Small Wind Power Market Projected to Hit USD 14.9 Billion by 2030 At A CAGR of 13.5% - Report by Market Research Future (MRFR)

The Small Wind Power Market is growing due to the increasing adoption of small wind energy in rural households

/EIN News/ -- New York, US, June 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Small Wind Power Market Analysis by Grid Connectivity (On-Grid and Off-Grid), By Axis (Horizontal Axis and Vertical Axis), by Capacity, and by Region - Global Forecast to 2030” valuation is poised to reach USD 14,920.4 Million by 2030, registering a 13.5% CAGR throughout the forecast period (2021–2030). 

Small Wind Power Market Overview

Small wind power is made of a distinctive set of tools built within the wind energy sector. They are usually used to provide energy to a small-scale use such as an individual or small customers including advertising systems, farms, households, road signalization, and weather stations. They provide a hopeful substitute for several distant electrical uses as separate applications and in mixture with other energy conversion technologies. The global market for small wind power has recorded a massive rise in the growth rate in the last few years, propelling the global economy towards optimum growth.

Small Wind Power Market Report Scope:

Report Metric	Details
Market Size	USD 14,920.4 Million
CAGR	13.5%
Base Year	2020
Forecast Period	2021-2030
Historical Data	2019
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Grid Connectivity, Capacity and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Shanghai Ghrepower Green Energy Co. Ltd., Ryse Energy, SD Wind Energy, Unitron Energy Systems Pvt. Ltd., Northern Power Systems Inc., ZKEnergy Science & Technology Co. Ltd, City Windmills, Xzeres Wind Corporation, Aeolos Wind Turbine, Eocycle Technologies Inc., H.Y. Energy Co. Ltd., Ennera Energy and Mobility and Bergey Windpower
Key Market Opportunities	Favorable government initiatives and policies
Key Market Drivers	Adoption of small wind energy in rural households

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Market Drivers

The global market for small wind power has recorded a tremendous growth rate in the last few years. The market's performance is credited to the implementation of small wind energy in rural households, increasing investments in the production of clean energy, and encouraging government programs and policies.

Market Restraints

On the other hand, the rising adoption and implementation of alternative solutions and high capital costs may impede the growth of the small wind power market. 

Small Wind Power Market Segments

Among all the types, the vertical axis wind turbines segment led the global small wind power market in 2020 and is likely to record the highest growth rate over the assessment timeframe. The growth of the segment is credited to its high-efficiency feature.

Among all the installation types, the on-grid segment will lead the global market for small wind power in 2020. Given the growing environmental concerns and demand from off-grid applications, the segment will likely register the highest growth rate over the projected timeframe.

Out of all the application areas, the commercial segment will lead the global market for small wind power in 2020. The segment's growth is credited to the rapid expansion of infrastructure and the rise in industrialization across the globe.

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Small Wind Power Market Regional Analysis 

The global small wind power market is analyzed across five major regions: the Middle East & Africa, South America, Asia-Pacific, Europe, and North America.

As per the research reports by MRFR, the North American region is anticipated to dominate the global market for slight power wind over the assessment era. The U.S. contributes over 75% of the North American small wind power market. The country has the second-largest market across the globe. The imminent phase-out of the total value of the U.S. production tax credit (PTC) in the last quarter of 2020 mainly propelled investments in wind turbine capacity 2020. Canadian energy mix has also been influenced by small wind power. In the past decade, the Canadian energy from wind power has grown by 20 percent per year. Furthermore, in Mexico, the use of small wind turbines is becoming an alternative energy strategy with growing potential for fulfilling in situ electrical demands and is in the growing stage of promoting social penetration.

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The small wing power market for the European region is likely to record a substantial growth over the forecasted timeframe. The regional market's growth is ascribed predominantly to the fact that the regional energy market grows gradually more dependent on a renewable energy source, which is cheap to harness and carbon-emission free. Furthermore, the low feed-in tariff, high electricity prices, and growing regional investments are also projected to influence the regional market's growth. In addition, the regional market has witnessed a massive rise in the adoption of renewable energy across the rural areas, given the rising awareness regarding the environmental benefits and cost-effectiveness, which in turn is projected to boost the growth of the regional market over the coming years.

COVID-19 Impact

The global COVID-19 pandemic has had a massive impact on the majority of the market sectors across the globe. The small wind power market was no different than others in the early stage of the pandemic. On the other hand, towards the last quarter of 2020 and beginning of 2021, the market picked up the pace with growing demand, because of which the overall economic impact was low. The implementation of social distancing norms and travel restrictions led to causing significant disruptions in the supply chain. This also caused a significant delay in project building timelines. The effect of absence of the workforce and the supply of project components may trigger unsuitable project completion and a chronological impact on project economics. Other than this are the latest policy changes that restrict the clearance of goods from countries in turbine assembly. Though, many countries such as India are concentrating on boosting manufacturing with global technology available and accelerating component manufacturing. On the other hand, the demand creation is likely to rest on the government's commitment and several procurement models for boosting small wind power market growth.

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Small Wind Power Market Competitive Analysis

Dominant Key Players on Small Wind Power Market Covered are:

•  Shanghai Ghrepower Green Energy Co. Ltd.
•  Ryse Energy
•  SD Wind Energy
•  Unitron Energy Systems Pvt. Ltd.
•  Northern Power Systems Inc.
•  ZKEnergy Science & Technology Co. Ltd
•  City Windmills
•  Xzeres Wind Corporation
•  Aeolos Wind Turbine
•  Eocycle Technologies Inc.
•  H.Y. Energy Co. Ltd.
•  Ennera Energy and Mobility
•  Bergey Windpower

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