Small Wind Power Market Valuation US$ 17 Billion by 2030
Small Wind Power Market Share to grow at 8.8% CAGR To 2030
WILMINGTON, DELAWARE, UNITED STATES, August 2, 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.
The key players operating and profiled in the report include 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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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.
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.
On the basis of region, 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 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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