Small Wind Power Market Growth Rate Approximate 13.88% till 2023 | Future Growth Trends, Competitors Strategy and Industry Expansion Strategies

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Small Wind Power Market is projected to grow at CAGR of 13.98%, Global Small Wind Power Market by Grid Connectivity (On-Grid and Off-Grid), By Axis (Horizontal Axis and Vertical Axis) by Region (Americas, Europe, Asia Pacific and Middle East & Africa) - Global Forecast to 2023.

Small Wind Power Market – Overview

Increasing adoption rates of alternative energy sources have improved the demand for small wind power projects. Market reports connected with the energy and power industry have been made available by Market Research Future which generates reports on other business verticals that outlines the current market scenarios. The Small Wind Power Market is projected to attain a revenue level touching USD 8,601.9 Million while progressing at a CAGR of 13.88% in the forecast period.

The rising usage of horizontal axis wind turbines primarily in farm, homes and small business is expected to create to substantial opportunities for expansion of the market. The ability of small wind power projects in reducing the energy used by domestic appliances or bigger loads for business empowerment is a key factor that is pushing the expansion of the market. Encouraging policies initiated by governments in various countries is expected to bolster market demand in the forecast period.

Segmental Analysis

The segmental analysis of the Small Wind Power Market is carried out on the basis of grid connectivity, region, and axis. Based on grid connectivity, the small wind power market has been segmented Into Off-Grid and On-Grid. The off-grid segment is found to be accountable for the foremost market portion of 63.84% in 2016, and is expected to develop at the highest CAGR of 14.06% over the forecast period. Based on axis, the small wind power market has been segmented into vertical axis and horizontal axis. The horizontal axis segment is accountable for the key market portion with a market value of USD 2,267.9 million and is likely to grow at a CAGR of 13.03% in the duration of the forecast period. The regions included are Africa, Asia Pacific, Americas, Europe, and the Middle East.

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Detailed Regional Analysis

The region-wise analysis of the market finds that the European region controls a major market share of 41.32% in 2016, with a market value of USD 1,440.2 million and is estimated to develop at a CAGR of 13.98% through the forecast period. The adoption of small wind power setups is part of a wider exodus from fossil fuels to renewable energy, through the European Union. The European governments and the EU have supported small wind projects with positive incentives as part of their carbon emission reduction goals. The Americas region was the subsequent major market & valued at USD 1,260.3 million in 2016 chiefly owing to the elevated demand for on-grid application of small wind power, mainly in progressive nations such as the U.S. the technological and economic capacity for renewable energy is expected to deliver a growing share of clean, secure energy for a very vast North American region. The Asia Pacific region is also another core market for small wind power. There is a growing demand for energy because of the intensifying population and increasing electricity demand in the region. Furthermore, these rapidly growing economies in this region are also the highest polluters globally.

Currently, China has a major number of small wind project projects under the planning and construction phase.

Competitive Analysis

The contestants in the market are making an effort to create many advantages that will allow them to gain a more significant portion of the market. Product differentiation has led to a favorable product differentiation scenario that is countering the market’s progress. The study of the market reveals that it is primed for a high growth rate in the imminent years. Improved accessibility to diverse resources and capabilities is expected to impel the growth of the market in the coming forecast period. The use of effective strategy execution techniques is anticipated to bear positively on the future growth of the market. Furthermore, the vertical integrations and product strategies of the market is increasing the potential for the market players.

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The noteworthy contenders in the small wind power market are Ennera Energy and Mobility, S.L. (Spain), Northern Power Systems Corp. (U.S.), Kingspan Group Plc. (Ireland), Aeolos Wind Energy Ltd (U.K.), Endurance Wind Power Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd (China), Bergey Wind Power Co. Inc. (U.S.), Guangzhou Hy Energy Technology Co., Eocycle Technologies Inc. (Canada), Ltd (China), Xzeres Wind Corporation (U.S.), And City Windmills Holdings Plc (U.K.).

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Name: Abhishek
Email: Send Email
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Pune - 411028 Maharashtra, India