Small Wind Power Market Growth and Key Player’s Strategy To Overcome Barriers Upto 2030

Small Wind Power Industry Insights:

The Small Wind Power Market is projected to grow from USD 5.63 billion in 2022 to USD 14.80 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.82% during the forecast period (2022 – 2030).

The small wind power market has been growing steadily in recent years due to various factors such as increasing energy demand, environmental concerns, and advancements in wind turbine technology. Small wind turbines offer several benefits, including on-site electricity generation, reduced reliance on the grid, and the potential for cost savings in the long run.

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COVID-19 Impact on Small Wind Power Market:

The COVID-19 epidemic has had a conflicting effect on the market for small wind turbines. While supply chain interruptions and economic uncertainty have caused demand in some locations to drop, government stimulus programs and a rise in interest in renewable energy have caused demand in other regions to rise.

Supply chain disruptions have been one of the biggest issues the tiny wind energy business has had to deal with during the pandemic. Due to factory closures and travel limitations, it has become challenging to deliver these components on time to small wind turbine makers who depend on them. Wind turbine construction and delivery have been delayed as a result, and in certain situations, costs have gone up.

Regional Analysis:

The global Small Wind Power Market is divided into five regions:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Asia Pacific is considered for a 19.5% revenue share in the overall market for small wind in 2021 and is expected to register significant gains over the forecast period. The region is fronting a large-scale energy crisis which is anticipated to enhance in the foreseeable future owing to fast-depleting resources. The Asia Pacific is awaited to be the second-largest market during the forecast period.

Europe came up as the global leader with a revenue share of a 43.2% in 2021. Germany and the U.K. gripped the maximum share in Europe, nearly dominating the market primarily owing to large-scale funding received by both nations cumulatively. The U.K. is a significant market in Europe occupying a 25% of the market. The changes in the Feed-In scheme introduced in the UK possessed a huge impact on market growth during the last years.

The North American market of small wind was running as the second-largest region in terms of both volume and revenue in 2021.

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Market Segmentation:

The global Small Wind Power Market is segmented into the following types.

By Grid Connectivity

• On-Grid
• Off-Grid

By Axis

• Horizontal
• Vertical

By Capacity

• Up to 2kW
• 2kW to 5kW
• 5kW to 10kW

Small Wind Power Market Challenges:

1. High Initial Costs: The upfront investment for small wind power systems can be significant, deterring some potential buyers.
2. Site Suitability: The effectiveness of a small wind turbine is highly dependent on the location and local wind resources. Not all sites have sufficient wind speeds to generate optimal power output.
3. Grid Connection and Net Metering: Connecting small wind turbines to the grid and navigating net metering policies can be complex, varying from region to region.

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Key Players:

The global Small Wind Power Market’s prominent key players are SD Wind Energy, Northern Power Systems Inc., City Windmills, Bergey Windpower, Eocycle Technologies Inc., Ennera Energy and Mobility, Aeolos Wind Turbine, Xzeres Wind Corporation, HY Energy Co. Ltd., Shanghai Ghrepower Green Energy Co. Ltd. ZKEnergy Science & Technology Co. Ltd, Unitron Energy Systems Pvt. Ltd. and Ryse Energy.

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