Small Wind Power Market Benefited Particularly From The Growing Global Trend Of Feed-In Tariffs

Market Highlights:-

Small wind turbines can be developed to meet the specifications suitable for the domestic and international (developed and developing) markets. These turbines can be coupled with diesel generators, batteries and other distributed energy sources for remote use where there is no access to the grid. One of the primary drivers for the growth of small wind power market, is the important part played by the government initiatives and policies. In many countries such as Japan and EU countries, policies such as feed-in tariffs, net metering, tax credits, and capital subsidies are the major energy policies geared, specifically, towards small wind. The small wind power sector has benefited particularly from the growing global trend of feed-in tariffs (FITs). Moreover, adoption of small winds in several commercial applications & rural households also fuel the growth of the market. However, high initial cost and fluctuating prices of raw materials may hamper the growth of the market.

The technological and economic potential for renewable energy to provide a growing share of clean, secure energy for North America over the coming decades, is very large. Asia Pacific is also another major market foe the small wing power. There is an increasing demand for energy because of the growing population and rising electricity demand in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Currently, China has the largest number of small wind project projects under planning and construction phase, which is followed by Japan. The small wind project market in Asia Pacific was valued at USD 525.9 million in 2016, and it is projected to reach USD 1,338.1 million by 2023, at a CAGR of 14.38% percent.

Market Segmentations:-

For the purpose of study, global small wind power market is segmented by grid connectivity and by axis. Based on grid connectivity, the market has been divided into on-grid and off-grid. Off-Grid accounted for the largest market share of 63.84% in 2016, with a market value of USD 2,224.9 million and is projected to grow at the highest CAGR of 14.06% during the forecast period. An off-grid solution is a system that works independently and is not connected to the electricity distribution system. It also called stand-alone systems. On-Grid was the second-largest market in 2016, valued at USD 1,260.5 million in 2016; it is projected to grow at a CAGR of 13.57%.

Based on axis, horizontal axis accounted for the largest market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is projected to grow at a CAGR of 13.03% during the forecast period. Vertical axis was the second-largest market in 2016, valued at USD 1,217.5 million.

Industry Major Key Players:-

The key players of global small wind power market are Eocycle Technologies Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd (China), Guangzhou HY Energy Technology Co., Ltd (China), XZERES Wind Corporation (U.S.), Kingspan Group Plc. (Ireland), Northern Power Systems Corp. (U.S.), Bergey Wind Power Co. Inc. (U.S.), Ennera Energy and Mobility, S.L. (Spain),Endurance Wind Power Inc. (Canada), Aeolos Wind Energy Ltd (U.K.), and City Windmills Holdings PLC (U.K.).

Scope of the Report:-

This study provides an overview of the global small wind power market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global small wind power market by its grid connectivity, axis and region.

Regional Analysis of Global Thermal Energy Storage Market:-

Americas was the second-largest market & valued at USD 1,260.3 million in 2016 mainly due to the high demand for on grid application of small wind power, especially in developed nations such as the U.S. According to Department of Energy report 2015 on Wind Energy, 80% of small wind turbines manufactured in the country are being exported to Europe.

Hybrid power systems can provide reliable off-grid power for homes, farms, or even entire communities that are far from the nearest utility lines. On-Grid, valued at USD 1,260.5 million, was the second-largest market in 2016. In this type small wind turbine system is linked to the utility grid. When the wind system produces more electricity than what a household requires, the excess is sent or sold to the utility. With this type of grid connection, your wind turbine will operate only when the utility grid is available.

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