Small Wind Power
Small Wind Power Market is projected to surpass USD 17.1 billion by 2030
OREGON, PORTLAND, UNITED STATES, June 20, 2023/EINPresswire.com/ —
The small wind power market size was valued at $7.4 billion in 2020, and global market forecast projected to reach $17.1 billion by 2030, with global small wind forecast expected at a CAGR of 8.8% from 2021 to 2030.
Small wind power refers to the use of wind turbines with lower capacity to generate electricity on a smaller scale. Unlike large-scale wind farms, which typically consist of multiple large turbines, small wind power systems are designed for decentralized or distributed energy generation.
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Small wind power systems can serve a variety of applications. They are commonly used to generate electricity for residential homes, small businesses, farms, remote communities, telecommunications, and water pumping systems. In some cases, small wind turbines are also employed for educational and research purposes.
The key players operating and profiled in the report include Aeolos Wind Energy Ltd, Bergey Wind Power Co., City Windmills, Eocycle Technologies Inc., Northern Power Systems, Ryse Energy, SD Wind Energy Limited, Shanghai Ghrepower Green Energy Co. Ltd., UNITRON Energy Systems Pvt. Ltd. and Wind Energy Solutions.
Generally determined by the way the turbine spins, wind turbines can be classified into two basic types—horizontal axis and vertical axis wind turbines.
Horizontal axis wind turbines are used predominantly whereas the vertical axis wind turbines are less preferred. Small wind turbines comprise of a broader range of wind turbines from micro and mini to household sized.
Wind turbines in the aforementioned sizes have power ratings from a few watts to dozens of kW.
Turbine Size: Small wind turbines generally have a capacity of less than 100 kilowatts (kW), although the specific capacity may vary depending on different definitions and jurisdictions. These turbines are typically designed for residential, commercial, agricultural, or community-scale applications.
Growth in demand for sustainable and renewable sources of energy across consumers majorly drives the demand for small wind turbines.
Emphasis on clean energy as well as increase in number of awareness programs conducted by governmental and private organizations is another key element that accelerates the demand for small wind turbines across the globe.
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Small wind power systems are often installed on-site, directly where the electricity is consumed. They can be mounted on rooftops, towers, or other suitable structures. This allows for localized power generation, reducing transmission and distribution losses and promoting energy self-sufficiency.
On the basis of type, the Vertical Axis Wind Turbine segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
On the basis of installation type, the on-grid segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
On the basis of application, the commercial segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
On the basis of region, the Asia-pacific region registered the highest Small Wind Power Market Share and is projected to maintain the same during the forecast period.
Small wind turbines refer to a wind power project generally under a power generation capacity of 20 kW and a rotor diameter of 10 meters or 30 feet. Small wind turbines are being widely deployed for domestic and household purposes.
Small wind turbines differ from large turbines in several crucial ways, demonstrating their relatively greater versatility. While large turbines entail mature power grids, small wind turbines find applications in both on and off power grids due to their low energy output and size.
The off-grid application of small wind turbines avoid the heavy investments of expanding transmission lines to rural regions In addition, small wind turbines operate on lower wind speed as compared to large wind turbines, giving them more placement options.
IMPACT OF COVID-19
The manufacturing of Wind turbine was stopped for a specific period due to high peak of covid-19 situation, which led to highly impact the sales of Wind turbine. However, led to negative impact on the market.
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Wind power projects is directly proportional to the demand of wind turbine used in projects. Wind turbine market have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in Wind turbine. However, it also led to decrease in the market.
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David Correa
Allied Analytics LLP
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