The growth in demand for renewable energy sources has inspired the growth for small wind power projects to a great extent. The market is on course to achieve USD 8,601.9 Million in revenue while expanding at a CAGR of 13.88 % in the approaching period. —
Enhancements noticed in the technological and economic potential of the small wind power market are contributing to an increase in the entry of competitors who are aiming to transform the market considerably. The accelerated innovation pace considerably bolsters the market in the market with regards to the product offering. The rising emphasis on the microgeneration of energy is expected to create profitable avenues for the development of small wind power market in the forecast period. The growth of the market stems particularly from the strict adherence to carbon emission reduction goals which has been undertaken by government authorities. Currently, the market is expected to gain significant growth from power remote or off-grid applications which will provide an increased boost for the market development in the forecast period.
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The market trends reveal favorable growth in the product range that can bring an improvement to the product range, and thus tackle the customer needs efficiently. The incidence of productive units is projected to generate more sales or greater margins as compared to its market adversaries. The commencement of new technology is furthering the growth capability of the market. Considerable reductions in administrative finances are bringing more developments to the market. The making of a strong value chain is additionally encouraging the development of the market.
The significant companies in the small wind power market are Bergey Wind Power Co. Inc. (U.S.), Kingspan Group Plc. (Ireland), Shanghai Ghrepower Green Energy Co., Ltd (China), Eocycle Technologies Inc. (Canada), Guangzhou HY Energy Technology Co., Ltd (China), Ennera Energy and Mobility, S.L. (Spain), Aeolos Wind Energy Ltd (U.K.), XZERES Wind Corporation (U.S.), Northern Power Systems Corp. (U.S.), Endurance Wind Power Inc. (Canada), and City Windmills Holdings PLC (U.K.).
Small Wind Power Market Segments Analysis
The segmentation of the small wind power market is carried out on the basis of grid connectivity and axis.
On the basis of axis, the market for small wind power has been segmented into vertical axis and horizontal axis.
By grid connectivity, the small wind power market has been segmented into off-grid and on-grid.
The regions considered in the small wind power market are the Americas, Europe, the Middle East & Africa and the Asia Pacific.
Small Wind Power Regional Industry Analysis
The regional analysis of the small wind power market observes that the European region is expected to be responsible for the largest market share. The small wind power growth is part of a broader change from fossil fuels to renewable energy, throughout the European Union.
The Americas region is the next principal market chiefly due to the high demand for on-grid application of small wind power, mostly in advanced nations such as the U.S. The U.S. is the chief market for small wind power in the Americas region.
The Asia Pacific region is also another chief market for small wind power. There is also a growing demand observed for energy due to the rising population and increasing electricity demand in the region as these rapidly growing economies are also the top polluters in the world. At present, China has a major number of small wind project projects under the planning and construction phase, which is trailed by Japan.
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List of Figures
Figure 1 Global Small Wind Power Market: Market Structure
Figure 2 Key Takeaways Of The Small Wind Power Market
Figure 3 Key Buying Criteria Of Small Wind Power
Figure 4 Research Process Of MRFR
Figure 5 Top Down & Bottom Up Approach
Figure 6 Droc Analysis: Global Small Wind Power Market
Figure 7 Porter’s Five Forces Analysis: Small Wind Power Market
Figure 8 Supply Chain Analysis: Small Wind Power Market
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