Power Market Trends & Industry Growth | Europe Dominate by United Kingdom, Denmark, Ireland, Sweden, Italy
Small Wind Power Market Trends & Research Insights by 2030 | CAGR of 8.8%
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The small wind power market size was valued at $7.4 billion in 2020, and global market forecast projected to reach $17.1 billion by 2030, with at a CAGR of 8.8% from 2021 to 2030.
Top Companies
Aeolos Wind Energy Ltd, Bergey Wind Power Co., City Windmills, Eocycle Technologies Inc., Northern Power Systems, Ryse Energy, SD Wind Energy Limited, Shanghai Ghrepower Green Energy Co. Ltd., UNITRON Energy Systems Pvt. Ltd. and Wind Energy Solutions.
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The Asia-pacific region registered the highest Small Wind Power Market Share and is projected to maintain the same during the forecast period.
Small wind power refers to the use of wind turbines with a capacity typically ranging from a few hundred watts to a few hundred kilowatts to generate electricity for residential, agricultural, commercial, or small-scale industrial applications.
A small wind turbine is used for microgeneration of electricity, as opposed to large commercial wind turbines with high individual power output.
Generally determined by the way the turbine spins, wind turbines can be classified into two basic types—horizontal axis and vertical axis wind turbines.
Horizontal axis wind turbines are used predominantly whereas the vertical axis wind turbines are less preferred. Small wind turbines comprise of a broader range of wind turbines from micro and mini to household sized.
Wind turbines in the aforementioned sizes have power ratings from a few watts to dozens of kW.
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Growth in demand for sustainable and renewable sources of energy across consumers majorly drives the demand for small wind turbines.
Emphasis on clean energy as well as increase in number of awareness programs conducted by governmental and private organizations is another key element that accelerates the demand for small wind turbines across the globe.
The Vertical Axis Wind Turbine segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
The on-grid segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
The commercial segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
Small wind turbines can be connected to the electricity grid to supplement or offset grid power consumption, or they can operate independently as part of an off-grid or standalone power system.
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Small wind turbines refer to a wind power project generally under a power generation capacity of 20 kW and a rotor diameter of 10 meters or 30 feet. Small wind turbines are being widely deployed for domestic and household purposes.
Small wind turbines differ from large turbines in several crucial ways, demonstrating their relatively greater versatility. While large turbines entail mature power grids, small wind turbines find applications in both on and off power grids due to their low energy output and size.
The off-grid application of small wind turbines avoid the heavy investments of expanding transmission lines to rural regions In addition, small wind turbines operate on lower wind speed as compared to large wind turbines, giving them more placement options.
Small wind power systems offer a decentralized and sustainable energy solution for meeting localized electricity needs, particularly in areas with adequate wind resources and suitable site conditions.
IMPACT OF COVID-19
The manufacturing of Wind turbine was stopped for a specific period due to high peak of covid-19 situation, which led to highly impact the sales of Wind turbine. However, led to negative impact on the market.
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Wind power projects is directly proportional to the demand of wind turbine used in projects. Wind turbine market have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in Wind turbine. However, it also led to decrease in the market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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