Dublin, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The "Small Wind Turbine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The small wind turbine market is in a declining phase and is expected to decline at a CAGR of less than 1% during the forecast period of 2021 to 2026, reaching a value of USD 187.2 million down by 2026 from USD 191.53 million, in 2019.
The COVID-19 pandemic has adversely affected the growth of the market due to a decrease in energy consumption in countries around the globe, the slowdown in the economic growth of almost all major economies, and disruption of the supply chain. Factors, such as rising environmental concerns and demand from off-grid applications are expected to drive the market. Also, advancements in technology leading to wind turbine manufacturing cost reduction and increase in efficiency have been a major factor for the growth of the small wind turbine market. However, the increasing adoption of alternative energy sources for small-scale renewable development, such as rooftop solar, and small-scale bioenergy facilities are expected to hinder the growth of the market during the forecast period.
Vertical axis wind turbine is expected to witness a decent amount of growth compared to the horizontal type in the small wind turbine market, owing to the rising popularity of the same in the residential sector, especially in emerging markets, such as China, Brazil, and India.
The emerging markets in Africa and South America offer a robust business opportunity for the small wind power business, as countries, including Brazil, South Africa, and Chile, are on the cusp of development, and there is an increased demand for electricity, which is expected to provide market opportunities for small wind turbine in the coming years.
Asia-Pacific is expected to dominate the market's growth with majority of the demand coming from countries, such as the China and India.
Key Market Trends
Vertical Axis Wind Turbine to Witness Moderate Growth
- Small Wind turbines offer the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
- Vertical axis wind turbines have the main rotor shaft arranged vertically. This gives higher structural stability to the wind turbines, which are generally placed nearby the densely populated area and reduce the risk of accidents.
- The vertical axis wind turbines (VAWTs) are becoming popular, especially in the residential sector. Although VAWTs are not as common as horizontal axis wind turbines (HAWT) due to lesser efficiency, VAWTs are quite suitable for deployment at residential sites. Apart from residential use, the VAWTs are also used to power street lights, as they are relatively compact and visually appealing.
- Additionally, the vertical axis wind turbines eliminate the requirement of a directional positioning system, as compared to the horizontal positioning system. Which reduces the requirement of complex instruments while also, reducing the overall cost.
- With the technological advancements and the wind turbine manufacturing costs declining significantly, in recent years, the adoption of vertical axis wind turbines is expected to increase in the coming years.
Asia-Pacific to Witness Moderate Growth
- Asia-Pacific has dominated the wind power generation market in 2019 and is expected to continue its dominance in the coming years as well. The region holds vast potential for the expansion of the small wind turbine market, notably in the form of off-grid and residential-scale small wind turbines.
- Asia-Pacific accounted for over 36% of global wind energy generation, amounting to 514.3 terawatt-hours in 2019. The government of China has been encouraging the deployment of small wind power (SWP) technologies, since the early 1980s, and it is one of the few emerging economies to actively develop in this sector.
- Moreover, various government initiatives, such as incentives and energy-saving certificates by the governments in India, China, Malaysia, and Thailand, are also expected to encourage commercial units to adapt to power generation from small wind turbines during the forecast period.
- One such policy is the "National Wind-Solar Hybrid Policy" introduced by the Indian Ministry of New and Renewable Energy (MNRE) in 2018. This policy essentially aims at establishing a structure based on which large-scale wind-solar hybrid power projects can be promoted.
- With the rising pollution concerns across the world due to industrialization, especially in Asia-Pacific, the regional wind power generation has gained considerable momentum. The region has become one of the largest producers of wind energy including small wind energy
- Therefore, Asia-Pacific is expected to continue to dominate the market due to an increase in demand for energy in the region.
Competitive Landscape
The small wind power market is moderately fragmented. Some of the major players operating in the market include Northern Power Systems Inc., Bergey Wind Power Co., SD Wind Energy, Xzeres Wind Corp., and Ryse Energy.
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Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Investment Opportunities
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes Products and Services
4.8.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Axis Type
5.1.1 Horizontal Axis Wind Turbine
5.1.2 Vertical Axis Wind Turbine
5.2 Application
5.2.1 On-grid
5.2.2 Off-grid
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Aeolos Wind Energy Ltd
6.3.2 Bergey Wind Power Co.
6.3.3 City Windmills Holdings PLC
6.3.4 Fortis Wind
6.3.5 SD Wind Energy
6.3.6 Kliux Energies
6.3.7 Northern Power Systems Inc.
6.3.8 Shanghai Ghrepower Green Energy Co. Ltd
6.3.9 Xzeres Wind Corp.
6.3.10 Ryse Energy
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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