Small Wind Market to reach US$ 309 million by the year 2027

The Small Wind Market has been valued at US$ 277.4 million in the year 2021, and it is estimated to reach US$ 309 million by 2027, with a CAGR of 1.19% from 2022 to 2027.

A small wind system is a power-generating system that can run independently or is connected to the electric grid through a power provider. A modest wind power plant is the perfect substitute for remote areas that are not yet connected to the electric grid. A wind turbine atop a tower offers better access to stronger winds in a wind-electric system. Small wind power systems need balance-of-system components in addition to the turbine and tower.

A modest wind electric system is one of the most affordable, pollution-free home-based renewable energy systems. The US Department of Energy also claims that small wind electric systems can save electricity costs by 50% to 90% and help avoid the costly expenses associated with building utility power lines in rural locations. Additionally, it helps uninterruptible power supply endure prolonged grid outages. Water pumping on farms and ranches is only one of the many possible uses for small wind power systems.

Government regulations intended to stop the growth of carbon footprints and financial incentives provided to promote renewable energy sources are predicted to drive the industry.

Market Drivers and Restraints:

Micro-scale electricity generation is made possible with small wind systems. These systems are widely used in homes, companies, and farms, and increasing the adoption of these systems will help the market grow during the forecasted period. Numerous global environmental problems have increased the need for changes to the usage of non-renewable resources. Additionally, they cut electricity costs in remote areas that depend on oil-fired production while enabling locals and small companies to produce their electricity. They also offer modern power services to households who previously lacked access.

The market for small wind turbines will be significantly influenced by the rising opposition to using renewable energy sources to generate electricity. The increasing desire has pushed the growth of the tiny wind energy business for more off-grid applications. These gadgets can be installed in private areas and used to use energy more effectively. The small wind energy sector offers on-grid systems tethered to a utility grid and supplies electricity for home appliances and commercial requirements.

Sites for wind farms are frequently located in less populated and far-away locations. Project developers need to frequently visit the project site from the start of the planning and development phase to inform local stakeholders of the project, obtain their agreement, and carry out numerous procedures. When project locations are inaccessible to developers due to restrictions on travel, various processes are delayed, which has a detrimental effect on the market for small wind turbines. Additionally, the projected period will likely see a slowdown in industry growth due to the increasing usage of alternative energy sources for small-scale renewable development, such as solar and small-scale bioenergy plants.

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The report is segmented as follows:

The Small Wind Market is segmented by Type; the Market is segmented based on Installation Type; the Market is segmented based on Application:

By Type (Horizontal Axis Wind Turbine and Vertical Axis Wind Turbine)

By Installation Type (On-grid and Off-grid)

By Application (Residential, Commercial, and Utility)

Geographical Segmentation:

Asia-Pacific dominated the small wind market in 2020, and future years are expected to continue this trend. Small wind turbines have a huge commercial potential in the area, especially off-grid and residential-scale models. China's government has actively promoted small wind power technology since the early 1980s, making it one of the few developing nations to do so.

Europe has become the world leader in the small wind sector. Germany and the United Kingdom held the highest market shares in Europe, which also effectively dominated the sector due to the substantial funding that both secured.

The small wind market in North America was the second-largest in terms of both volume and revenue. On the other hand, worries over market saturation by 2025 have hindered the sector's expansion.

The future is expected to see significant growth in Latin America.

The Middle East and Africa’s small wind market is also expected to grow slowly and steadily during the forecasted period.

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Impact of COVID-19 on the Market

The COVID-19 pandemic impacted all the markets worldwide in some way or the other. Travel bans, quarantines, the declaration of states of emergency in more than 40 countries, a significant slowdown in the supply chain, a decline in business confidence, and uncertainty about the future are just a few of the effects of the COVID-19 outbreak. The pandemic disrupted supply chains and pushed lockdown policies across numerous nations worldwide, hampering the flow of workers and commodities shortly after the first trimester of 2020. It forced to shut down of the construction of new wind farms in Europe. Additionally, the lockout affected the commissioning of both onshore and offshore wind farms and operation and maintenance services.

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