Global Small Wind Power Market size was valued at USD 6.2 billion in 2021 and is expected to hit around USD 14.3 billion by 2027, registering growth at a CAGR of 14.5% during the forecast period 2021 to 2027.
The small wind power market worldwide is reaching unprecedented heights and driving the global economy towards maximum growth.
The small wind power market growth is adversely affected by the COVID19 pandemic. Several sectors all around the world faced difficulty in performing working practices which led to severe financial losses. The global economy took a downturn during the pandemic and will take several years to stand again. The lockdown measures restricted the operational work of industries and created a breakage in the supply chain. During the COVID19 pandemic outbreak, many countries' energy consumption rates decreased. The entire small wind power market growth depends on the amount of energy consumed all over the world.
The small wind power industry relies on the demand for energy, and the energy requirement is not going to end sooner. The small wind power market maintained a steady growth even in severe circumstances. The increased adoption of renewable resources energy will drive market growth in the near future.
Major drivers of the market
The rising concern of utilizing renewable resources for electric generation will act as a major driving force for the small wind power market. The demand for more and more off-grid applications has increased the growth of the small wind power market to a greater extent. Off-grid systems are independent equipment that is not connected to any distribution systems of electricity. These systems are helpful for installation in private spaces and utilization of energy more efficiently. The small wind power industry provides the facility of on-grid systems which are connected to a utility grid that is useful in providing electricity for domestic appliances and business purposes.
The small wind power market trends are continuously changing and developing, which drives the market with full momentum. The recent developments in the small wind power industry have resulted in reduced costs and increased energy efficiency. All these features are capable of raising the small wind power market growth in the forecast period.
Significant opportunities for the market
The small wind power market outlook represents that the market is numerous opportunities of small wind power systems will raise the market growth possibilities. It will help to reach the expected market value within the forecast period. The technological advancements in the small wind power industry will reduce the installation and production cost, which will increase the demand for implementing small wind power systems. The small wind power market provides more energy-efficient methods, which a major factor for market growth. The global concern rising for the adoption of renewable resources for a carbon-free world has increased the small wind power market value many times.
The outbreak of the COVID19 pandemic impacted the growth of the small wind power market value and worked as a prime restraint for the market. The lockdown measures restricted the production process and delayed several small wind power industry projects. During the pandemic, the global consumption of energy decreased, which hampered the small wind power market growth eventually. However, the rising concern for environmental issues results in the adoption of renewable resources for energy utilization which helps the market to reach its optimum level.
Market growth challenges
The adoption and implementation of alternative renewable resources for energy consumption can be a bigger constrain in the small wind power market growth. The easy availability of other options like rooftop solar systems, bio-energy facilities, and many others can hinder the growing capacity of the small wind power market size. The new development and expansion methods will help to reduce the challenges of the market.
Value Chain Analysis
The small wind power market revenue is increasing exponentially over the past few years and is expected to rise to unprecedented heights. The off-grid connectivity market share in 2020 was around 67% which was way more than the on-grid connectivity market share. The small wind power market analysis suggests that the market possesses extreme potential in both off-grid and on-grid connectivity systems. By the end of 2027, the small wind power market value will achieve greater revenue than the many previous years.
The small wind power market fragmented on the basis of grid and axis. The market segmentation on the basis of grid connectivity includes on-grid and off-grid connectivity. The on-grid connectivity systems are connected with utility systems and are majorly used for domestic appliances and business purposes. The off-grid connectivity systems are independent equipment without any connection with distribution systems. Small wind power market segments on the basis of axis comprise of the horizontal and vertical axis. On the horizontal axis, wind turbine blades remain parallel to the wind flow, whereas, on the vertical axis, the blades remain perpendicular to wind flow. The horizontal axis and off-grid systems have the largest market share as compared to other systems.
The small wind turbines are upwind machines that convert wind energy into electrical energy with the help of blades, rotors, and generators. The small wind power market provides facilities to generate electricity at the micro-level and is widely used in homes, beacons, and farms. The extensive range of global environmental issues has increased the need for changes in the overutilization of non-renewable resources. For many years, fossil fuels are used for generating electricity, and now the world is in a state where non-renewable resources are depleting to a greater extent. The only way to resolve the global concern is the utilization of renewable resources for electricity production. The developments in the small wind power market allow having remote electricity generation for lesser consumption.
Europe has major control over the global small wind power market share, around 46% in 2020 with a market valuation of USD 1.5 billion. The growth rate is expected to reach around 14% in the forecast period. The small wind power market is an effective way to shift from the fossil fuel-based electricity industry towards the renewable resources-based electricity industry. The small wind capacity noted in 2015 was about 272.6 MW. The wind capacities help the small wind power market trends in Europe to excel globally. The European Union and the European government have taken several initiatives and projects with the small wind power industry. The small wind power projects are provided with certain incentives to support the wind power systems that will help to meet the carbon reduction target in the future.
In the global small wind power market, America has a greater demand for on-grid small wind power applications, which makes its small wind power market value around USD 1.3 billion in the year 2020. A Department of Energy report in 2015 explains that almost 80 percent of the small wind power systems manufactured in America are exported to Europe. However, the economic and technological potential of the area can help in accessing cleaner, secure energy in the upcoming years. The growing population in the Asia Pacific region increased the electric consumption in the region, and the advent of a small wind power market can meet energy requirements in the next many years.
Prominent players have invested huge capitals in R&D activities to develop advanced products to cater to the requirements of the market. The key players operating in the industry include Northern Power Systems Inc., Bergey Wind Power Co., Kingspan Group Plc., Xzeres Wind Corp., Unitron Energy, Sun and Wind Renewables Private Limited, Fortis Wind Energy, Aeolos Wind Energy Co. Ltd., Qingdao Windwings Wind Turbine Co. Ltd., and Greenergy Technology Co.
The other players in the value chain (profiles not included in the report) include Trueskill Energen Pvt. Ltd., Buildmet Technologies Pvt. Ltd., Advanced Bolting Solutions Ltd., Helix Wind Corp., AE Wind Systems, Auxin Solar Inc., Sauer Energy Inc., Wingen 2000, WINPhase Energy Inc., Hefei Wind Wing Energy Technology Co., Ltd., Quingdao Greef New Energy Equipment Co. Ltd., and Willgain Power Industry Co. Ltd.
By Installation Type
The Small Wind Power market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Small Wind Power market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Small Wind Power market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Small Wind Power market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Small Wind Power market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Small Wind Power capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Small Wind Power by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Small Wind Power market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Small Wind Power market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Small Wind Power market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Small Wind Power industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Small Wind Power market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Small Wind Power market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Small Wind Power market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Small Wind Power market. These factors have benefited the growth of the global market for Small Wind Power. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Small Wind Power. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Small Wind Power are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: