Small Wind Power Market: Green Whirlwinds | Asia-Pacific Rapidly Growing by Singapore, Japan, South Korea, Taiwan
Small Wind Power Market Revenue is projected to exceed USD 17.1 billion by 2030
WILMINGTON, DELAWARE, UNITED STATES, January 18, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The small wind power market1 size was valued at $7.4 billion in 2020, and global market forecast projected to reach $17.1 billion by 2030, with global small wind forecast expected at a CAGR of 8.8% from 2021 to 2030.
Small wind power systems are suitable for individuals and businesses seeking a renewable energy solution, especially in areas with favorable wind conditions. When properly sited and maintained, small wind turbines can contribute to a sustainable and decentralized energy infrastructure.
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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.
Major Industry Participants
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.
Small wind power systems have a relatively low environmental impact compared to traditional power generation methods. They contribute to reducing greenhouse gas emissions and dependence on fossil fuels.
Small wind power refers to the generation of electricity using small wind turbines that are typically designed for decentralized or distributed energy generation. Unlike large utility-scale wind farms, small wind power systems are suitable for residential, commercial, agricultural, and small industrial applications. These systems harness the kinetic energy of the wind to generate electricity for on-site consumption or to feed into the grid.
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.
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Small wind turbines can be integrated into the electrical grid to supplement or offset grid power. They are also used in off-grid systems, where the generated electricity is stored in batteries for use when the wind is not blowing.
Wind turbines in the aforementioned sizes have power ratings from a few watts to dozens of kW.
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.
On the basis of type, 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.
On the basis of installation type, the on-grid segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
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On the basis of application, the commercial segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
Small wind power systems are used in various applications, including residential homes, farms, businesses, telecommunications towers, water pumping, and off-grid locations. They provide a decentralized source of clean energy.
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.
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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